To get the best deals on the market now you need to have a squeaky clean credit record. Research by Aqua Card found that a third of people in full-time employment and 32% who earn more than £50,000 would struggle to be approved for the best credit card deals.
But you can avoid rejection by using credit screening technology, tap in some details and it will tell you which credit cards are most likely to accept you. Targeting the cards that are most likely to accept you can increase your acceptance rate by as much as 250%.
Not only will this reduce the hassle of being rejected it will also improve your ability to access credit in the long term. One of the most common reasons people are rejected for credit is because they have opened two or more credit account in the past six months.
So, if you apply for a credit card and are rejected then immediately apply elsewhere you will find it increasingly difficult to get accepted.
Credit screening technology, like our personalised credit comparison tool, can be particularly useful for young people, whose limited credit history and lack of financial stability make it even harder for them to get credit – 80% of 18 to 24 year olds don’t meet the borrowing criteria set by lenders, with the most common reason for rejection being that they don’t own a home.
With lenders increasingly looking for reasons not to lend, borrowers have to get smarter about how they apply for credit.