Credit: How do you score?
Have you ever been rejected for a credit card or loan?28 April 2014
It seems many people have experienced the embarrassing and inconvenient answer of "no", as between 11% and 18% of applications for credit were rejected by lenders in the last year.
In research carried out by Ocean Finance it seems our thirst for credit is on the increase, with more than a third (38.6%) of people surveyed applying for at least one form of credit in the last year – up more than 5% on 2013.
But many have been on the receiving end of rejections too as 18.6% of people surveyed were turned down by their bank last year when requesting an overdraft and it seems this is making borrowers look elsewhere for their credit, with peer to peer loans showing the highest acceptance rates at 86%.
Research showed that men were more likely to apply for credit at 43.6% compared to women at 34.4%, while the age group most likely to borrow are those between 25 and 34 (60.6%) compared with just 17% of those over 55 years old.