Credit Cards Becoming Harder To Get

New research by Credit Confidential shows that it is becoming more difficult for consumers to obtain unsecured credit from lenders.

By comparison, secured loans such as mortgages are now 13% more likely to be rejected, meaning one in three people will fail in their secured loan application. This is the highest failure rate since the height of the financial crisis in 2009.
Failed applicants also face an additional challenge: ‘footprints’ in their credit history.

Each time an application is filed, it is noted on your credit history, which is shared among credit card companies. If they see you’ve been turned down elsewhere, especially more than once, they are less likely to approve your application.

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