Being rejected for a credit card can drastically affect your finances as it has a negative impact on your credit score and can stop you from getting a loan in the future.
New statistics have shown that the area you live in could make you less or more likely to be rejected. In Bristol, for example, you are more likely to have your credit card application rejected than accepted as the percentage of applications getting rejected in this city is just over 58%.
However, when you consider that in the UK 65% of all credit card applications are rejected each year, this doesn’t sound so bad. Bristol has one of the most productive economies in the country, well known for its manufacturing and aerospace industries.
According to an article in The Guardian, one in five jobs in Bristol is considered as ‘knowledge intensive’ which means people must be well educated and highly skilled to do the job. Normally knowledge intensive jobs are well paid.
When you consider how many people in Bristol are employed in knowledge intensive jobs, it’s surprising that only 41.3% of credit card applications in the city are accepted.
The problem could lie in Bristol’s housing situation- the economy is growing faster than the council can build housing and so rent and house prices in the city have rocketed. Bristol is one of the most expensive places to live in the country, which is even worse news for anyone living in the city and finding they cannot get a credit card to help out with finances.
Most people don’t realise that if they apply for a credit card online using a comparison tool, then as well as comparing deals they can check their eligibility. This means they can find out whether they are likely to get rejected before it’s too late.
People that apply for credit cards using comparison tools like the one from Totally Money increase their chances of being accepted by 250%, no matter Comparison tools could help reduce the current figure of 5 million British credit card applications that are rejected each year.