A survey conducted by Confused.com has shown that 40% of people will not consider a credit card, as they fear an unsuccessful application will damage their credit score. This is despite the fact that 12% of people polled, reported that their credit score has actually improved over the past 12 months.
But those who want to take advantage of the benefits that can come with the responsible use of a credit card or want to manage credit card debt that they have already built up, can reduce this risk. The credit scoring tool on the Confused.com website checks which cards on the site will be the most likely to accept them, and it doesn&39;t leave a credit footprint.
Joanne Garcia, Head of Credit Cards at Confused.com said; "With providers tightening criteria and rejecting many applications our free tool puts you one step ahead. You won&39;t waste time applying for deals you&39;re unlikely to get. Not only can that be frustrating, but can also leave footprints destined to jeopardise the chances of borrowing in the future"
Garcia adds; "22 - 30 year olds are the most concerned by the potential of a black mark on their credit score, as the financially savvy young look to the future and see problems about not only getting a creditcard or loan, but also to finding a decent mortgage. But now there is nothing to stop them from checking to see if they have a good chance of being accepted."
"At the very least, people should check their credit file as they need to make sure all the information is correct - they can do this for free via Confused.com. It&39;s really worrying that three out of four people have not checked over the last 12 months"
For those who don&39;t have a great credit rating there is no magic wand to fix it, but there are ways that it may be improved.
Confused.com&39;s top tips for improving your credit rating
- Check your credit record and ensure that it is accurate. Ask for any errors to be corrected.
- Register on the electoral role.
- Ensure that you&39;ve paid off any County Court Judgments&39; in full.
- Set up direct debits to ensure that you don&39;t miss any repayments - it&39;s important to have a consistent history of repaying any loans on time.
- As well as cutting up cards that you no longer use, close any unused credit accounts fully.
- Don&39;t move around too much. The longer you are at your current address and employment, the better. Having a landline can also help.
- Don&39;t make too many applications. If you are rejected, try to find out why and rectify the problem before continuing.
For further information please contact:
Press office, Confused.com: 02920 434 398
Joanne Garcia, Head of Credit Cards, Confused.com: 07792 981 462
Notes to editors
*Research of 2000 respondents conducted by OnePoll, October 2009 on behalf of Confused.com.
Try the tool by clicking here http://www.confused.com/credit-cards
About Confused.com:
Confused.com is one of the UK&39;s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com&39;s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
No comments:
Post a Comment