New figures from the credit reference agency Equifax have offered further evidence of a tightening of credit standards. The figures show that 80 per cent of applications for loans in February were rejected as lenders continue to adopt a cautious approach towards risky credit.
The recent sub-prime crisis was a wake up to banks following an era of cheap credit and risky loans. Consumers are, however, being advised of ways to increase their chances of being approved for credit. Some of the more obvious measures include paying off loans early, avoiding exceeding your credit card limit and closing accounts that you no longer require.
Other, less obvious, measures include making sure you are on the electoral role so lenders aren’t suspicious of your identity, and if you have a county court judgement, making sure the records are undated once the debts are paid.
Banks Get Tough with February Loan Approvals
Banks Get Tough with February Loan Approvals
Fri, 07 Mar 2008
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