Banks Get Tough with February Loan Approvals

Fri, 07 Mar 2008

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.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

SimplyHealth Dental Plan
Get covered from £7.70 per month!
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form