18 Thousand Applications Denied Credit on a Daily Basis

Ever wonder how many people are getting declined when applying for a credit card?

Well, a new report issued by UK-based MoneyExpert.com found that roughly 18,000 applications are rejected by credit card issuers on a daily basis.

That’s 3.24 million rejections over a period of 180 days if you’re counting.

Their research figures revealed that about one out of every 14 people, or 7 percent of adults, have been rejected from a credit card issuer in the past six months.

Young adults are apparently the worst off, with 10 percent of those aged between 25 and 34 denied in the past six months.

Conversely, only three percent of people aged between 55 and 64 were denied during the same period, as they are assumed to be the lowest risk category.

The company noted that the enduring credit crunch has forced banks and lenders to step up their guidelines, leading to a higher rate of denial.

Of course this is a study of British consumers, and it’s unclear if United States standards are higher or lower than theirs.

Either way, it’s clear that a large number of consumers in need of credit are being denied, which could lead to a larger number of defaults on existing credit cards.