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Nearly half of credit card applicants rejected.

22/01/2010

According to figures published this week by the UK Cards Association 48% of applications were turned down in 2009, compared with 42% in 2008. It is the first time official figures have been released showing the number of rejections. Before 2008, it is estimated that only a third of applications failed.
The figures highlight how providers are becoming increasingly selective over who they will lend to despite the fact that many card providers are offering top deals to encourage new business.
HSBC, NatWest and Royal Bank of Scotland all require customers to have a current account with them to access any of their credit card deals.
The figures come as the government plans to overhaul the credit card industry. Last week it concluded a consultation where it invited the public to express their concerns about providers. A response to the consultation is expected in March.

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