Desperate Brits 'damaging credit rating'
Desperate Brits 'damaging credit rating'
Friday 22nd August 2008
GE Money's poll of consumers found that five per cent of borrowers have had a loan or mortgage application rejected since the start of 2007.
Worryingly, 13 per cent said they had been forced to make at least four applications until they were successful, while a further one per cent of people admitted that they had sent off at least eight applications.
Garry Bell, GE's head of mortgage marketing, warned of the damage that these rejections could be doing to applicants' credit records and the chances of them being advanced money in future.
He advised: "Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower."
Earlier this month it emerged that rates on personal loans had risen dramatically since the start of the credit crunch, piling pressure on consumers already struggling with higher repayments on mortgage and credit card debt.
www.debt1.co.uk - The official website of Byrom & Keeley – A UK based debt management company
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