Credit card data 'benefits savvy customers'

09/06/2009

Credit card customers have been advised to do their research before applying to a lender.

Moneysupermarket.com said that consumers should use the "eligibility criteria" that have been made public by firms including MBNA and Barclaycard.

This information includes the exact reasons why providers turn down customers for each of their products.

Therefore, applicants for a particular card can look up to see whether or not they are likely to get turned down - before they put their applications in.

Peter Harrison, credit card expert at moneysupermarket.com, said that this would benefit borrowers - as being refused for a card can be damaging to credit scores over the long term.

"It is imperative that people take care when applying for credit cards," he commented.

"Those that are too reckless in their applications may find their credit records fouled with a litany of failed attempts to secure credit. This in turn will only push them further down the food chain in terms of the products they will be accepted for."

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

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