Credit cards have become a feature of contemporary society, convenient to use and offering numerous benefits, many of us could not think of being without one. However, credit card acceptance and rejection rates vary throughout the UK with multiple factors coming into play in the decision making process. In addition, how you apply and the type of credit card you apply for can also make a substantial difference to your chances of being accepted.
Take Yorkshire, for example, Harrogate is the leading place for credit card acceptance in the county at 43.3%, making it the fourth most likely place to be accepted in the country, in fact, it is the only area outside the South of England to make the top ten – illustrating a definite north-south divide. York is placed second in Yorkshire followed by Huddersfield, whilst Doncaster is the worst at 40.1% acceptance rate, closely followed by Wakefield at 40.2% credit card acceptance rate. If you want to know your own region’s score, you can use the Totally Money credit map.
Each area is different with variations in unemployment, cost of living, home ownership and debt producing a postcode lottery. People experiencing difficulties with finances often seek credit leading to a close relationship between people making the most credit card applications and rejections. It is worth noting that over the past year almost seven out of ten (65%) applications for credit cards were denied, which equates to five million rejections.
Credit cards have obvious advantages and when they are used responsibly they can have a positive effect on your credit rating. However, it is worth noting that unsuccessful applications can negatively impact upon your credit rating.
The type of card you apply for makes a difference to your chances of being accepted by using the Totally Money comparison tools you can ‘check your eligibility’, which will give you your chance of being accepted in percentage terms. Using a tool like this typically increases your chances of acceptance by 250%.
