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Unsuccessful credit card applications `stay on records`
07/05/2008
Consumers need to be "almost certain" that they are not going to go into debt before they apply for a credit card, an industry expert has claimed.
Unsuccessful credit card applications count against future credit references and a number of unsuccessful applications could have serious implications even years down the line, Fool.co.uk stated.
David Kuo, head of personal finance at the company, said that consumers need to look at themselves "from the eyes of a banker" and see if they would be successful with their application, before going ahead with it.
He added: "Make sure that you haven`t got huge amounts of outstanding credit card debt compared to your income and make sure that if you add up all the credit card limits that you have isn`t overly excessive."
Recent research by MoneyExpert found that 18,000 credit card applications were refused each day during April.
