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Bad credit means bad news: Lenders tighten their criteria as successful credit card applications plummet

The Bank of England recently carried out their Credit Conditions Survey and the results have revealed unsettling news for those who have bad credit.

In brief: it is apparent that lenders are tightening the net on the most part with the amount of credit that borrowers can obtain. What’s more, as criteria on boosting a credit score becomes a lot more difficult – it has become a lot more challenging to better a bad credit rating, according to the report.

50% of British consumers possess a credit card according to the official body that oversees them, the UK Payments Association.

This report is unsettling news to consumers with bad credit because it means in short that credit limits are being reduced by a significant percentage of lenders. Research has shown that some consumers who are struggling with debts have incorporated their credit limit into their budget. This, according to Darren Cook, could result in dire implications for some.

The Moneyfacts.co.uk representative said: "This will come as a sudden shock to thousands of borrowers who are reliant on their credit cards to get them through to their next pay packet."

The report revealed that lenders were trying to be a lot more careful with the new consumers that they took on board, as many companies are trying to reduce the amount of toxic assets that they hold on their books.

Some of the things that many lenders were taking into consideration when reviewing applications included failed credit card applications in the past from rival companies, as well as the latest credit rating that they have been given based on transactions of late.

This could thwart the attempts of people with bad credit to try and secure credit cards with the most generous interest rates and 0% balance transfer periods – services which according to one financier are usually only open to people with a “spotless” credit record.

Vicky Redwood said this: "Overall, we continue to doubt that lending will rise by enough to support a strong and sustained recovery in the wider economy." She is a representative for Capital Economics.

The ten-year-old company of Capital Economics specialises in research and consultancy based on findings. Their analysis of economic research, particularly in the previously expansive market of credit cards has been used by banks and credit cards alike recently.

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