Credit Card Approvals Down 17%

by Jennor

According to a recent report from MoneyExpert.com, a website specializing in financial comparison, the number of credit card rejections has risen by 17% compared to the same 6 month period starting in March '07.

MoneyExpert.com has stated that credit card companies are becoming more selective on application approval and approximately 3.25 million applications have recently been rejected. After the recent instability in the credit markets and banking world, banks have had to tighten their criteria for lending to avoid further losses.