Chances of credit card or loan approval are higher now than around this time last year


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Some people may now find it easier to get credit approved than at the start of the first coronavirus foreclosure in March 2020, Experian explains.

Analysis by the credit check company found that the number of people who have a high chance of being approved for a credit card is five percent higher than in March 2020, while the odds of people to be approved for a loan increased by six percent.

The company used its data to compare customers pre-approved for credit cards and loan products when making its findings.

Experian also said that the number of credit cards available on its price comparison service has recently increased, with more than 0% interest balance transfer cards for periods of up to 29 months.

His analysis also found that loan applications have increased the most among older groups since the foreclosure eases began – one potential reason for that growth is increased spending on home renovations.

Seb Worbs, Managing Director of Consumer Services Products at Experian, said: “Consumer eligibility for credit cards and loans is surpassing pre-pandemic levels, and it is interesting to see the increase in consumer demand for credit cards and loans. number of seniors applying for loans.

“They could use the credit to invest in home improvement projects, or maybe spend more on their families after the foreclosure.”

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