Chances of being approved for credit are higher than in March 2020 – Experian
Some people may now find it easier to get credit approved than they did in the month the UK coronavirus lockdowns began, according to Experian.
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 5% higher than in March 2020, while the odds of people are be approved for a loan are 6% higher.
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 lockdown eases began. A potential driver of this growth is the increase in renovation spending, he added.
Seb Worbs, general manager of products at Experian Consumer Services, said: “Consumer eligibility for credit cards and loans is ahead of pre-pandemic levels, and it’s interesting to see the increase in more groups. elderly applying for loans.
“They could use the credit to invest in home improvement projects, or maybe spend more on their families after the foreclosure.”