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Chances of being approved for credit are higher than in March 2020 – Experian

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Some people may now find it easier to get approved for credit than they did during the month when UK coronavirus lockdowns started, according to Experian.

The credit checking company’s analysis found the number of people who have a strong chance of being approved for a credit card is 5% higher than in March 2020, while people’s chances of being approved for a loan is 6% higher.

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

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

Its analysis also found that applications for loans have increased most among older age groups since the lockdown relaxations started. A potential driver for this growth is higher spending on home improvement, it added.

Seb Worbs, managing director for products at Experian consumer services, said: “Consumer eligibility for credit cards and loans is moving ahead of pre-pandemic levels, and it’s interesting to see the increase in older age groups applying for loans.

“They might be using credit to invest in home renovation projects, or perhaps spend more on their family post-lockdown.”