Credit card pre-approval rates edge closer to pre-lockdown levels

Industry News | 27/08/20

UK, 27 August 2020: Credit card pre-approval rates have doubled in the last month, according to new insights from Experian’s Credit Barometer.

Half (50%) of consumers searching for a new credit card through Experian’s price comparison service will now be shown a card they are pre-approved for, meaning their application should be successful.

Economic uncertainty during the COVID-19 pandemic meant many lenders re-evaluated their offers and subsequently tightened lending and affordability criteria. As a result, the number of people that saw a pre-approved card fell to one in four (24%) in July.

Source: Experian