Does your Choice of University Affect your Future Chances?

It has been said that your choice of university, and its location, can have a drastic impact on your credit rejection/acceptance rate. This could be due to multiple different reasons such as the fact that many students apply for their first credit card while at university and are unable to keep up financially. Another factor is that many students, particularly in London, stay in the area after graduating. Which.co.uk has studied students’ movements after graduation and their results indicate just under half, 40%, of students will stay in the region they studied after they have graduated to work.

A total of 65% of all credit card applications were rejected last year in the UK – for a total of five million which is an enormous sum of money and a worrying problem in the UK. The negative impact of having your credit card rejected can’t be stressed enough as it can affect your ability to borrow in the future. The table below shows the rejection rate in different areas of London, emphasizing that East London has the highest percentage of credit card rejection rate while South West has the least with 57.9%.

This data shows that going to University in London may affect your credit rejection rate and this should be kept in mind if you plan to attend university there. If you are curious to know how your area ranks against others in terms of credit rejection/acceptance then you can refer to this credit map on Totally Money.

When applying for a credit card it is worth keeping in mind that using a credit card comparison site like Totally Money typically increases your chances of being accepted for a card by 250%. You can easily check your eligibility on the site and allow them to do all of the leg work so you don’t have to.

Tags: finance, student applications

Category: Student News