7 million rejected credit applications in one year

Almost 7 million applications for credit were turned down in the last year, while even more applications for other things were rejected due to the applicants' credit ratings.
 
And 9 million people avoid applying for things because they're worried about failing a credit check, according to research by Debt Advisory Centre.
 
1.6 million applications for personal loans were rejected over the last year, making it the type of credit product with the most rejections. Credit cards were also high on the list, with over 1.2 million rejections in a single year.

Rejections

Personal loan 1.6 million
Credit card 1.2 million
Overdraft 0.9 million
Payday loan 0.7 million
First mortgage 0.6 million
Remortgage 0.6 million
Car loan / finance 0.6 million
Secured loan 0.6 million

But credit applications aren't the only place where a poor credit rating can be a problem. In an estimated 7.3 million cases, people's credit reports held them back in other ways, from getting a job to opening a bank account:

Rejections

Bank account 2.3 million
Mobile phone contract 1.8 million
Rental agreement 1.2 million
A job 1.1 million
Home / car insurance 0.9 million

And 9 million people avoid applying for things because they're worried about failing a credit check.
 
The older people get, the less they seem to worry about their credit rating. While 25% of the 18-24 year-olds we spoke to said they avoided applying for credit or other services because they were worried about failing a credit check, just 11% of people in the 55+ group said the same.
 
"Credit ratings are a major part of modern life," said Ian Williams of Debt Advisory Centre. "These figures show just how much a poor rating can get in the way, and not just when you're applying for credit.
 
"So while it's good that people are wary of damaging their credit rating even further, what's even more important is taking steps to improve it: for example, avoiding further borrowing, trying to clear the debts that you can, and setting up Direct Debits to make sure the payments go out on time."