QoD: What percent of credit card applications are declined? (2024)

Question of the Day

Answer: 14.4%

Questions:

• Do you think this number is higher or lower for 18-24 year-olds? Why?
• Why do you think are the reasons that consumers applications for credit are turned down?
• How do you think this percentage has changed since the Great Recession? Do you think banks and other lenders change their criteria over time as they determine who to/not to lend to?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from Value Penguin):

In terms of credit cards, the rejection rate stands at 14.4%. The credit card rejection rate [from 2017] hasn't been this low since October 2015.

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Students get to play the role of loan shark in Shady Sam, the latest game developed for NGPF by McKinney.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.