More and more people are making multiple applications to get accepted for credit, such as a consolidation loan to deal with unsecured debt, mortgage or credit cards. According to new research by GE Money Home Lending, in the last 18 months almost 450,000 of mortgage and loan applicants needed to apply four or more times to get accepted.

As banks tighten their lending criteria, it may come as no surprise that over 412,000 people could not accepted, despite trying repeatedly. Many consumers who found it easier to get accepted for credit in the past, are finding it more difficult to get accepted as 12% went on to make multiple applications with no success.

Mark Maguire, spokesman for GE Money Home Lending, warned against making multiple credit applications over a short space of time. Failed applications are logged on your credit file and may mean that you have less chance of getting accepted in the future.