Quick Tip: Avoiding loan rejections

CHICAGO (WLS) -- Here's a Quick Tip on loan rejections.

According to a new Bankrate survey, 48% of Americans who applied for a loan or financial product in the last 12 months were denied- and rejected.

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For many, it's had a serious financial impact. With interest rates staying high, lenders are being more selective.

The study found that younger generations, lower earners and parents with young children were hit the hardest.

So what can you do to improve your chances?

Pay your bills on time and keep credit card balances low. Lower your "debt-to-income" ratio. Lenders typically prefer borrowers with less than 36 percent of their income going toward debt.

Boost your income. Think about exploring a side gig or negotiating a raise.