Consumers who lie to get credit cards are not doing themselves any favours, according to Fool.co.uk.

The monetary services website argues that people are denied credit cards for a good reason and adds that telling untruths on a future application form will not benefit them.

He warns that there are consequences for those caught cheating on their credit applications and that the end result could mean that the person is likely to be turned down for a credit card, which will start to impact on their credit profile.

Mr. Kuo also said an increased number of fraudulent applications will result in higher number of denials, which could see people denied credit they would normally be able to get due to an excessive number of "black marks" on their profile.

He further added, “The institutions that are lending money are cutting down on risk and the reason you have been turned [down] is because they perceive you to be a risky customer.”

Previous statistics released by the UK's fraud prevention service CIFAS show that this year alone, the number of people lying on applications for credit has risen by 13% in the first three months.