Moneysupermarket.com had 371,000 loan and card applications through its Smart Search tool in December 2007, compared to only 103,000 in December 2006.

Smart Search matches people to the best credit cards or loans depending on their circumstances.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “This is positive news for borrowers and lenders. The traditional scattergun approach of Brits applying for credit is being replaced with a lot more surgical precision now.

“The message is at last getting through that there’s no point applying for cards and loans you won’t get. Each time you have an application rejected, it has a negative effect on your credit rating and reduces your chances of being approved for the next product you apply for, or being offered a higher rate.”

Moneysupermarket.com believes that Brits are at last realising that applying for the most appropriate card or loan in the first place is the best way to go and says lenders are also pleased because they know with Smart Search that applications are more likely to be appropriate ones, rather than ones they have to spend time studying and then rejecting.