Harder to get a card

[NoMoreE46]

Article compares getting cards this current year to last year.  No surprises.

https://money.yahoo.com/fewer-americans-are-getting-credit-cards-150649424.html

[CreditInspired]

Great article. Thanks for sharing. 

[M_Smart007]

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"Newly opened credit cards fell by 65% from April 15 to May 15 this year versus the same period last year"

Thanks, interesting read!

[iced]

I didn't see any mention about applications. If applications are also significantly down, then it stands to reason that new accounts opened would be, too.

[Anonymous]

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@iced wrote:

I didn't see any mention about applications. If applications are also significantly down, then it stands to reason that new accounts opened would be, too.

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That's what I was wondering as well. Everyone I know has curtailed spending in some way, intentionally or not. That would seem to point to decreased credit applications since "normal" people only apply for credit when they need it.

[Anonymous]

If you click through to some of the articles linked in the original, you'll see based on randomized credit report data, it's a combination of both fewer applications as well as tighter underwriting standards.  Roughly about half anf half - 40% fewer apps and tighter standards compared to same period last year.

A Dscover rep also states they're reluctrant to increase limits on existing cardholders as well.

[randomguy1]

Good article. Thanks for sharing. 

[righthererightnow]

💔

[Cred4All]

And if most folks were shopping those mortgage interest rate savings, then it's probably, like myself, we've all been stuck keeping our reports absolutely inquiry free during most of the year . It's been a year of Inquiry anonymous sessions.

[sjt]

The article does not provide data:

1. On the number of applications submitted in 2020 vs 2019. It would be interesting to see the DP of card approval/applications percentages in 2020 vs 2019.
2. The delinquency rates in 2020 vs 2019.
3. The amount of debt in 2020 vs 2019.
4. They mention the Resilience Index, but most banks already have this data built in their own internal scoring system.