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Banks Start Easing Standards For Credit Cards

Saturday, July 9, 2011 - 8:48 PM
From Ilana Greene - Greene Notes - Forbes
Banks are gradually starting to modify their underwriting standards, thus making it easier for consumers to obtain a line of credit than it has been for the past three years, according to the most recent annual study released from the U.S. Office of the Comptroller of the Currency. Looks like the perfect time for eager borrowers hoping for a new piece of plastic to tuck inside their wallet to start filling out those credit card applications.

The authors of the study wrote that, “for the first time since the 2008 survey, 25 percent of banks offering credit cards have eased their underwriting standards, primarily in response to changes in economic outlook, the competitive environment, market strategy and regulatory policy. The principal methods of easing credit card underwriting standards were reducing score card cutoffs and increasing maximum line size.”

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