Bankrate.com just out with a story that looks at what credit card companies are currently doing in regard to underwriting. Bankrate.com interviewed spokespeople from four major card issuers. They're all saying the same thing: we're being cautious when we extend new credit. And we're reining in risk wherever possible. Bankrate talked to Chase, American Express, Discover, and Bank of America. You keep your finger on the pulse of the market by reading stuff like this. Give it a read.
From the story: Credit card issuers curb risky accounts (link here)
"They're reducing lines, they're closing accounts based on score cuts. I'm seeing data that says that even the higher score cuts -- 750, 760, 720, in that range -- that people are having trouble getting credit," says Dennis C. Moroney, research director of bank cards at TowerGroup, a financial services consulting and research firm.
That's all you need to see to understand the tone of the story. Read the rest for yourself.