Student credit cards for beginngers
Lending institutions have adopted much tighter lending requirements and are, consequently, turning away those consumers who appear to pose a higher financial risk. Borrowers seeking credit cards for bad credit are finding it more difficult to open accounts. Consumers now need to have higher credit scores and cleaner credit histories to be approved for new credit card accounts. Long standing customers are not immune to the new credit standards either, as many have experienced an increase in rates and fees or had their lines of credit lowered. Data shows that by the end of 2008, nearly half of banks decreased credit limits for current customers.