A few thoughts about credit card application
Better credit reports and scores are necessary to qualify for many new credit accounts. Even existing customers are finding their credit lines decreased and changes to their interest rates and fees. According to a Federal Reserve study, an estimated 45 percent of banks lowered maximum limits on the credit cards of existing customers in the last quarter of 2008. American Express is currently incenting some customers it perceives as risky to pay off their balances and cancel their accounts in exchange for cash. Chase Bank has increased the minimum monthly payment by 3 percent for those who typically carry big unpaid overall balances.