Credit card applications A primer
Instead of paying off balances in full each month, they pay the minimum balance and continue to accumulate debt. The credit scores of many have taken a hit, as they miss payments, cannot pay their bills or have their cards canceled. To qualify for a new account, those individuals must now seek out credit cards for bad credit. Credit card companies are adopting more stringent lending requirements and steering clear of consumers who appear to pose a credit risk. Even customers who pay their bills on time are finding changes to the terms of their accounts.