Credit Cards Harder to obtain in 2009 after bankruptcy?

[AMISLANDER]

Just curious what the general concensus is re: obtaining new credit cards in 2009 vs. the past few years since the bankruptcy laws changed, more people filed, foreclosed & now, have zilch.

I still see lots of people who can't wait to sign back up at the interest rate hotel, after just being discharged of their cc debt. Will it be harder for them now that it's seems to be the norm to be filing bk?



Crazy times!

[justbroke]

I don't believe that credit cards are or will be harder to obtain. What has changed though, are all those very generous $10K and $20K credit lines that they used to hand out like Candy to anyone with a 700+ credit score.

I believe that you'll see credit lines more like they were in the 1990s. People will have credit lines from $1K to $5K in general on their cards. The problem is, that they created products, like VISA Signature, which require a minimum credit line of $5K. Perhaps those credit products just have fewer people with them, in the future.

[JRScott]

Well despite having myself put on the list not to receive offers I still get offers, however I've not filled any out and thus cannot be sure

Credit will be tightening and this isn't over yet. Look for at least 5 years of bumpy economy as all the ARMs readjust.

[Flamingo]

To the OP - this thread was moved from the BK Credit & News Forum because it was not news related and did not conform to the posting rules of that forum. Please review the posting rules to that forum which are listed right at the top of that forum if you wish to post news items in the future.

Thank you.