Consumer Payment Card News

Credit Quest

The number of consumers with low scores searching for “credit cards” is way up this year and the number of consumers searching for “cash advances” has soared. A new survey shows that the number of online credit card applications submitted by “subprime” (FICO Greater than 660) applicants increased by 30% in the first quarter versus the same period last year. Meanwhile, the number of applications submitted by “prime” applicants declined by 16%. comScore says its survey also found that the number of searches for the term “cash advance” more than doubled, while the number of searches for the term “foreclosure” jumped 68%. Other terms that have increased in search volume include “credit card” (up 20%), “mortgage” (up 13%), and “bad credit” (up 9%).

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