It looks like more credit-card offers are starting to arrive in the mail again.
As stated in the Wall Street Journal recently, “Now that they know the new rules of the game, [card issuers] are beginning to extend new credit.”
Market-research company Synovate recently reported that 398.5 million solicitations were sent out in the fourth quarter of 2009…that’s a 46 percent increase from the third quarter last year.
The increase is substantial, and indicates that there’s some desire by credit card issuers to return to lending. It’s also important to note that this increase is still a long way from the 1.5 billion solicitation offers that were sent back in the fourth quarter of 2006.
It’s interesting that about 84 percent of those nearly 400 million solicitations mailed out in late 2009 were sent to “A-Paper” candidates — those with 720-and-above FICO scores. Mailings to borrowers with under 620 FICO scores made up only 6 percent of the total. So it’s also clear that this uptick in solicitations is clearly focused on prime borrowers.