Credit cards for bad credit, something to read about
Similar to the rest of the lending industry, banks are responding to the credit crisis and tough financial times by adopting stricter practices regarding credit cards. They are decreasing credit limits, increasing interest rates and closing accounts that have been inactive too long. In fact, some customers whose accounts are current have even had their maximum credit amount lowered. And it is estimated that about 60 percent of banks have cut limits for subprime consumers. Many banks are reevaluating the credit histories and scores of customers who currently have credit cards.