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comScore reveals rise in subprime credit card applications

By Andrew Redfern @ 15th July 2008 5:37 pm

comScore’s latest study shows a large rise in sub-prime credit card applications. According to a press release issued today “comScore, Inc., a leader in measuring the digital world, today released a study on the online banking and credit industry, which showed that the number of online credit card applications submitted by subprime applicants (defined as individuals having the equivalent of a FICO creditworthiness score of 660 or less) increased by 30 percent in Q1 2008 versus the same period last year.”

Meanwhile, the number of applications submitted by prime applicants (defined as individuals having the equivalent of a FICO score greater than 660) declined by 16 percent.”

They also note that searches for terms reflecting economic problems are on the rise “Changes in online search behavior can represent a barometer of the economic issues affecting U.S. consumers. Searches for several terms relating to the online banking and credit industry increased significantly in Q1 2008 versus year ago. According to data from comScore Marketer, the number of searches for the term “cash advance” more than doubled, while the number of searches for the term “foreclosure” jumped 68 percent. Other terms that have increased in search volume include “credit card” (up 20 percent), “mortgage” (up 13 percent), and “bad credit” (up 9 percent).”

comScore are running a webinar in order to fully dicuss these findings “The results will be discussed in greater detail during a comScore webinar presentation on the state of the online banking and credit card industry to be held on Thursday, July 17 at 2:00 p.m. ET/ 11:00 a.m. PT “ For details of this webinar check out comScore’s press release : Study Finds Online Credit Card Applications
From ‘Subprime’ Candidates Rise 30 Percent Over Year Ago

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