Credit Card News
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Credit Applications Expected to Boom in 2013

Credit Applications Expected to Boom in 2013

Add to Favorites:
Credit Applications Expected to Boom in 2013

FICO’s quarterly survey of risk managers at banks across the U.S. shows that 61% of them believe there will be more credit increase requests in the first half of 2013. They also expect an uptick in the number of applications for new credit cards, auto loans, mortgages, business loans, and student loans. And 59% believe there will be an increase in overall credit card balances.

Here is the breakdown by the percentage of anticipated successful applications:

  • Auto loans:  74%
  • Credit cards:  71%
  • Student loans:  68%
  • Mortgage refinancing:  61%
  • Small business loans:  53%
  • New mortgages:  53%

Experts advise caution

Even though they are optimistic about lending, bankers said consumers should prioritize paying off debt and saving money. Here are the priorities they set by order of importance:

  • Save money :  39%
  • Pay down debt:  33%
  • Borrow money now:  22%
  • Maximize your credit line:  12%

FICO analysts think the coming year will be the first since the recession when people will begin to take on more debt in order to finance their lifestyles. Consumers have shied away from getting too deeply in debt since 2008, with the exception of student loans, which have ballooned since then.  That’s due to the droves of people who lost their jobs and returned to the classroom in search of new job skills or a career change. Now as the country recovers from recession, consumer confidence is returning.

The survey was conducted for FICO by the Professional Risk Managers’ International Association (PRMIA). The survey included responses from 251 risk managers at banks throughout the U.S. in December 2012.

Add to Favorites:

Related News:

Discover Giving FICO Scores to Everyone

By Dar Dowling, Posted: June 07, 2016

If you want to get your credit score for free you now can at Discover whether or not, you have a Discover Card. Continue reading
Credit Continues to Increase, Improving Economic Outlook

By Elizabeth Nelson, Posted: January 11, 2013

November numbers released by the Federal Reserve show a rise in credit for the fourth month in a row. Continue reading
Worries About Credit Card Debt Mount as End of Year Approaches

By Elizabeth Nelson, Posted: December 10, 2012

A new FICO study reveals that holiday shoppers are wary of beginning the new year in debt as they decide how to use credit this season. Or not. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit