Credit Applications Expected to Boom in 2013 - Other News


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Credit Applications Expected to Boom in 2013

Credit Applications Expected to Boom in 2013
The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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