More Credit Cards Going to Consumers with 760+ Credit Scores

So far this year, newly issued credit cards have increasingly been going to consumers with the highest credit scores.

According to credit bureau Equifax, two in five new credit cards issued in 2009 went to consumers with credit scores of 760 or higher (what is a good credit score).

That’s up from one in five new cards back in 2007, meaning credit card issuers are raising standards for prospective card holders.

Equifax has found similar trends in other types of lending, including auto loans; and we all know mortgage lenders have raised minimum credit standards as well.

Over the past year, credit card issuers have cut the number of cards by 82 million, or 19 percent, while reducing credit limits by $721 billion to a collective $3.6 trillion.

This illustrates the importance of good credit going forward, which may make you wonder what credit score you need to get a credit card these days.

Keep in mind that though standards have risen, the average credit score of Americans has dropped thanks to the financial turmoil, so don’t fret too much.

If you continue to practice healthy credit habits, such as paying on time, keeping balances low, and applying for new credit in moderation, you should be just fine.

For the record, a 760 credit score is well short of the highest credit score, which is 850 for Fico scores.  Learn more by taking a look at my credit score range.

Tip: How to raise your credit score.