SAN FRANCISCO—More consumers today have credit cards than before the Great Recession. However, only those with excellent credit are seeing their lines significantly extended, according to a new report.
The number of people with bank credit cards has hit a new high—171.4 million, reports Nerd Wallet.
“But only the consumers with the highest credit scores have seen a significant increase in the average amount of credit available to them. Since 2010, credit limits for super prime consumers increased by an average of $4,195, to $33,371, according to a report by TransUnion,” said Nerd Wallet.
For subprime consumers, credit lines decreased by an average of $1,069.
Prime plus borrower’s lines are up by $146, but then lines granted decline, explained Nerd Wallet. Prime borrowers’ lines are down $967, near prime is off $651.
Nerd Wallet said that Transunion stated that competition for super prime consumers has become “fierce,” borne out in their much higher total credit lines.