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Published: Nov 11, 2022 6 min read
Close-up of a person paying with a credit card
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At a time when Americans are relying on credit cards to see them through a tough bout of inflation, it’s becoming harder to get approved for a card.

New data from the Federal Reserve shows that lenders have been getting pickier with whom they approve for new credit cards. About 19% of banks have started tightening their standards for credit card approval over the past three months, according to a Fed survey released Monday.

When the Fed asked the same question the previous quarter, zero banks said they were tightening their standards.

“As lenders navigate increasing delinquencies, a high inflation environment, capital constraints, and a potential recession, lending to below prime risk tiers is likely to slow down in the last two quarters of 2022,” the report states.

For reference, a prime credit score is often considered to be between 660 and 719. Credit card providers are starting to think twice about approving applicants with scores below that range.