I've been thinking about applying for a new credit card or two, as I've been building up credit for awhile and basically all my hard pulls have fallen off of my credit report.

Given that COVID-19 is going around, what are the chances reasonably speaking that credit card companies have tightened their approval algorithms, or even stopped giving new credit entirely?

People are spending a lot less money now, but they're also earning less, so I don't know if they'll be pushed to put more or less on credit. Then again, interest rates have fallen, so it's cheaper for credit card companies to offer credit. Then there's the impact of stimulus and bailout legislation to come. All that's assuming credit card companies even change their barrier of entry with current events, which may or may not be a thing.

Anyone have any experience in this area or work in the industry and able to offer some insight?

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    Given that most of this is automated, you can probably apply and get credit without issue. I would disagree that people are spending less, and some people are actually earning more. – Pete B. Mar 26 at 10:16
  • @PeteB. The fact that the process is automated is precisely the point. Credit card companies spend more on risk management than some countries, and it's easy to imagine that a credit card company would link their risk estimation systems to their credit decision algorithms – TheEnvironmentalist Mar 27 at 1:19

This is an interesting question; but it probably will have less of an impact on your chances of getting a credit card than your credit score and credit history.

You can check your score for free these days (I use www.mint.com from Intuit). Even if credit card companies are getting a little tighter with their lines of credit, that won't gum you up as much as your personal credit history.

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  • But how much? That's the real question – TheEnvironmentalist Apr 1 at 16:55

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