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New credit card applications are up about 25%, but the rejection rates are also high at around 22%, the highest since 2018. As the credit market adapts, monitoring lender behavior and loan performance becomes paramount.
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“Just having the old-fashioned retail private label credit card out there is not enough to win business and, more importantly, keep the business after you’ve won it,” said Versatile Credit CEO Ed O’Donnell.
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