Need Credit? How to Quickly Get a Card

The hurly-burly credit card environment of 2009 has left an indelible imprint on the American consumer.

According to the consumer advocacy group CreditCardReform.Org, U.S. consumers owe $850 billion in revolving card debt. And RGE Monitor (home to noted economic gadfly Noriel Roubini) estimates that credit-card industry write-downs – accounting-speak for the losses absorbed by card carriers from defaulting customers, could reach $146 billion in 2009 (compared to $50 billion in 2008).

That has left card issuers squirming, and card customers scrambling for new cards. One carrier, Advanta (Stock Quote: ADVNA), the nation’s 14-largest credit card company, shut down its card business earlier in 2009 – leaving one million card customers in the lurch in an economy where credit is hard to come by. When a card company calls it quits, that means customers lose out across the board, with key issues like rewards points in limbo and automatic credit card bill payments in disarray.

If your card issuer closes its doors, where can you get a credit card fast? That’s a question that Advanta customers are certainly asking, and a question that BankingMyWay will try to answer. Here are some tips:

Know the odds – The first piece of the answer is not pretty, but new card-shoppers should know where they stand. The reality is that credit card companies are issuing fewer credit cards than they were last year. Equifax reports that banks have issued 9.8 million new cards through April 30, 2009 – down 38% from the same period in 2008. New card limits are down to an average of $4,594 – off 3% from 2008. Translation? A good credit score vastly increases the odds of getting a good card, and fast.

Stay in the family – SiliconValleyBlogger.com has a good idea – approach the bank where you have your savings and checking accounts and ask for a new credit card. Your bank already has your financial data in its system, and can consequently get you approved and a card in your hand faster than a bank that doesn’t know you.