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The number of credit card applications consumers submitted online to the top 10 issuers' Web sites declined 6% in the second quarter compared with last year, according to a recent study by Reston, Va.-based Internet research firm comScore Inc. The company did not provide specific numbers. ComScore based the study results on online behavioral data and on the results of an online survey of 2,000 Internet users it conducted in September. The decline is a combination of a 19% drop in application rates among prime candidates and a 7% increase in application rates among subprime candidates compared with the same period last year, according to the study. Prime candidates are defined as individuals with the equivalent of a FICO credit score of 660 or higher, while subprime individuals have the equivalent of a 660 score or less. "We see that prime candidates have become particularly cautious during this time, while subprime candidates remain relatively credit-hungry," Jennifer Lanouette, comScore vice president, said in a statement. The survey found 67% of respondents would consider switching their primary credit card if another company offered a better feature. Fifty-two percent said they would switch for a lower annual percentage rate, while 38% would switch for better rewards and other features.
