5/13, 11:58 AM (Source: TeleTrader)
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JP Morgan, others to work to widen credit card approvals - report

Multinational banking giant JPMorgan Chase & Co., as well as Wells Fargo & Co. and other major United States-based lenders, plans to widen the factors taken into account when issuing credit cards in order to allow for more people to be given a chance to get one, The Wall Street Journal reported on Thursday, citing people familiar with the matter.

The banks plan to start sharing data from applicants' checking or savings accounts at other financial institutions, as opposed to focusing solely on their relevant credit scores, the report explained.

"It is aimed at individuals who don't have credit scores but who are financially responsible. The banks would consider applicants' account balances over time and their overdraft histories," the outlet cited its sources.

Breaking the News / BU