Eased credit standards pushing card delinquencies higher

• Missed payments on recently-issued credit cards are higher than that on older cards, according to TransUnion - almost 3% of outstanding balances on credit cards issued in 2015 were at least 90 days six months after origination versus 2.2% for cards issued in 2014 and 1.5% for 2013.
• That's pushed up the overall 90 days late or more average to 1.53% in Q3 - the highest level since 2012.
• The renewed push into subprime lending is likely the culprit - more than 20M credit cards were issued to subprime borrowers in 2015, up 20% from 2014 and 56% from 2013, according to Equifax.
• Taking a look at oil patch states, the share of card balances 90 days or more past due in Q3 rose 12% Y/Y in Oklahoma, 10% in Texas, and 20% in Wyoming.
• Interested parties: COF, SYF, DFS