Since the subprime chaos began earlier this year, borrowing money has become more and more difficult with lenders taking additional precautions to insure borrowers are capable of paying back their debts. Even those with high credit scores and hefty bank accounts will need to be aware of changes in borrowing.

Banks are looking for additional sources of revenue since they’ve taken on huge losses from loan defaults. Adjusting credit card terms has been one solution. The 0% APR introductory offer which lasts for 12 months or more is becoming much harder to come by. For example, Chase recently dropped 6 of their “0% APR for 12 months” offers down to just 6 months.

Just like mortgage lenders, credit card issuers are tightening standards, becoming stricter on approving high credit limits and lower interest rate requests. The standard rates that fall into place after an introductory period ends have also risen. For example, Discover recently raised their standard rate for high risk consumers from 17.99% to 18.99%.

On the mortgage front, one in seven banks have toughened standards for home lending, according to the Federal Reserve. Several types of mortgages will be ending, including the 2/28 loan (first two-years fixed; remaining twenty-eight years adjustable) and the 3/27 (first three-years fixed; remaining twenty-seven years adjustable). Tighter restrictions mean lenders are stingier on appraisals, fussier about documentation and less inclinced to finance at 100%.

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