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- Beat and 📈: TU and OMF Shine as COF Manages a "Noisy" Quarter
Beat and 📈: TU and OMF Shine as COF Manages a "Noisy" Quarter
Positive earnings reports show healthy credit trends, yet the broader market reveals that banks are tightening standards and focusing more on high-spending customers.
Hey Toaster Readers,
Earnings season is in full swing, painting a fascinating, yet complex, picture of the credit landscape. On the one hand, players like TransUnion and OneMain delivered impressive "beat and raise" quarters, with TransUnion even fueling the competition against FICO by championing VantageScore.
On the other hand, things are getting complicated. Capital One's first quarter with Discover was predictably noisy. Banks are getting much pickier about who gets new plastic (hint: they want the "heavier spenders"), and Synchrony is tempering its growth expectations despite renewing its huge partnership with Amazon. And just as the banks are getting more selective, the rewards game is getting more confusing. The Atlantic is even calling out the madness, highlighting the Chase Sapphire Reserve's new $795 annual fee and the "analysis paralysis" it causes.
Now let’s get to the news this week!