CreditCardForum.com, an internet company based in the San Fernando community of Sherman Oaks, is reporting increased credit card approval rates for 2010.

“Over the past several months, credit card companies have been ramping up their marketing efforts” says Michael Davis,  a personal finance writer for the site. He reports banks are approving significantly more credit card applications than they were in 2009. “Last year no one was getting approved, but now we’re starting to see a higher approval rate on consumer credit cards” says Davis.

Another sign the economy is on the right track is that credit card promotions are making a comeback.  For the first time in 18 months, we are starting to see long balance transfer offers and signup bonus offers.

Davis states “In 2009 Chase was hardly marketing their credit cards. Last month,  they brought back their $100 signup bonus for the Chase Freedom card. There is also a similar offer they started on the Chase Sapphire card. This is great sign, because the last time we saw promotions like that was early 2008, before the recession.”

Although the consumer credit markets are showing these healthy signs of recovery, small business credit can still be a challenge to obtain.  Davis reports “Although the consumer credit card industry has come back, small business credit cards are still hard to come by.  If the economy continues to recover, those should be more widely available within the next couple quarters.”