The economy seems to be slowly pulling itself out of the recession, but not all sectors are doing well. For consumers with fair credit, it seems that no card companies want to offer a credit card. According to Ben Woolsey of Creditcards.com, there is a dead zone between consumers with bad credit and consumers with good credit, and no card companies want to offer cards to those in that zone.
With the first rays of light in the economy, credit card companies again began to target customers first with good credit scores, and then those with bad credit scores. Many card companies are reluctant to reenter the fair credit market because that is where they lost money during the recession.
There is a level of volatility with those who have fair credit. Some will pay, while others may not. When the economy was doing well, most made their payments, but when the economy began to slip, many with fair credit just could not make their payments.