SCE CREDIT ACCESS SURVEY
At a Glance: Findings from the June 2024 SCE Credit Access Survey
- The application rate for any kind of credit over the past twelve months decreased to 41.2 percent in June 2024, down from 43.4 percent in February 2024.
- The overall rejection rate for credit applicants increased to 21.4 percent in June 2024, up from 18.7 percent in February 2024. The increase was broad-based across age and credit score groups.
- Looking ahead, the proportion of respondents that are likely to apply for one or more types of credit over the next twelve months declined slightly in June 2024, slipping to 22.2 percent from 22.9 percent in February 2024.
- The average reported probability of a loan application being rejected decreased to 29.1 percent for credit cards, 34.8 percent for credit limit increases, 39.6 percent for mortgages, 29.4 percent for mortgage refinancing, and 29.4 percent for auto loans.
Editor’s Note: We are currently working through some technical issues in the interactive charts regarding the display of dates along the x-axis. As a result, data for 2013-February 2015 are currently not presented in the interactive charts; data for all years remain available to download, however.
