- The application rate for any type of credit over the past twelve months decreased to 44 percent in February, down from 47 percent in October. The decrease was driven by respondents with a credit score under 760. Overall, credit applications were approved at a somewhat higher rate.
- The share of “discouraged credit seekers”—respondents who, despite needing credit, report not applying over the past twelve months because they believed they wouldn’t be approved— increased from 6 percent in October to 8 percent in February, its highest level since February 2017. The increase was driven by those with credit scores below 680.
- The credit card application rate over the past twelve months decreased to 25 percent, while remaining above its year-ago level of 19 percent. The rejection rate remained largely unchanged. The decrease in the application rate was driven by respondents with a credit score below 760.
- The mortgage refinance application rate over the past twelve months declined to 18 percent (among households with a mortgage), down from 21 percent in October 2021 and 27 percent in June 2021.
- The average probability of applying for a credit card, a home loan, or mortgage refinance over the next twelve months all decreased slightly. The change was largest for home loans, decreasing to 7 percent in February from 9 percent in October.
The SCE Credit Access Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online three times per year as results come in, and an annual New York Fed press release, issued following the October survey, highlights notable changes and trends.