SCE CREDIT ACCESS SURVEY
At a Glance: Findings from the February SCE Credit Access Survey
- The application rate for any type of credit over the past twelve months declined to 40.9 percent in February from 44.6 percent in October 2022. This was its lowest reading since October 2020. The decrease was broad-based across loan types, except for credit card limit increase requests, which increased slightly. The application rate for mortgage refinancing declined to 4.9 percent, a new series low (series started in February 2014).
- The reported overall rejection rate for credit applicants decreased to 17.3 percent from 18.8 percent in October 2022. The rejection rate for auto loans, however, increased to 9.1 percent from 5.8 percent in October, its highest reading since February 2017.
- The proportion of respondents reporting they are likely to apply for one or more types of credit over the next twelve months declined slightly to 26.1 percent from 28.0 percent in October 2022. The decrease was broad-based across credit score categories. The average likelihood of applying for a credit card decreased to 12.0 percent from 13.6 percent in October.
- The average reported probability that a loan application will be rejected increased for all loan types except mortgage applications.
Editor’s Note: We are currently working through some technical issues with the interactive charts regarding the display of the dates along the x-axis; however, the date for each data point is visible by hovering over the chart.
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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.
