Center for Microeconomic Data

At a Glance: Findings from the June SCE Credit Access Survey
  • The application rate for any type of credit over the past twelve months increased to 46 percent in June, up from 44 percent in February. The increase was driven by older (over 60) respondents and respondents with a credit score between 680 and 760. Overall, credit applications were approved at a slightly lower rate.
  • The credit card application rate over the past twelve months increased to 28 percent, its highest rate since June 2019. The increase was driven by those with credit scores between 680 and 760. The rejection rate for credit card applications declined to 17 percent from 20 percent in February.
  • The mortgage refinance application rate over the past twelve months dropped to 11 percent (among households with a mortgage), returning to its February 2020 level.
  • Rejection rates for auto loan, home loan, and mortgage refinance applications all increased.
  • The average probability of applying for a credit card or a credit card limit increase over the next twelve months rose slightly in June, while it declined for auto and home loans and mortgage refinances.

For more:
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.

Credit Access Infographic
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