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 remained steady at 45 percent, in line with the February reading and well above the series low of 35 percent in October. Overall, credit applications were approved at a higher rate.
  • The mortgage refinance application rate over the past twelve months reached a new series high of 27 percent (among households with a mortgage), continuing its steady increase since June 2019. The increase was driven by those with a credit score between 680 and 760.
  • The credit card application rate over the past twelve months ticked up to 23 percent, its highest reading since the pandemic started, and the rejection rate declined to 16 percent in June from 26 percent in February, the largest survey-to-survey change in this series to date. The increase in the application rate was most pronounced for those with a credit score below 760.
  • The average probability of applying for a new loan over the next twelve months remained unchanged or decreased slightly for most loan types. The decline was largest for mortgage refinance requests, falling to 10 percent in June from 14 percent in February.

For more:
The SCE Credit Access Survey queries respondents every four months about their experiences and expectations of applying for and obtaining credit. The data are updated online 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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