Credit Rejection Rates Fall and Consumers Anticipate Fewer Rejections
The SCE Credit Access Survey queries respondents every four months about their experiences and expectations of applying for and obtaining credit. October results reveal consumers’ recent experiences were positive, with a decline in rejection rates for credit applications initiated over the past twelve months and a fall in the share of “discouraged” credit applicants to a new series low. Looking ahead, the proportion of respondents who reported they are likely to apply for credit over the next twelve months was essentially unchanged. The average perceived likelihood of a credit application being rejected, conditional on applying over the next twelve months, declined for all credit types.
For more details:
Press Release: Consumers Experience and Expect Fewer Credit Application Rejections; Share of “Discouraged” Credit Applicants Declines