- The rate of applying for one or several types of credit over the past twelve months rebounded to 45 percent in February 2021 from 35 percent in October 2020. The increase was broad-based across loan types and credit score groups, although it was largest for mortgage refinance applications.
- The mortgage refinance application rate reached a new series high of 25 percent (of households with a mortgage), up from 16 percent in October 2020.
- The overall rejection rate for credit rose slightly from 18 percent to 19 percent, the highest reading since October 2018. Rejection rates for new credit card applications and for requests for credit card limit increases reached new series highs, while those for auto loans were at a series low.
- The proportion of respondents reporting they are likely to apply for one or more types of credit over the next twelve months increased to 31 percent in February from 26 percent in October 2020, its highest reading since October 2014. The increase was broad-based across loan types. The average reported probability that a loan application would be rejected was either stable or declined for all loan types.
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.