Credit Application Rates Continue Falling Since Their Year-Ago Peak
The SCE Credit Access Survey queries respondents every four months about their experiences and expectations of applying for and obtaining credit. June results show that the credit application rate fell to 43 percent, marking a third consecutive decline since a series peak of 50.6 percent in June 2017. The rejection rate rose somewhat and is now slightly above its level twelve months ago. Looking ahead, the proportion of respondents who reported they are likely to apply for credit over the next twelve months increased, with those respondents also expressing more optimism about the chances of their applications being accepted.