SCE CREDIT ACCESS SURVEY
February Survey: Consumers’ Overall Credit Rejection Rates Decrease, Application Rates Increase
- Reported application rates for any kind of credit over the past twelve months increased in February to the highest level since October 2022, driven by an increase in credit card applications.
- The overall rejection rate for any kind of credit over the past twelve months decreased to 15.9 percent, the lowest level since June 2021. Rejection rates fell across all credit types.
- The average likelihood of applying for a new credit card, auto loan, mortgage, or mortgage refinance declined somewhat in February, while the likelihood of requesting a credit card limit increase rose slightly. The average perceived likelihood of these applications being rejected increased, while expected rejection rates for credit card limit increase applications decreased slightly.
- The average likelihood of needing $2,000 due to an unexpected need within the next month decreased to 32.8 percent in February, while the average likelihood of being able to come up with $2,000 decreased slightly to 63.3 percent.
- The share of respondents reporting a lender-initiated closing of an account in the past twelve months rose to 9.1 percent, a new series high.
About:
The SCE Credit Access Survey Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in.
