from the New York Fed
The June 2020 application rate for any type of credit over the past twelve months dropped to a new series low of 39 percent.
z sce_credit.png
At a Glance: Findings from the June SCE Credit Access Survey
- The application rate for any type of credit over the past twelve months dropped sharply to a new series low of 39 percent. The decline was broad-based across demographic groups and was largest for credit card applications and credit card limit increase requests.
- On the other hand, mortgage refinance applications increased for the third consecutive time since June 2019.
- The average likelihood of applying for any type of credit over the next twelve months also fell sharply, driven by a decline in expected credit card applications.
- Rejection rates increased slightly from their previous readings in February.
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.
Source
https://www.newyorkfed.org/microeconomics/sce/credit-access#/
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