from the New York Fed
The June 2021 survey shows most credit application and acceptance rates remained steady or improved from the last survey.
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More specific findings from the Survey:
Experiences
- The application rate for any type of credit over the past twelve months remained steady at 45 percent, in line with the February reading and well above the series low of 35 percent in October. Overall, credit applications were approved at a higher rate.
- The mortgage refinance application rate over the past twelve months reached a new series high of 27 percent (among households with a mortgage), continuing its steady increase since June 2019. The increase was driven by those with a credit score between 680 and 760.
- The credit card application rate over the past twelve months ticked up to 23 percent, its highest reading since the pandemic started, and the rejection rate declined to 16 percent in June from 26 percent in February, the largest survey-to-survey change in this series to date. The increase in the application rate was most pronounced for those with a credit score below 760.
- The average probability of applying for a new loan over the next twelve months remained unchanged or decreased slightly for most loan types. The decline was largest for mortgage refinance requests, falling to 10 percent in June from 14 percent in February.
About the SCE Credit Access Survey
The SCE Credit Access Survey, fielded as part of the SCE, provides information on consumers’ experiences and expectations regarding credit demand and credit access. Every four months, SCE panelists are asked whether they applied for credit in the past 12 months and the resulting outcomes. They are also asked about their expectations of applying for credit over the next 12 months and the perceived likelihood of those applications being accepted. This information is collected for five specific credit products: auto loans, credit cards, credit card limit increases, mortgages, and mortgage refinancing. Survey findings (in instances with sufficient sample sizes) are also presented separately by age and self-reported credit score subgroups. A press release summarizing trends from the past year is issued annually.
Source
https://www.newyorkfed.org/newsevents/news/research/2020/20201221
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