US consumers are increasingly denied credit – NY Fed survey
Rejections for auto loans and remortgages have reached record levels
Credit application denials in the US have increased this year, according to a new survey from the Federal Reserve Bank of New York.
The Survey of Consumer Expectations (SCE) Credit Access Survey, published on November 18, says reported rejection rates for credit cards, mortgages, auto loans, credit card limit extensions and remortgages all rose in 2024.
Rejection rates for auto loans and remortgages were at their highest levels since the survey was first conducted in 2013. The average rejection
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