Individuals who have applied for credit are reporting higher approval rates, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today, which gauges consumers’ experiences and expectations regarding credit over the previous year.
The results show that the share of applicants who received credit in the past 12 months rose by four percentage points in the June survey, reaching its highest since the survey’s inception in October 2013. Rejection rates declined among all age groups and credit score groups. The number of respondents who needed credit but were too discouraged to apply fell slightly. The rejection rate fell from 25 percent to 19 percent from February to June.
