N.Y. Fed Sees Rising Credit Approvals for Younger Customers

Individuals who have applied for credit are reporting higher approval rates in February than they reported in October, 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 a slight 0.6 percentage points in the February survey, with the largest climb among respondents less than 40 years old. The share of survey respondents who were too discouraged to apply for credit fell 1 percent fell to a record low. Rejection rates for credit cards rose slightly among all age groups and credit score groups, but fell for auto loans and mortgages.