Credit Applications Are Down and Rejection Rates Are Up

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by Mish Shedlock, The Street:

Need Credit? You may be out of luck, especially on credit card requests.
Credit Access Largely Down during the Pandemic

The New York Fed Credit Survey shows credit applications are mostly lower with rejections higher.

  • The October 2020 survey shows most credit application and acceptance rates falling sharply with the onset of the coronavirus pandemic.

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  • Application and acceptance rates for credit cards and credit limit increases showed the largest declines since February 2020, followed by auto loans.
  • However, the application rate for mortgage refinancing continued to climb through 2020, driven by demand from borrowers with high credit scores (above 760).

Credit Card Application and Rejection Rates 

Credit Card Application and Rejection Rates 2020-10

Credit Card Limit Increase Requests and Rejection Rates

Credit Card Increase Requests and Rejection Rates 2020-10

Auto Loan Requests and Rejection Rates

Auto Loan Requests and Rejection Rates 2020-10

Home Loan Requests and Rejection Rates

Home Loan Requests and Rejection Rates 2020-10

Mortgage Refi Requests and Rejection Rates

Mortgage Refi Requests and Rejection Rates 2020-10

Standout Records

  • The credit card application rejection rate is a record 21%.
  • The credit card limit increase rejection rate is 37%. The record high level is 38% hit in June and also in 2014.
  • The mortgage refinance rejection rates is a record low 6%.

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