SCE CREDIT ACCESS SURVEY
October Survey: Consumers’ Overall Rejection Rates for Credit Reach Series High, Application Rates Stable
- Reported application rates for any kind of credit over the past twelve months were largely stable, remaining relatively low, with the exception of an increase in credit card limit increase applications, which reached a series high.
- The overall rejection rate for any kind of credit over the past twelve months increased to 24.8 percent from 23.1 percent in June, a new series high. Rejection rates increased for home loans, car loans, and mortgage refinancing.
- The share of discouraged borrowers increased to 8.0 percent from 7.2 percent in June, well above the October 2024 level of 6.6 percent.
- The average likelihoods of applying for a new credit card, auto loan, mortgage, mortgage refinance, or an increase in a credit card limit all rose slightly in October. The average perceived likelihoods of these applications being rejected declined, while expected rejection rates for home loan applications increased somewhat.
- The average likelihood of needing $2,000 due to an unexpected expense within the next month decreased to 33.1 percent in October, while the average likelihood of being able to come up with $2,000 for an unexpected need increased slightly to 64.1 percent from its relatively low June reading of 63.1 percent.
About:
The SCE Credit Access Survey Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in.
