SCE CREDIT ACCESS SURVEY
October Survey: Rejection Rates Hit Series High for Autos, Mortgage Refinance in 2024
- The average rejection rate for auto loans increased by 0.4 percentage point to 11.4 percent in 2024, the measure’s highest rate since the start of our series in 2013.
- The average rejection rate for mortgage refinance applications increased to a new series high of 25.6 percent in 2024 from 15.5 percent in 2023.
- Voluntary account closures for any type of credit decreased to 13.9 percent in 2024 from 15.8 percent in 2023, marking a new series low.
- The proportion of respondents experiencing lender-initiated account closures for any type of credit increased to a series high 7.4 percent in 2024 from 7.2 percent in 2023.
Editor’s Note: We are currently working through some technical issues in the interactive charts regarding the display of dates along the x-axis. As a result, data for 2013-February 2015 are currently not presented in the interactive charts; data for all years remain available to download, however.
For more details:
Press Release: Consumers Report Higher Credit Rejection Rates, Expect Fewer Credit Applications
