by scott_jr
- Nearly 22% of all people who applied for a loan said they had been rejected as of June. That’s just shy of a rejection rate last seen in June 2018. The record rejection rate was just over 24% in October 2014. New York Fed researchers have been asking consumers about their access to credit since 2013. The denial rates are rising across the board for mortgages and mortgage refinances, car loans, new credit cards, and increases in credit-card limits. The lower the credit score, the louder the “no.”
- A record-breaking share of people said they were rejected for car loans. Of car-loan applicants, more than 14% said they were denied. That’s up from a roughly 9% rejection rate in February’s results and topping the previous record 11% rejection rate.
- Almost 57% of people with credit scores at 680 and under say they were rejected for a loan from early to mid-year. That’s up from nearly 46% of people with scores at that credit score range in February who said they were turned away.
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