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.
- 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 Limit Increase Requests and Rejection Rates
Auto Loan Requests and Rejection Rates
Home Loan Requests and Rejection Rates
Mortgage Refi Requests and Rejection Rates
- 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%.
If you want to pad your credit card to pay the bills, there is a very good chance you cannot do do.
But if you own a house and are current on your mortgage, hooray.