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Americans more successful, confident seeking credit: Fed survey
[NEW YORK] Americans were more active and successful in securing credit over the last 12 months, and were more likely to seek loans over the coming year, according to a Federal Reserve Bank of New York survey published on Tuesday.
The web-based survey, done every four months, found that successful credit applications reached a new high in the nearly two-year old data set, while shares of rejected applicants and discouraged Americans fell to record lows.
Rejection rates per applicant was 19 per cent, from 25 per cent previously, for mortgages, auto loans and higher credit card limits.