Americans faced fewer credit rejections: NY Fed survey

[NEW YORK] Fewer Americans seeking higher credit were rejected over the last 12 months, and they are more are likely to seek credit in the coming year, according to a New York Federal Reserve survey published on Friday.

The web-based survey, done every four months, found that rejection rates per applicant fell to 25 per cent from 30 percent in the October survey, in particular for those looking for higher limits on their credit cards. Rejections however rose for the least creditworthy group.

Overall credit application rates were steady from four months ago, at 40 per cent. In the coming 12 months, respondents highlighted mortgage refinancing and higher card limits as key areas they would seek higher credit.

REUTERS