- The new February 2020 readings show a decrease in credit application rejection rates, with 14.2 percent of applicants reporting a rejected application, the second lowest value since the start of our series in October 2013.
- The rejection rate for credit card applications dropped to 9.7 percent, a new series low.
- The average likelihood of being able to come up with $2,000 in case of an unexpected need reached 71.6 percent in February, its highest level since October 2015.
The SCE Credit Access Survey queries respondents every four months about their experiences and expectations of applying for and obtaining credit. The data are updated online as results come in, and an annual New York Fed press release, issued following the October survey, highlights notable changes and trends.