The New York Federal Reserve Bank said more Americans had their credit applications rejected last month at levels not seen in years.
The New York Fed reported on July 16 added that fewer people across the country also sought to borrow.
The report was part of the bank’s monthly Survey of Consumer Expectations, which is taken every four months to assess credit access issues in the United States.
The New York Fed reported that the overall rejection rate for credit applicants rose to its highest level since June 2018, standing at 21.8 percent, a jump from 17.3 percent in February.
Researchers noted that the rise in the application rejection rate “was broad-based across age groups and highest among those with credit scores below 680.”…