According to a Federal Reserve Bank of New York report based on consumer surveys, credit rejections rose to 21% this year (from 20.1% in 2023), well above pre-pandemic levels. Rejection rates increased the most for individuals with credit scores below 680. The report also found that consumers will be less likely to apply for credit in 2025.
Credit Rejection Rates Rise in 2024
Published on November 22, 2024
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