More Americans Are Applying for Credit, but Rejections Rose Slightly in June

More Americans reported applying for credit in June, but a slightly larger share also said a credit application had been rejected. The mixed results suggest that demand for borrowing is rising while access remains uneven for households across the United States.

The Federal Reserve Bank of New York published its June 2026 Credit Access Survey results on July 20. Reported application activity for any type of credit over the previous 12 months reached its highest level since October 2021.

Rejections rose, but remained below last year

The share of respondents who said they had been rejected for any credit product increased slightly to 16.1 percent in June. That was still well below the 23.1 percent reported in June 2025.

The figure should not be read as a national lender denial rate. It represents what survey respondents reported about their own applications and outcomes. It also does not mean that 16.1 percent of all credit-card, auto-loan, mortgage, refinancing or other applications were denied.

Application activity and access can move in different directions. More consumers may seek credit because of household expenses, planned purchases or refinancing needs, while lenders may continue making decisions based on each applicant’s income, debt, credit history and other factors.

Emergency borrowing remains a concern

The survey also asked about a $2,000 unexpected expense. Thirty-four percent of respondents said they might need to come up with that amount within the next month. Sixty-six percent said they would probably be able to obtain it.

Those responses do not show that two-thirds of households had $2,000 in cash immediately available. They measure respondents’ expectations about whether they could obtain the money, which could include savings, help from family or friends, a loan, a credit card or another source.

For households without a dependable emergency cushion, an unexpected bill can increase pressure to use revolving credit or take out a loan. The cost of that borrowing can vary significantly depending on the interest rate, fees, repayment period and whether the balance is paid down quickly.

How to read the survey

The Credit Access Survey is a national module of the New York Fed’s Survey of Consumer Expectations. The broader survey uses an internet-based rotating panel of about 1,200 household heads and is designed to produce nationally representative results.

Because the data are self-reported, the survey is best understood as a measure of consumers’ experiences and expectations rather than a complete record of lender underwriting. It does not establish that every type of credit became easier or harder to obtain in June.

What borrowers should watch next

Consumers considering a credit card, auto loan, mortgage, refinance or emergency loan should compare the total cost of borrowing rather than assume approval will be easy. Interest rates, annual fees, closing costs, loan terms and penalties can matter as much as the approval decision.

Future credit-access surveys will provide another measure of household experiences. The New York Fed’s household debt reports and the Consumer Financial Protection Bureau’s consumer-credit dashboards offer separate views of debt balances, originations and delinquency trends.

Taken together, the June results point to mixed credit conditions: more people are seeking credit, reported rejection increased modestly, and many households remain concerned about covering a $2,000 surprise expense.

Sources

• New York Fed Credit Access Survey: June 2026 Results