The Federal Reserve Bank of New York released results from its October 2016 Survey of Consumer Expectations (SCE) Credit Access Survey, and the news is not good.
The Credit Access Survey is a component of the SCE that measures consumers’ expectations and experiences concerning access to credit, such as:
- The likelihood of applying for a credit card over the next 12 months;
- The likelihood of rejection of a credit application;
- The likelihood of rejection of a credit limit increase;
- The likelihood of rejection of a mortgage or mortgage refinance.