Credit-card delinquencies, application rejections, and involuntary account closures are all on the upswing, according to a report from the Federal Reserve Bank of New York.
Rejection rates for credit-card applicants came in at 20.8% in the October survey, up from the 14.4% a year ago, while the rejection rate for credit-limit increases ticked up to 31.7%, compared with 24.9% a year ago.
Meanwhile, the proportion of respondents who had an account shut down by a lender reached its highest level since the Fed launched the Credit Access Survey in 2013. In October, 7.2% of surveyed consumers reported having an account involuntarily shutdown in the previous 12 months, up from 5.7% last year and 4.2% in 2016.
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