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Credit Applications Surge as Rejection Rates Hit Record Low

3/17/2026

30 7 Full Breakdown

Summary

Story summary

In February, Americans applied for credit at 44.4%, the highest rate in nearly four years, according to the Federal Reserve Bank of New York.
Credit card applications reached a post-pandemic high of 30.1%.
The overall rejection rate for credit fell to 15.9%, the lowest since June 2021.
Job openings remain low.
Spending outpaces income growth as economic growth slows.

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Story summary

In February, Americans applied for credit at 44.4%, the highest rate in nearly four years, according to the Federal Reserve Bank of New York.
Credit card applications reached a post-pandemic high of 30.1%.
The overall rejection rate for credit fell to 15.9%, the lowest since June 2021.
Job openings remain low.
Spending outpaces income growth as economic growth slows.