As AFSA staff and members fanned out across the nation’s capital earlier this week to spread the word to Congress and the Administration on the benefits of consumer credit, a new survey from the Federal Reserve Bank of New York reported mixed experiences on credit access.
The New York Fed’s thrice-a-year Credit Access Survey showed some strengthening in consumer credit activity during the year ending in February. Application rates for any type of consumer credit product increased during the twelve-month period and reached their highest rate since October 2022. Over the prior twelve months, 44 percent of consumers applied for credit, up from 41 percent during the twelve months ending in October 2025. The overall increase was driven by increased credit card applications, which rose to a post‑pandemic high. At the same time, overall rejection rates for credit applications declined to 16 percent, the lowest reading since June 2021. Decreases were reported across all major credit categories.
Despite improving access to credit, signs of financial strain are evident. The share of survey respondents experiencing lender‑initiated account closures rose to 9.1%, the highest in the 13-year history of the data series. Additionally, the proportion of consumers confident they could cover an unexpected expense of $2,000 if it arose within the next month fell slightly to 63 percent.
Other forward-looking survey results point to rising credit security anxiety. For example, the likelihood that survey respondents will apply for a new credit card, auto loan, mortgage, or mortgage refinance in the coming year fell in February. At the same time, consumers’ perceived likelihood of rejection for these types of credit increased.
Clearly, economic factors are a major influence underlying these results, but policy matters too. Hopefully, the efforts of the industry to educate policymakers will at least limit unnecessary regulatory impediments to credit access.
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