Chart of the Day: How Often Are Credit Card Applications Rejected?
From Federal Reserve:
Answer: 13.5% in June 2015. Note that this rate will likely be much higher for millenials who may have lower credit scores due to their short credit histories. Interesting to note the sharp decline in rejection rate in the most recent reporting period as lenders seem to be loosening their standards.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.