In the New York Fed’s June 2026 Credit Access Survey, 20.7% of respondents with credit scores under 680 said they had needed credit in the past year but did not apply because they thought they would be turned down. Across all respondents the share was 5.2%. Among people with scores of 680 to 760 it was 0.8%, and over 760 it was 0.6%.
The under-680 group is small: 151 people in this wave, so its figure moves a lot from one survey to the next. It was 29.7% in February 2026. Among under-680 respondents who did apply for credit, 46.6% were turned down at least once.
Share of people discouraged from applying for credit
| Survey | All | Score under 680 | 680 to 760 | Over 760 | Under-680 respondents |
|---|---|---|---|---|---|
| June 2023 | 5.8% | 20.6% | 3.8% | 0.1% | 171 |
| October 2023 | 4.8% | 17.1% | 3.1% | 0.3% | 176 |
| February 2024 | 6.1% | 18.3% | 3.4% | 0.6% | 177 |
| June 2024 | 5.5% | 14.7% | 2.6% | 0.5% | 170 |
| October 2024 | 6.6% | 22.8% | 3.1% | 0.2% | 200 |
| February 2025 | 8.5% | 22.9% | 4.9% | 0.4% | 177 |
| June 2025 | 7.2% | 22.1% | 1.8% | 0.4% | 178 |
| October 2025 | 8.0% | 27.8% | 3.0% | 0.4% | 153 |
| February 2026 | 8.3% | 29.7% | 6.0% | 0.1% | 144 |
| June 2026 | 5.2% | 20.7% | 0.8% | 0.6% | 151 |
Survey waves since June 2023. The CSV has every wave from October 2013 with application and rejection shares. Credit score groups are self-reported score ranges in the New York Fed’s file.
What this counts
The New York Fed calls these respondents discouraged borrowers: people who needed credit in the past 12 months but did not apply because they expected to be rejected. The Credit Access Survey is part of the Survey of Consumer Expectations and runs every four months. The figures are weighted survey shares, and small groups have wide margins of error. For rejection rates among people who applied, see our credit rejection rates page.
Source
Survey of Consumer Expectations, © 2013-2026 Federal Reserve Bank of New York (FRBNY). The SCE data are available without charge at www.newyorkfed.org and may be used subject to license terms posted there. FRBNY disclaims any responsibility or legal liability for this analysis and interpretation of Survey of Consumer Expectations data. Credit Access Survey workbook downloaded October 14, 2026. The New York Fed does not endorse this page or My Credit Guide. Our table is available under CC BY 4.0, which does not cover the New York Fed’s rights in its data. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "People Who Need Credit but Don't Apply," My Credit Guide, October 14, 2026, https://mycreditguide.org/data/discouraged-borrowers/.