Half of Loan Applicants Rejected Since Fed Started Raising Rates

Half of loan or financial products applicants have been denied since the Federal Reserve first started raising interest rates in March 2022, according to a new study by Bankrate. Seven percent of applicants have been rejected for more than one financial product, the survey found. Younger generations and parents of minors were more likely to be turned down for a loan or financial product. Sixty percent of millennials and 58 percent of Generation Zers were denied, while 62 percent of parents with children under 18 faced at least one denial. Moreover, the share of consumers who have faced denials was substantial among those with lower credit scores. Seventy-three percent of consumers with “poor” credit and 63 percent with “fair” credit were more likely to be turned down for a loan....