U.S. Consumers Are Still Applying for Credit Cards Despite Higher Rates

Application rates for people with credit scores over 760 are above pre-pandemic levels.

By Jonnelle Marte | November 23, 2022 at 11:00 AM

Female hand holding credit card at laptop close up

US consumers continued to seek out more credit cards this year even as the Federal Reserve aggressively lifted borrowing costs, a shift that cooled demand for mortgages, auto loans and other types of credit, according to research from the New York Fed.

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