{"id":111612,"date":"2023-08-25T10:24:00","date_gmt":"2023-08-25T14:24:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=111612"},"modified":"2023-08-25T15:01:46","modified_gmt":"2023-08-25T19:01:46","slug":"loan-rejection","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/loan-rejection\/","title":{"rendered":"How to Reduce the Risk of Loan Rejection in 2023"},"content":{"rendered":"\n<p>Do you need to take out a loan but worry you&#8217;ll be rejected? Is there anything you can do to reduce the odds of rejection?<\/p>\n\n\n\n<p>Loan rejections in the US are at a record high, affecting Americans\u2019 ability to buy cars, get mortgages, and access credit cards. Applicants can improve their chances of loan approvals by improving their credit scores, reducing credit utilization, and rebuilding their credit.<\/p>\n\n\n\n<p>Here are some of the reasons behind the increase in rejections, and some steps you can take.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-loan-rejections-are-increasing\">Loan Rejections Are Increasing<\/h2>\n\n\n\n<p>If it feels like it\u2019s impossible to get a car loan, mortgage, or credit card, it\u2019s not your imagination. Loan rejections have hit a record high in the US, making it harder for Americans to buy cars, homes, and pay for basic needs.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-background\"><strong>Background<\/strong><\/h3>\n\n\n\n<p>A recent <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce\/credit-access#\/financial-fragility1\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve survey<\/a> reveals that Americans are experiencing <a href=\"https:\/\/www.forbes.com\/sites\/willskipworth\/2023\/07\/17\/over-20-of-us-loans-rejected-in-last-year-hitting-5-year-high\/?sh=6b1f38db6dd5\" target=\"_blank\" rel=\"noreferrer noopener\">exceptionally high loan rejection rates<\/a>, with more than one-fifth (21.8%) of US loan applications denied\u2014the highest in five years. Elevated rejection rates spanned across <a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/2023\/07\/17\/loan-rejection-rate-jumps-fed\/70422586007\/\" target=\"_blank\" rel=\"noreferrer noopener\">all loan types<\/a>, including:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Credit card limit increases: 30.7%.<\/li><li>Mortgage refinancing: 20.8%.<\/li><li>Credit cards: 21.5%.<\/li><li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-17\/more-americans-are-getting-turned-down-for-loans-fed-data-shows?sref=mIZ1p2Gz\" target=\"_blank\" rel=\"noreferrer noopener\">Auto loans<\/a>: 14.2% <\/li><li><a href=\"https:\/\/www.thestreet.com\/economy\/why-did-i-get-rejected-for-credit-card\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgages<\/a>: 13.2%.<\/li><\/ul>\n\n\n\n<p>Rejections also <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-17\/more-americans-are-getting-turned-down-for-loans-fed-data-shows?sref=mIZ1p2Gz\" target=\"_blank\" rel=\"noreferrer noopener\">rose across different age groups<\/a>, hitting individuals with credit scores below 680 hardest.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-the-rejections-are-happening\"><strong>Why the Rejections Are Happening<\/strong><\/h3>\n\n\n\n<p>The increase in rejections reflects what experts commonly refer to as a &#8220;<a href=\"https:\/\/money.com\/credit-crunch-affects-loans-interest-rates\/?ref=\/credit-card-rejection-rates-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit crunch<\/a>&#8220;\u2014when obtaining loans becomes more difficult and expensive due to economic influences. In this case, the increase in denials appears to be in response to factors including:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The <\/strong><a href=\"https:\/\/www.forbes.com\/sites\/willskipworth\/2023\/07\/17\/over-20-of-us-loans-rejected-in-last-year-hitting-5-year-high\/?sh=6b1f38db6dd5\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>collapse of Silicon Valley Bank<\/strong><\/a><strong> and other regional banks.<\/strong><\/li><li><a href=\"https:\/\/www.forbes.com\/sites\/willskipworth\/2023\/07\/17\/over-20-of-us-loans-rejected-in-last-year-hitting-5-year-high\/?sh=6b1f38db6dd5\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Federal Reserve interest rate hikes<\/strong><\/a><strong> to control inflation<\/strong>, which peaked last summer.\u00a0<\/li><li><strong>Elevated interest rates <\/strong><a href=\"https:\/\/money.com\/credit-card-rejection-rates-high\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>increase banks\u2019 cost to borrow money<\/strong><\/a> from one another.<\/li><li><strong>Concerns about a <\/strong><a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/2023\/07\/17\/loan-rejection-rate-jumps-fed\/70422586007\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>potential recession<\/strong><\/a>.<\/li><\/ul>\n\n\n\n<p>Experts say these conditions have made financial institutions <a href=\"https:\/\/money.com\/credit-card-rejection-rates-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">more risk-averse and choosy <\/a>about who they give loans to. Under such circumstances, it\u2019s not unusual for banks to demand better credit scores, increase loan interest rates, or decrease credit card borrowing limits. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lack-of-confidence-among-applicants\"><strong>Lack of Confidence Among Applicants<\/strong><\/h3>\n\n\n\n<p>The high rejection rates appear to have fueled applicants\u2019 doubt about the loan approval process, with many <a href=\"https:\/\/www.forbes.com\/sites\/willskipworth\/2023\/07\/17\/over-20-of-us-loans-rejected-in-last-year-hitting-5-year-high\/?sh=6b1f38db6dd5\" target=\"_blank\" rel=\"noreferrer noopener\">anticipating denial of their requests<\/a> as<strong> the likelihood of rejections <\/strong><a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce\/credit-access#\/financial-fragility1\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>surged across all loan types<\/strong><\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>46.1% for mortgages<\/li><li>42.4% for credit limit increases<\/li><li>32.8% for credit cards<\/li><li>30.7% for auto loans<\/li><li>29.6% for mortgage refinancing<\/li><\/ul>\n\n\n\n<p>Experts say this may help explain why <strong>the overall number of people applying for credit <\/strong><a href=\"https:\/\/www.thestreet.com\/economy\/why-did-i-get-rejected-for-credit-card\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>dropped to its lowest level<\/strong><\/a><strong>, 40.3%, since October 2020<\/strong>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-looking-ahead\"><strong>Looking Ahead<\/strong><\/h3>\n\n\n\n<p>Experts say that with so many loan rejections, <a href=\"https:\/\/www.thestreet.com\/economy\/why-did-i-get-rejected-for-credit-card\" target=\"_blank\" rel=\"noreferrer noopener\">preparation matters<\/a><strong>. Before you apply for a loan, you should understand and address three key problems that lead lenders to deny applications<\/strong>:<\/p>\n\n\n\n<p><strong>Problem 1: <\/strong><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/lenders-turning-down-credit-applications-why-2023-7\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Low credit score<\/strong><\/a><strong>. <\/strong><\/p>\n\n\n\n<p><strong>Solution: Review and raise your score. <\/strong>Before submitting applications, check your credit score at a site like Freecreditreport.com, look for mistakes on it that could lower your score, and take steps to <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/boost-credit-score-quickly\" target=\"_blank\" rel=\"noreferrer noopener\">boost it<\/a>.\u00a0\u00a0<\/p>\n\n\n\n<p><strong>Problem 2: <\/strong><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/lenders-turning-down-credit-applications-why-2023-7\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>High credit utilization<\/strong><\/a><strong>. <\/strong><\/p>\n\n\n\n<p><strong>Solution: Lower your utilization. <\/strong>If you have large balances on your credit accounts, work to reduce them by not using credit for a while and focusing on making timely payments. <\/p>\n\n\n\n<p><strong>Problem 3: <\/strong><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/lenders-turning-down-credit-applications-why-2023-7\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Poor credit history<\/strong><\/a><strong>. <\/strong><\/p>\n\n\n\n<p><strong>Solution: Rebuild your credit.<\/strong> This takes time and effort, but try to pay all your bills on time and consider getting a <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/what-is-a-secured-credit-card\" target=\"_blank\" rel=\"noreferrer noopener\">secured credit card<\/a> or a <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/best-credit-builder-loans\" target=\"_blank\" rel=\"noreferrer noopener\">credit builder loan<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you need to take out a loan but worry you&#8217;ll be rejected? Is there anything you can do to reduce the odds of rejection? Loan rejections in the US are at a record high, affecting Americans\u2019 ability to buy cars, get mortgages, and access credit cards. Applicants can improve their chances of loan approvals by improving their credit scores, reducing credit utilization, and rebuilding their credit. Here are some of the reasons behind the increase in rejections, and some steps you can take.<\/p>\n","protected":false},"author":8,"featured_media":57414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[727],"class_list":["post-111612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Reduce the Risk of Loan Rejection in 2023 - Shortform Books<\/title>\n<meta name=\"description\" content=\"Loan rejection rates in the US are soaring. 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