US credit applications hit four-year high as families seek higher limits

Americans’ attempts to tap new credit rose to their highest level in nearly four years as of February, according to new data from the ​Federal Reserve Bank of New York.

The bank ‌said, as part of its latest Survey of Consumer Expectations Credit Access report, that applications for new credit were at their highest level since October 2022. In seeking more credit, the bulk ​of the interest gravitated toward requesting higher credit card limits as opposed ​to tapping new borrowing, the New York Fed said.