Accessible Version

The Effects of Credit Score Migration on Subprime Auto Loan and Credit Card Delinquencies, Accessible Data

Figure 1. The share of subprime borrowers has fallen, with the rate of decline increasing during the pandemic

Distribution of Borrowers, by Credit Risk Category
Percent

Quarter Subprime Near Prime Prime
1999:Q1 27.68 29.72 42.60
1999:Q2 27.56 30.51 41.93
1999:Q3 26.89 29.32 43.79
1999:Q4 27.16 28.49 44.35
2000:Q1 27.63 28.10 44.27
2000:Q2 27.46 28.01 44.52
2000:Q3 27.56 27.69 44.75
2000:Q4 26.89 27.81 45.30
2001:Q1 27.64 27.55 44.81
2001:Q2 27.65 27.72 44.62
2001:Q3 27.78 27.61 44.60
2001:Q4 28.05 27.27 44.68
2002:Q1 28.27 26.99 44.74
2002:Q2 28.02 27.02 44.96
2002:Q3 28.15 27.00 44.85
2002:Q4 28.21 26.92 44.86
2003:Q1 28.16 26.75 45.09
2003:Q2 27.88 26.69 45.43
2003:Q3 27.86 26.81 45.33
2003:Q4 27.95 26.96 45.09
2004:Q1 28.17 26.78 45.05
2004:Q2 27.87 26.82 45.31
2004:Q3 27.77 26.69 45.54
2004:Q4 27.86 26.16 45.98
2005:Q1 27.55 26.04 46.41
2005:Q2 27.20 26.08 46.72
2005:Q3 27.41 25.77 46.82
2005:Q4 27.56 25.66 46.78
2006:Q1 27.21 25.70 47.09
2006:Q2 27.15 25.48 47.36
2006:Q3 27.27 25.46 47.27
2006:Q4 27.30 25.46 47.24
2007:Q1 27.16 25.47 47.37
2007:Q2 27.10 25.08 47.81
2007:Q3 27.30 24.87 47.83
2007:Q4 27.51 24.66 47.82
2008:Q1 27.38 24.47 48.14
2008:Q2 27.29 24.06 48.65
2008:Q3 27.25 24.22 48.53
2008:Q4 27.54 24.08 48.38
2009:Q1 27.42 23.74 48.85
2009:Q2 27.25 23.83 48.92
2009:Q3 27.41 23.97 48.62
2009:Q4 27.43 24.09 48.48
2010:Q1 27.33 24.04 48.63
2010:Q2 27.08 24.25 48.67
2010:Q3 27.08 24.50 48.43
2010:Q4 26.94 24.83 48.23
2011:Q1 26.53 24.92 48.55
2011:Q2 26.31 25.08 48.61
2011:Q3 26.33 25.13 48.55
2011:Q4 26.43 25.25 48.32
2012:Q1 26.11 25.31 48.58
2012:Q2 25.79 25.38 48.83
2012:Q3 25.74 25.40 48.86
2012:Q4 25.73 25.51 48.76
2013:Q1 25.27 25.67 49.06
2013:Q2 24.86 25.92 49.22
2013:Q3 24.68 26.98 48.34
2013:Q4 24.48 27.09 48.44
2014:Q1 24.05 27.10 48.85
2014:Q2 23.65 27.21 49.15
2014:Q3 23.54 27.22 49.24
2014:Q4 23.63 27.32 49.05
2015:Q1 23.20 27.29 49.51
2015:Q2 23.04 27.20 49.76
2015:Q3 23.07 27.00 49.93
2015:Q4 22.95 27.20 49.86
2016:Q1 22.52 27.05 50.43
2016:Q2 22.31 26.90 50.79
2016:Q3 22.41 26.71 50.87
2016:Q4 22.50 26.65 50.85
2017:Q1 22.26 26.37 51.36
2017:Q2 22.17 26.17 51.66
2017:Q3 22.26 26.06 51.68
2017:Q4 22.01 26.20 51.79
2018:Q1 21.60 25.96 52.44
2018:Q2 21.40 25.69 52.91
2018:Q3 21.54 25.50 52.95
2018:Q4 21.71 25.41 52.88
2019:Q1 21.45 25.15 53.40
2019:Q2 21.74 25.29 52.98
2019:Q3 21.83 25.20 52.97
2019:Q4 22.09 24.69 53.22
2020:Q1 21.89 24.19 53.93
2020:Q2 20.55 24.95 54.50
2020:Q3 19.86 25.19 54.95
2020:Q4 19.33 25.52 55.14
2021:Q1 18.54 25.44 56.02
2021:Q2 17.88 25.64 56.48
2021:Q3 17.76 25.66 56.58
2021:Q4 17.73 25.70 56.57
2022:Q1 17.57 25.40 57.03
2022:Q2 17.83 25.15 57.01
2022:Q3 17.96 24.90 57.13
2022:Q4 18.23 24.86 56.91
2023:Q1 17.95 24.78 57.27
2023:Q2 17.78 24.61 57.61
2023:Q3 18.03 24.49 57.48

Note: Share of credit scored-individuals in indicated credit risk category. Prime refers to credit scores above 719, near prime between 620 and 719, and subprime below 620.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 2. Delinquency rates on auto and credit card loans have reversed their pandemic declines, with especially large increases for subprime borrowers.

Figure 2a (Left). Auto Delinquency Rates
Percent

Quarter Subprime Near Prime Prime All
2000:Q1 8.62 1.68 0.22 3.17
2000:Q2 9.11 1.50 0.20 3.24
2000:Q3 9.85 1.75 0.25 3.49
2000:Q4 10.34 1.80 0.24 3.55
2001:Q1 10.05 1.84 0.26 3.58
2001:Q2 9.14 1.73 0.25 3.27
2001:Q3 10.35 1.87 0.28 3.68
2001:Q4 10.91 1.99 0.31 3.82
2002:Q1 10.28 2.01 0.42 3.64
2002:Q2 10.02 1.52 0.23 3.34
2002:Q3 10.76 1.77 0.24 3.65
2002:Q4 11.02 1.92 0.23 3.74
2003:Q1 10.57 1.69 0.19 3.45
2003:Q2 10.70 1.63 0.20 3.40
2003:Q3 10.17 1.57 0.19 3.18
2003:Q4 10.00 1.60 0.23 3.12
2004:Q1 8.76 1.53 0.20 2.80
2004:Q2 9.02 1.40 0.22 2.78
2004:Q3 9.94 1.66 0.21 3.12
2004:Q4 9.95 1.69 0.20 3.10
2005:Q1 8.31 1.52 0.20 2.68
2005:Q2 8.62 1.45 0.18 2.70
2005:Q3 9.25 1.66 0.21 2.90
2005:Q4 9.54 1.89 0.28 3.17
2006:Q1 8.32 1.72 0.23 2.77
2006:Q2 9.31 2.10 0.23 3.20
2006:Q3 10.28 2.13 0.24 3.52
2006:Q4 10.80 2.17 0.26 3.70
2007:Q1 9.10 1.92 0.25 3.07
2007:Q2 10.22 1.85 0.31 3.39
2007:Q3 11.56 2.09 0.24 3.84
2007:Q4 12.09 2.39 0.34 4.14
2008:Q1 11.04 2.24 0.29 3.76
2008:Q2 11.77 2.37 0.28 4.00
2008:Q3 13.52 2.60 0.37 4.56
2008:Q4 14.25 2.78 0.42 4.84
2009:Q1 12.35 2.62 0.37 4.20
2009:Q2 13.27 2.74 0.39 4.38
2009:Q3 15.01 2.95 0.37 4.77
2009:Q4 14.56 2.73 0.36 4.57
2010:Q1 12.54 2.33 0.33 3.83
2010:Q2 12.32 2.25 0.28 3.64
2010:Q3 12.74 2.35 0.27 3.72
2010:Q4 12.52 2.16 0.25 3.57
2011:Q1 10.53 1.98 0.22 3.00
2011:Q2 10.65 1.88 0.22 2.96
2011:Q3 11.46 2.04 0.22 3.16
2011:Q4 11.02 2.04 0.21 3.06
2012:Q1 9.20 1.64 0.19 2.49
2012:Q2 9.79 1.78 0.21 2.69
2012:Q3 10.27 1.80 0.21 2.84
2012:Q4 10.47 1.96 0.23 2.98
2013:Q1 9.53 1.76 0.20 2.67
2013:Q2 9.39 1.64 0.19 2.61
2013:Q3 10.62 1.75 0.19 2.90
2013:Q4 10.72 1.77 0.22 2.99
2014:Q1 9.39 1.69 0.19 2.62
2014:Q2 9.97 1.78 0.18 2.78
2014:Q3 11.20 1.88 0.20 3.11
2014:Q4 11.37 1.97 0.21 3.20
2015:Q1 9.37 1.70 0.19 2.63
2015:Q2 10.08 1.71 0.20 2.81
2015:Q3 11.22 2.00 0.21 3.19
2015:Q4 11.48 1.94 0.23 3.26
2016:Q1 10.02 1.84 0.18 2.84
2016:Q2 10.85 1.83 0.19 3.03
2016:Q3 11.50 1.96 0.21 3.23
2016:Q4 12.20 1.93 0.22 3.38
2017:Q1 10.19 1.68 0.19 2.78
2017:Q2 11.52 1.83 0.21 3.11
2017:Q3 12.16 2.04 0.22 3.32
2017:Q4 11.87 1.83 0.22 3.20
2018:Q1 10.75 1.75 0.20 2.88
2018:Q2 10.77 1.80 0.19 2.87
2018:Q3 11.39 1.83 0.22 3.05
2018:Q4 11.92 2.00 0.20 3.15
2019:Q1 10.78 1.85 0.19 2.80
2019:Q2 10.97 1.87 0.22 2.86
2019:Q3 11.97 1.98 0.22 3.10
2019:Q4 12.24 2.08 0.23 3.22
2020:Q1 11.13 1.90 0.21 2.88
2020:Q2 8.30 1.50 0.21 2.18
2020:Q3 8.74 1.51 0.22 2.36
2020:Q4 9.60 1.55 0.21 2.60
2021:Q1 8.89 1.31 0.15 2.32
2021:Q2 7.95 1.18 0.16 1.99
2021:Q3 9.31 1.55 0.16 2.33
2021:Q4 10.54 1.81 0.21 2.65
2022:Q1 10.67 1.80 0.19 2.56
2022:Q2 12.28 2.42 0.24 2.64
2022:Q3 13.68 2.71 0.25 2.95
2022:Q4 14.42 2.69 0.29 3.50
2023:Q1 13.21 2.30 0.27 3.09
2023:Q2 14.68 2.63 0.29 3.48
2023:Q3 15.43 2.71 0.31 3.65

Figure 2b (Right). Credit Card Delinquency Rates
Percent

Quarter Subprime Near Prime Prime All
2000:Q1 15.24 2.98 0.64 4.56
2000:Q2 13.56 2.87 0.63 4.21
2000:Q3 15.59 3.17 0.61 4.55
2000:Q4 16.57 3.23 0.66 4.73
2001:Q1 17.48 3.78 0.73 5.28
2001:Q2 17.14 4.04 0.82 5.30
2001:Q3 18.29 4.11 0.87 5.50
2001:Q4 19.58 4.44 0.91 6.02
2002:Q1 18.95 4.37 0.92 6.05
2002:Q2 17.81 3.96 0.76 5.50
2002:Q3 19.22 4.08 0.73 5.68
2002:Q4 20.33 4.38 0.79 6.04
2003:Q1 20.90 4.36 0.85 6.15
2003:Q2 20.42 4.25 0.76 5.77
2003:Q3 20.86 4.34 0.77 5.79
2003:Q4 20.39 4.28 0.81 5.64
2004:Q1 20.04 4.23 0.79 5.45
2004:Q2 18.35 3.99 0.80 4.86
2004:Q3 18.36 3.95 0.75 4.72
2004:Q4 19.41 4.21 0.80 4.90
2005:Q1 18.31 4.07 0.77 4.68
2005:Q2 16.69 3.81 0.67 4.13
2005:Q3 17.77 4.22 0.77 4.40
2005:Q4 17.42 3.70 0.72 4.05
2006:Q1 17.31 4.06 0.85 4.20
2006:Q2 17.14 4.41 0.79 4.19
2006:Q3 18.19 4.49 0.88 4.40
2006:Q4 19.03 4.66 0.93 4.58
2007:Q1 18.32 4.53 0.85 4.37
2007:Q2 18.02 4.50 0.78 4.21
2007:Q3 18.84 4.92 0.96 4.61
2007:Q4 20.42 5.37 1.09 5.04
2008:Q1 19.88 5.82 1.11 5.11
2008:Q2 19.02 5.78 1.24 4.97
2008:Q3 19.59 6.32 1.37 5.28
2008:Q4 22.02 7.43 1.74 6.18
2009:Q1 23.58 8.76 2.22 7.07
2009:Q2 21.91 8.98 2.29 6.84
2009:Q3 22.37 8.69 2.28 6.74
2009:Q4 22.48 8.89 2.25 6.85
2010:Q1 22.35 8.17 2.24 6.54
2010:Q2 20.60 7.18 1.83 5.68
2010:Q3 19.58 6.38 1.61 5.14
2010:Q4 20.92 5.97 1.44 5.04
2011:Q1 18.16 5.28 1.35 4.43
2011:Q2 16.73 4.26 1.11 3.72
2011:Q3 16.68 4.21 1.00 3.60
2011:Q4 17.53 4.51 0.99 3.74
2012:Q1 16.06 4.29 1.08 3.53
2012:Q2 14.59 4.04 1.06 3.22
2012:Q3 14.41 3.90 0.94 3.08
2012:Q4 14.72 3.95 0.94 3.17
2013:Q1 14.16 3.72 0.94 3.04
2013:Q2 12.95 3.24 0.85 2.67
2013:Q3 13.16 3.45 0.85 2.75
2013:Q4 13.22 3.53 0.71 2.74
2014:Q1 12.49 3.34 0.73 2.63
2014:Q2 11.79 2.93 0.66 2.34
2014:Q3 11.56 3.13 0.67 2.41
2014:Q4 12.60 3.38 0.69 2.60
2015:Q1 11.41 3.22 0.73 2.48
2015:Q2 10.60 3.05 0.72 2.32
2015:Q3 11.02 3.25 0.62 2.41
2015:Q4 11.72 3.24 0.68 2.54
2016:Q1 11.10 3.31 0.76 2.55
2016:Q2 10.57 3.02 0.66 2.35
2016:Q3 11.68 3.20 0.66 2.55
2016:Q4 12.73 3.54 0.71 2.80
2017:Q1 12.32 3.69 0.74 2.83
2017:Q2 12.04 3.51 0.70 2.69
2017:Q3 13.36 3.73 0.77 2.96
2017:Q4 14.07 3.89 0.77 3.10
2018:Q1 13.39 3.88 0.82 3.06
2018:Q2 12.13 3.60 0.70 2.73
2018:Q3 13.00 3.91 0.72 2.97
2018:Q4 13.92 4.08 0.84 3.17
2019:Q1 13.64 4.21 0.85 3.18
2019:Q2 12.29 4.04 0.77 2.88
2019:Q3 13.25 4.23 0.85 3.12
2019:Q4 14.35 4.38 0.91 3.36
2020:Q1 13.86 4.34 0.91 3.32
2020:Q2 10.19 3.45 0.80 2.62
2020:Q3 9.41 3.22 0.70 2.43
2020:Q4 10.35 3.38 0.67 2.62
2021:Q1 9.58 2.99 0.67 2.43
2021:Q2 8.22 2.30 0.47 1.80
2021:Q3 9.08 2.31 0.47 1.86
2021:Q4 10.61 2.63 0.55 2.13
2022:Q1 11.12 2.87 0.62 2.26
2022:Q2 11.33 3.35 0.62 2.08
2022:Q3 12.96 3.88 0.66 2.38
2022:Q4 13.90 4.22 0.75 2.94
2023:Q1 14.41 4.73 0.85 3.21
2023:Q2 14.02 4.87 0.93 3.25
2023:Q3 15.68 5.34 1.05 3.65

Note: Delinquency measures the fraction of balances that are at least 30 days past due, excluding severely derogatory loans. Prime refers to credit scores above 719, near prime between 620 and 719, and subprime below 620. Credit scores lagged four quarters.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 3. Delinquency rates rose over the pandemic the most for lower-rated borrowers, who also have seen their balances decrease.

Figure 3a (Top). Auto: Change in Delinquency Rate vs. Percent Change in Balances
2019:Q3 to 2023:Q3

Change in Delinquency Rate Percent Change in Balances Credit Score Bin
4.57 -18.52 520
2.21 -12.55 540
2.45 -12.51 560
1.94 -6.76 580
1.95 -3.75 600
1.56 -4.14 620
1.08 2.15 640
0.74 0.95 660
0.25 2.85 680
0.48 4.49 700
0.27 8.18 720
0.22 9.56 740
0.09 8.98 760
-0.01 9.59 780
0.04 8.73 800
-0.01 22.37 820+

Figure 3b (Bottom). Credit Cards: Change in Delinquency Rate vs. Percent Change in Balances
2019:Q3 to 2023:Q3

Change in Delinquency Rate Percent Change in Balances Credit Score Bin
3.19 -8.31 520
1.41 -8.83 540
2.74 -4.03 560
2.63 0.96 580
2.68 1.47 600
1.87 -4.09 620
1.60 -3.33 640
1.24 -6.02 660
1.01 -6.40 680
0.47 -3.84 700
0.49 -3.23 720
0.54 2.42 740
0.35 1.93 760
0.18 5.96 780
0.04 14.21 800
-0.09 28.64 820+

Note: Each scatterplot dot represents a 20−point credit score bin with the number representing the first Equifax Risk Score in the bin. 820+ contains all Equifax Risk Scores greater than or equal to 820.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Figure 4. After adjusting for credit score migration, subprime delinquency rate increases are more muted.

Figure 4a (Left). Auto Delinquency Rates with Counterfactual Delinquency Rates
Percent

Quarter Subprime Near Prime Prime Subprime Counterfactual Near Prime Counterfactual Prime Counterfactual
2000:Q1 8.62 1.68 0.22 NA NA NA
2000:Q2 9.11 1.50 0.20 NA NA NA
2000:Q3 9.85 1.75 0.25 NA NA NA
2000:Q4 10.34 1.80 0.24 NA NA NA
2001:Q1 10.05 1.84 0.26 NA NA NA
2001:Q2 9.14 1.73 0.25 NA NA NA
2001:Q3 10.35 1.87 0.28 NA NA NA
2001:Q4 10.91 1.99 0.31 NA NA NA
2002:Q1 10.28 2.01 0.42 NA NA NA
2002:Q2 10.02 1.52 0.23 NA NA NA
2002:Q3 10.76 1.77 0.24 NA NA NA
2002:Q4 11.02 1.92 0.23 NA NA NA
2003:Q1 10.57 1.69 0.19 NA NA NA
2003:Q2 10.70 1.63 0.20 NA NA NA
2003:Q3 10.17 1.57 0.19 NA NA NA
2003:Q4 10.00 1.60 0.23 NA NA NA
2004:Q1 8.76 1.53 0.20 NA NA NA
2004:Q2 9.02 1.40 0.22 NA NA NA
2004:Q3 9.94 1.66 0.21 NA NA NA
2004:Q4 9.95 1.69 0.20 NA NA NA
2005:Q1 8.31 1.52 0.20 NA NA NA
2005:Q2 8.62 1.45 0.18 NA NA NA
2005:Q3 9.25 1.66 0.21 NA NA NA
2005:Q4 9.54 1.89 0.28 NA NA NA
2006:Q1 8.32 1.72 0.23 NA NA NA
2006:Q2 9.31 2.10 0.23 NA NA NA
2006:Q3 10.28 2.13 0.24 NA NA NA
2006:Q4 10.80 2.17 0.26 NA NA NA
2007:Q1 9.10 1.92 0.25 NA NA NA
2007:Q2 10.22 1.85 0.31 NA NA NA
2007:Q3 11.56 2.09 0.24 NA NA NA
2007:Q4 12.09 2.39 0.34 NA NA NA
2008:Q1 11.04 2.24 0.29 NA NA NA
2008:Q2 11.77 2.37 0.28 NA NA NA
2008:Q3 13.52 2.60 0.37 NA NA NA
2008:Q4 14.25 2.78 0.42 NA NA NA
2009:Q1 12.35 2.62 0.37 NA NA NA
2009:Q2 13.27 2.74 0.39 NA NA NA
2009:Q3 15.01 2.95 0.37 NA NA NA
2009:Q4 14.56 2.73 0.36 NA NA NA
2010:Q1 12.54 2.33 0.33 NA NA NA
2010:Q2 12.32 2.25 0.28 NA NA NA
2010:Q3 12.74 2.35 0.27 NA NA NA
2010:Q4 12.52 2.16 0.25 NA NA NA
2011:Q1 10.53 1.98 0.22 NA NA NA
2011:Q2 10.65 1.88 0.22 NA NA NA
2011:Q3 11.46 2.04 0.22 NA NA NA
2011:Q4 11.02 2.04 0.21 NA NA NA
2012:Q1 9.20 1.64 0.19 NA NA NA
2012:Q2 9.79 1.78 0.21 NA NA NA
2012:Q3 10.27 1.80 0.21 NA NA NA
2012:Q4 10.47 1.96 0.23 NA NA NA
2013:Q1 9.53 1.76 0.20 NA NA NA
2013:Q2 9.39 1.64 0.19 NA NA NA
2013:Q3 10.62 1.75 0.19 NA NA NA
2013:Q4 10.72 1.77 0.22 NA NA NA
2014:Q1 9.39 1.69 0.19 NA NA NA
2014:Q2 9.97 1.78 0.18 NA NA NA
2014:Q3 11.20 1.88 0.20 NA NA NA
2014:Q4 11.37 1.97 0.21 NA NA NA
2015:Q1 9.37 1.70 0.19 NA NA NA
2015:Q2 10.08 1.71 0.20 NA NA NA
2015:Q3 11.22 2.00 0.21 NA NA NA
2015:Q4 11.48 1.94 0.23 NA NA NA
2016:Q1 10.02 1.84 0.18 NA NA NA
2016:Q2 10.85 1.83 0.19 NA NA NA
2016:Q3 11.50 1.96 0.21 NA NA NA
2016:Q4 12.20 1.93 0.22 NA NA NA
2017:Q1 10.19 1.68 0.19 NA NA NA
2017:Q2 11.52 1.83 0.21 NA NA NA
2017:Q3 12.16 2.04 0.22 NA NA NA
2017:Q4 11.87 1.83 0.22 NA NA NA
2018:Q1 10.75 1.75 0.20 NA NA NA
2018:Q2 10.77 1.80 0.19 NA NA NA
2018:Q3 11.39 1.83 0.22 NA NA NA
2018:Q4 11.92 2.00 0.20 NA NA NA
2019:Q1 10.78 1.85 0.19 NA NA NA
2019:Q2 10.97 1.87 0.22 NA NA NA
2019:Q3 11.97 1.98 0.22 NA NA NA
2019:Q4 12.24 2.08 0.23 NA NA NA
2020:Q1 11.13 1.90 0.21 NA NA NA
2020:Q2 8.30 1.50 0.21 NA NA NA
2020:Q3 8.74 1.51 0.22 NA NA NA
2020:Q4 9.60 1.55 0.21 9.60 1.55 0.21
2021:Q1 8.89 1.31 0.15 8.54 1.37 0.16
2021:Q2 7.95 1.18 0.16 7.00 1.18 0.17
2021:Q3 9.31 1.55 0.16 7.77 1.53 0.20
2021:Q4 10.54 1.81 0.21 8.51 1.81 0.25
2022:Q1 10.67 1.80 0.19 8.19 1.66 0.25
2022:Q2 12.28 2.42 0.24 8.84 1.87 0.30
2022:Q3 13.68 2.71 0.25 9.93 2.12 0.31
2022:Q4 14.42 2.69 0.29 10.39 2.35 0.39
2023:Q1 13.21 2.30 0.27 9.12 2.09 0.31
2023:Q2 14.68 2.63 0.29 9.97 2.46 0.38
2023:Q3 15.43 2.71 0.31 10.42 2.62 0.38

Figure 4b (Right). Credit Card Delinquency Rates with Counterfactual Delinquency Rates
Percent

Quarter Subprime Near Prime Prime Subprime Counterfactual Near Prime Counterfactual Prime Counterfactual
2000:Q1 15.24 2.98 0.64 NA NA NA
2000:Q2 13.56 2.87 0.63 NA NA NA
2000:Q3 15.59 3.17 0.61 NA NA NA
2000:Q4 16.57 3.23 0.66 NA NA NA
2001:Q1 17.48 3.78 0.73 NA NA NA
2001:Q2 17.14 4.04 0.82 NA NA NA
2001:Q3 18.29 4.11 0.87 NA NA NA
2001:Q4 19.58 4.44 0.91 NA NA NA
2002:Q1 18.95 4.37 0.92 NA NA NA
2002:Q2 17.81 3.96 0.76 NA NA NA
2002:Q3 19.22 4.08 0.73 NA NA NA
2002:Q4 20.33 4.38 0.79 NA NA NA
2003:Q1 20.90 4.36 0.85 NA NA NA
2003:Q2 20.42 4.25 0.76 NA NA NA
2003:Q3 20.86 4.34 0.77 NA NA NA
2003:Q4 20.39 4.28 0.81 NA NA NA
2004:Q1 20.04 4.23 0.79 NA NA NA
2004:Q2 18.35 3.99 0.80 NA NA NA
2004:Q3 18.36 3.95 0.75 NA NA NA
2004:Q4 19.41 4.21 0.80 NA NA NA
2005:Q1 18.31 4.07 0.77 NA NA NA
2005:Q2 16.69 3.81 0.67 NA NA NA
2005:Q3 17.77 4.22 0.77 NA NA NA
2005:Q4 17.42 3.70 0.72 NA NA NA
2006:Q1 17.31 4.06 0.85 NA NA NA
2006:Q2 17.14 4.41 0.79 NA NA NA
2006:Q3 18.19 4.49 0.88 NA NA NA
2006:Q4 19.03 4.66 0.93 NA NA NA
2007:Q1 18.32 4.53 0.85 NA NA NA
2007:Q2 18.02 4.50 0.78 NA NA NA
2007:Q3 18.84 4.92 0.96 NA NA NA
2007:Q4 20.42 5.37 1.09 NA NA NA
2008:Q1 19.88 5.82 1.11 NA NA NA
2008:Q2 19.02 5.78 1.24 NA NA NA
2008:Q3 19.59 6.32 1.37 NA NA NA
2008:Q4 22.02 7.43 1.74 NA NA NA
2009:Q1 23.58 8.76 2.22 NA NA NA
2009:Q2 21.91 8.98 2.29 NA NA NA
2009:Q3 22.37 8.69 2.28 NA NA NA
2009:Q4 22.48 8.89 2.25 NA NA NA
2010:Q1 22.35 8.17 2.24 NA NA NA
2010:Q2 20.60 7.18 1.83 NA NA NA
2010:Q3 19.58 6.38 1.61 NA NA NA
2010:Q4 20.92 5.97 1.44 NA NA NA
2011:Q1 18.16 5.28 1.35 NA NA NA
2011:Q2 16.73 4.26 1.11 NA NA NA
2011:Q3 16.68 4.21 1.00 NA NA NA
2011:Q4 17.53 4.51 0.99 NA NA NA
2012:Q1 16.06 4.29 1.08 NA NA NA
2012:Q2 14.59 4.04 1.06 NA NA NA
2012:Q3 14.41 3.90 0.94 NA NA NA
2012:Q4 14.72 3.95 0.94 NA NA NA
2013:Q1 14.16 3.72 0.94 NA NA NA
2013:Q2 12.95 3.24 0.85 NA NA NA
2013:Q3 13.16 3.45 0.85 NA NA NA
2013:Q4 13.22 3.53 0.71 NA NA NA
2014:Q1 12.49 3.34 0.73 NA NA NA
2014:Q2 11.79 2.93 0.66 NA NA NA
2014:Q3 11.56 3.13 0.67 NA NA NA
2014:Q4 12.60 3.38 0.69 NA NA NA
2015:Q1 11.41 3.22 0.73 NA NA NA
2015:Q2 10.60 3.05 0.72 NA NA NA
2015:Q3 11.02 3.25 0.62 NA NA NA
2015:Q4 11.72 3.24 0.68 NA NA NA
2016:Q1 11.10 3.31 0.76 NA NA NA
2016:Q2 10.57 3.02 0.66 NA NA NA
2016:Q3 11.68 3.20 0.66 NA NA NA
2016:Q4 12.73 3.54 0.71 NA NA NA
2017:Q1 12.32 3.69 0.74 NA NA NA
2017:Q2 12.04 3.51 0.70 NA NA NA
2017:Q3 13.36 3.73 0.77 NA NA NA
2017:Q4 14.07 3.89 0.77 NA NA NA
2018:Q1 13.39 3.88 0.82 NA NA NA
2018:Q2 12.13 3.60 0.70 NA NA NA
2018:Q3 13.00 3.91 0.72 NA NA NA
2018:Q4 13.92 4.08 0.84 NA NA NA
2019:Q1 13.64 4.21 0.85 NA NA NA
2019:Q2 12.29 4.04 0.77 NA NA NA
2019:Q3 13.25 4.23 0.85 NA NA NA
2019:Q4 14.35 4.38 0.91 NA NA NA
2020:Q1 13.86 4.34 0.91 NA NA NA
2020:Q2 10.19 3.45 0.80 NA NA NA
2020:Q3 9.41 3.22 0.70 NA NA NA
2020:Q4 10.35 3.38 0.67 10.35 3.38 0.67
2021:Q1 9.58 2.99 0.67 8.54 3.16 0.78
2021:Q2 8.22 2.30 0.47 6.37 2.38 0.59
2021:Q3 9.08 2.31 0.47 6.55 2.37 0.62
2021:Q4 10.61 2.63 0.55 7.26 2.70 0.74
2022:Q1 11.12 2.87 0.62 7.35 2.72 0.83
2022:Q2 11.33 3.35 0.62 7.10 2.61 0.81
2022:Q3 12.96 3.88 0.66 8.19 3.08 0.89
2022:Q4 13.90 4.22 0.75 8.94 3.58 1.01
2023:Q1 14.41 4.73 0.85 8.83 3.95 1.16
2023:Q2 14.02 4.87 0.93 8.57 4.03 1.25
2023:Q3 15.68 5.34 1.05 9.55 4.45 1.40

Note: Delinquency measures the fraction of balances that are at least 30 days past due, excluding severely derogatory loans. Prime refers to credit scores above 719, near prime between 620 and 719, and subprime below 620. Credit scores lagged four quarters. Dashed line shows delinquency rates holding the credit score distribution fixed as of 2019:Q4.

Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

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Last Update: January 12, 2024