It has become more difficult for Americans to take out a loan or be approved for a credit card as financial firms have tightened their lending standards. According to the latest data from the New York , the overall rejection rate for all types of loans - including credit cards, auto loans and mortgages - increased to almost 22 percent by the end of June. This is the highest level since June 2018 - with those with a credit score below 680 most affected, according to the data.
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