WASHINGTON (Reuters) - U.S. consumer credit expanded at the slowest pace in seven months in July as banks tightened lending standards, a Federal Reserve report on Monday showed.

July consumer credit rose $4.56 billion, or at a 2.12 percent annual rate, to $2.587 trillion, the Federal Reserve said. Analysts polled by Reuters were expecting an $8.5 billion rise.

The June consumer credit rise was revised downward to $10.96 billion from an initially reported rise of $14.33 billion.

Non-revolving credit, which includes closed-end loans for big-ticket items like cars, boats, college educations and holidays, rose just $678.1 million, or 0.5 percent, to $1.617 trillion -- also the smallest increase since December 2007.

Revolving credit, made up of credit and charge cards, increased $3.88 billion, or 4.82 percent, to $969.9 million.

(Reporting by David Lawder, Editing by Chizu Nomiyama)

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