Skip to comments.Millennials Are More Interested in Their Credit Scores Than Any Generation
Posted on 07/31/2018 3:20:24 PM PDT by Simon Green
Believe it or not, a recent study conducted by Research Now on behalf of Discover shows that young people are more in touch with their credit score than any other generation in the United States.
While more than half of the population of consumers in the US 61%, to be exact reported that they are actively trying to improve their credit score, that percentage is concentrated in the younger generations.
The highest concentration of those taking steps toward improving their credit score lies in the subset of Gen Z go-getters between the ages of 18 and 21, 87% of which are actively working to improve their credit score. Right behind them, 83% of millennials are also trying to get their scores closer to 830. Right behind them comes Gen X with 63% followed by only 34% of Baby Boomers.
It makes sense that younger generations are more concerned with their credit scores, as they tend to be more interested in renting or buying homes and having low insurance rates. Building credit at a young age can be beneficial down the road when it comes time for some of lifes big moments, like buying a home or a car, or renting an apartment, pointed out Jeff Bielski, vice president of marketing at Discover.
(Excerpt) Read more at thepointsguy.com ...
They seem to have a payment culture, so maybe it is necessary to qualify for payment plans...?
Now, multiple web sites offer it. Some credit cards, like Discover, show your FICO score on your paper statement and in your online account.
I blame Credit Karma. It’s now so easy to stay on top of your credit score. Easier than it’s ever been.
If someone told them that the credit score would be “zero”, if they were debt-free, the millennial head would pop.
Someone needs to explain the components of the FICO score to these folks.
If you want a house or apartment, I can understand.
But after getting my home, I couldn’t care less what my score is. I hate buying things on a payment plan. If I can’t pay cash, then did I really need it?
OTOH, using other peoples money to make money takes a good credit score.
That’s because the dimwits buried themselves in debt and have no clue that you don’t have to live as interest-paying slaves.
On the contrary; I'm completely debt-free, and my credit score is over 800. I do have a dozen credit cards, mind you.
That's what I use.
Yes they are very interested in their credit scores as it determines how much debt they can run up. My credit score has been 800 or greater for 30 years. I do not spend what I do not have with the exception of a house payment.
This happened to me when returning home after years overseas in the 70s. In England where I lived I had excellent credit. When I tried to get a credit card from my bank in the USA upon my return it was rejected. I was most incenesed as in that bank I had many tens of thousands of dollars. I went to the manager and asked what was the problem. I had a well paying job and had never defaulted on anything. He said my credit score was not good nor was it bad. It was non existent due to many years outside of the USA. To establish credit I made a loan from my bank for a few thousand dollars using my account as collaterol. Six months later I paid it off. This started my credit history again in the USA.
Okay, now get rid of the credit cards and pay cash.
Then, ask the question about the credit score.
The whole FICO scam is based upon perpetual debt.
I’m just about there, one obligation ends in December and my score the last I looked was 750 or so.
No CCs for me any more. I’m going on a year w/o and really don’t miss the thing. I budget my money a lot better and save up to buy stuff. In the meantime I make do or do without.
Conservatives will want the credit rating bureaus to be prevented from doing this.
Free market purists will say let the credit rating bureaus do whatever they want. If they get too silly then eventually they will go bankrupt ... while in the interim thousands of conservatives will be denied car loans and home mortgages. And BTW, if you don't like the current credit rating bureaus then you should start one yourself.
Why in the world would I want to do that? By continually taking out credit cards for their signup bonuses and paying off all balances every month without fail, I earn so many airline points that I can take two international business/first class trips a year for virtually no cost.
I'm going to Vietnam and Thailand in January, flying Japan Airlines first class on the way out and Cathay Pacific first class on the way back. Total cost: 145,000 Alaska Airlines points and $130 in fees. Cost of ticket if paid for entirely in cash: $19875.
Agree with others. Its so easy to see in almost real time now. No doubt it would become an obsession. It sort of has been for me lately torn on real reason other than seeing if I can drive it higher.
This just shows that advertising still works on some items... .
In Wisconsin credit it checked when you apply for an job.
I would add that use of the credit system and morphed form the original intent. Easy way to evaluate someone for a job, rent, dating, etc. One size fits all, not just for credit anymore... .
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