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 life’s 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 ...
I’m a milly but I don’t worry about my credit score, my weight, or my IQ.
I think it's admirable that the younger people are looking to get good credit scores. It means they are fiscally responsible and the conservatives of tomorrow are thus being groomed.
They’re probably only interested to determine if they even have a credit rating. They’re better off checking Mommy and Daddy’s credit rating.
The WWII generation paid cash for everything. Their children waited until their parents died so they could spend their inheritance. Their grandchildren live on credit cards. Their great-grandchildren live with their parents, watch their credit scores and dream of the day that they can get their own credit cards.
My millennial daughter was home a couple of weeks ago. She is 25 and a good young woman. A little to the left of Dad, but she has promise.
She was worried about making sure her credit card bill got paid because she didn’t want her credit wrecked. (She had a balance of $200 on a $5000 credit limit.)
This lead to a duscussion about credit scores. She asked what mine was. I told her 850. She asked how often I looked at it. I said never.
How did I know?
Because whenever a card came in with a balance I paid it.
How did I have money to do that? Wasn’t I kind of retired?
Because I only bought stuff I could afford. It’s easy.
She will learn.
I have no earthly idea what my credit score is. I’m more interested in keeping my net worth at $1 million, and my plan does not include any interest payments.
In maybe 40 years, I’ve only had two occasions not to pay credit cards in full the month they were due. That was when buying a house and the closing costs were underestimated by the mortgage company. Last house, the mortgage guy said “They say you pay your bills when you feel like it”. Sure did. I was out on the road busting my ass and making $$$. So what if the check is a couple days late. I pay when I have the time and inclination. I always have the cash. Never had to budget or balance a checkbook. I used trending - more $$ coming in than going out, then all OK. If the reverse, then don’t spend. And put a buttload away in a retirement account every month/year.
My daily driver is a Toyoya Tacoma pickup truck made in late 1997. It’s in nice shape, maybe 87,000 miles on the odometer. Might need a third set of tires after 20+ years. Still on the original rear drum brake shoes and the second set of front disk pads. I spend more on new wiper blades than anything. I would like to get new floor mats, a new cigarette lighter and maybe even replace the radio/cassette player, as it only comes on when it feels like it as of late.
“...I’m a milly but I don’t worry about my credit score, my weight, or my IQ....”
I’m older. I just worry about my Willy.
Too bad they aren’t interested in doing an honest day’s work for an honest day’s pay.
We didn’t have an easy way to check the scores before.
It’s an apples to oranges comparison between generations.
We didn’t have an easy way to check the scores before.
It’s an apples to oranges comparison between generations.
Everybody jump on board the debt slave train...
I do the same, but economy.
Chase sapphire reserve is the best credit card ever for me btw
Fully agree, it's my #1 card. Even with the $450 annual fee, it more than pays for itself.
Yep - my credit score is under 800 because I don’t carry enough debt and it’s been 15 years since I had a loan...use plastic for most monthly spending and pay off in full each month - which hurts because I constantly show some balance on the card...paid the house off 15 years ago and paid cash for the cars since then...
In their net worth, not so much.
Yup - after 300 travel credit, plus cost down to 150. Add in free trip insurance and it’s paid for and then some if you travel. Add in priority pass and 4.5% back or higher on flights, restaurants and hotels and I get like $3k back annually for work and personal. Plus you can use chase freedom card 5pt and transfer over and really juice it.
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