Research has found that the average Millennial expects to become a millionaire at some point and to retire at age 56, but new data shows that people in this age group have also run into trouble because of their credit scores. Recent research from OppLoans.com shows that 14% of Millennials say their “bad credit” is the reason why they have roommates, and 25% say that the same thing worked against “their chances of getting an apartment or a house.”
But there’s an even more glaring finding that shows just how badly this generation feels about their credit scores — a whopping 46% believe that the one they have “is holding them back.”
OnePoll carried out the survey of 2,000 American adults for OppLoans – 1,000 of them were Millennials (ages 18 to 34).
Millennials feel like their debt is getting in the way of life
In fact, 15% of those who own credit cards say the amount of debt they have “is unmanageable” and that they “regularly” fail to pay on time, while 27% admit that they can’t get a new vehicle because of a “poor credit score.”
Millennials also think they don’t know as much financially as they should, with 24% saying that they think “they were insufficiently prepared on the proper techniques to build good credit,” and 26% saying they’ve been rejected for “a new loan or line of credit.”
OppLoans CEO Jared Kaplan commented on the research in a statement.
“There are many easy ways that young people can avoid hurting their credit. … For instance, our survey found that 36 percent of Millennials who missed a credit card payment simply forgot about it. Almost all credit card companies allow customers to set up automatic payment plans, and these can be programmed to cover only the minimum amount due if someone’s on a tight budget. This is an everyday hack that can help Millennials avoid credit damage and late fees,” he said.
But although 27% of Millennials admitted that they fail to apply for a credit card because they expect to be rejected, you ultimately have control over where your credit score falls on the scale.