Study: Millennials Locked Down by Their Credit Score

When it comes to financial freedom, nearly half of today’s Millennials feel that their credit score is keeping them from achieving their monetary goals.

 

According to a survey of 1,000 Millennials conducted by the Chicago-based fintech firm OppLoans, 46 percent of respondents said they felt held back by their credit score. Twenty-five percent said poor credit had hurt their chances of getting an apartment or a house, while 14 percent said they were forced to live with roommates because poor credit prevented them from renting their own place. Furthermore, 27 percent of Millennials said a bad credit score had hurt their chances of buying a car, 26 percent said poor credit had hurt their chances of getting a loan and 23 percent said poor credit had hurt their chances of getting a credit card.

 

"A low credit score can cause serious problems long before the common milestone of applying for a home mortgage," said OppLoans Chief Executive Officer Jared Kaplan. "For a significant portion of Millennials, the things that most people do in their 20s—rent an apartment, buy a car, get a credit card—are tough because of bad credit."

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