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."