Millennials are having a tough time getting credit cards — in fact, a new study revealed six out of 10 10 millennials declined for credit are not seen applying again for at least 12 months.
According to data from the ID Analytics, a consumer risk management company, millennials often apply for credit but are declined due either to their lack of credit history or to low credit scores, despite often having an ability to repay.
While many millennials may not own credit cards, it is not for a lack of applying for credit. ID Analytics found that millennials are applying for credit cards at higher rates than Generation X or baby boomers (35 percent vs. 29 percent vs. 28 percent, respectively). ID Analytics also found that millennials actually make up a larger percentage of total credit card applicants (35 percent) than marketplace loan applicants (28 percent), indicating that this group is interested in traditional forms of credit.
Here are the numbers:
63% | The number of millennials that do not have a credit card
35% | The percentage of millennials that apply for credit cards
1/3 | The amount of millennials that aren’t scored by a credit bureau due to their lack of credit history
29% | The number of Generation X that have apply for credit cards
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