NEW YORK (Reuters) – Millennials get plenty of recognition for frugality and their desire to share everything from cars to clothes, but they also have the lowest average credit score of any generation, according to a new study.
The average millennial credit score is 625, and 28 percent of them are ranked below 579, says NerdWallet, a personal finance website. In the world of credit scores, anything above 660 (out of 850) is considered good.
Based on millennial credit habits, those scores may not improve.
Among the key issues: Some millennials (18-34-year olds) are shunning credit cards completely after hearing so many debt-related horror stories from the financial crisis. Others are applying for the wrong cards and getting rejected.
“Millennials are misunderstanding, or are simply unaware of, the benefits of credit cards,” says Sean McQuay, NerdWallet’s resident credit card expert.
More: www.oann.com
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