Millennials are rejected more often when applying for loans, mortgages, and credit cards. (via CNBCMakeIt)
Almost six out of 10 millennials say they've been rejected when applying for credit cards, mortgages, car loans and other financial products.
Yet while millennials report being rejected more often, their credit scores are not much different than those in Gen Z and Gen X . Millennials have an average FICO Score of 668, according to Experian data from the second quarter of 2019. FICO scores range from 300 to 850, with "good" scores considered to be any above 670.
If their credit scores are not that different, why are more millennials facing denials? Gen Zers likely have a lower rejection rate because they haven't applied for as many credit products yet. Keep in mind the oldest members of this generation are barely out of college.
"It has become much harder for people in their early and mid-20s to obtain credit," Rossman says. Essentially, some millennials, particularly younger ones, may have delayed applying for a credit card, but were later rejected because they didn't have a robust history.
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