NEW YORK—Nearly six-in-10 Millennials say they've been rejected when applying for credit cards, mortgages, car loans and other financial products, a new report indicates.
In fact, Millennials are experiencing higher denial rates than other generations, according to a recent poll of nearly 2,500 U.S. adults by YouGov for Bankrate.com.
Of those Millennials who have faced rejection, the bulk (63%) say they've been denied a credit card.
“Yet while Millennials report being rejected more often, their credit scores are not much different than those in Gen Z and Gen X,” noted CNBC in its analysis. “If their credit scores are not that different, why are more Millennials facing denials? 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.”