HOUSTON—Fifty-three percent of Americans have been denied approval for a new credit card, loan, or even a new car because of poor credit, according to a new survey.
Seeking to probe beyond just the topline findings, the ScoreSense survey also dove into the primary reasons for the credit denials, saying it pinpointed two mean reasons, according to StudyFinds in its analysis.
“The first was ignorance. The survey reveals that 23% of Millennials don't know their credit score at all. The same could be said for 54% of Generation Z'ers, 18% of Generation Xers, and 20% of Baby Boomers,” StudyFinds explained.
Another common detriment to personal credit scores was credit card usage. The survey found 38% of Americans carry three or more credit cards, while 13% of Baby Boomers have six or more.
The study also shows a quarter of both Millennials and Generation Xers who have a credit card carry $4,000 in credit card debt every month, StudyFinds noted.