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Millennials Taking Charge Of Credit Health

[Thursday, July 27th, 2017]

A new survey from Chase Slate shows that young people are focusing on their credit scores and doing all they can to establish and build good credit histories.

The Chase Slate 2017 Credit Outlook Survey found that 39% of Millennials (adults ages 21-36) check their credit scores monthly. And of those who said they’d like to improve their credit, 62% have a plan for how to do so. That puts them ahead of their elders; only 31% of Generation Xers and 28% of Baby Boomers check their credit scores on a monthly basis.

Part of the reason for this vigilance may be due to the fact that many young people have their sights set on buying a home. More than one-third of those surveyed (33%) said they plan to buy a home within the next four to five years, and 24% of them plan to buy real estate even sooner – within the next three years. “Millennials are really doing their homework in preparation for buying a home in the near future,” says Mical Jeanlys, General Manager of Chase Slate credit cards.

The importance of good credit when buying a home

When purchasing a home, most people are looking at taking out a mortgage to finance the purchase. And in order to get the best interest rate on that mortgage, they need a good credit score. Millennials know this, so they are working hard to get the best score they can. Among Millennials who’ve already bought a home, 79% said their credit score was an overriding factor in what kind of home they were able to buy.

“I spent a full year working on raising my credit score before I purchased,” Eugina S., of Woodbridge, Virginia, told Chase. “I’ve continued to monitor my score on several different platforms ever since.” Most credit card issuers give customers access to their credit scores for free, via their monthly statements or online account access, making it easy to keep track of any changes in credit history.

For Millennials, or anyone else keeping up with their credit score, it’s important to make all credit card payments on time, keep balances low, and have a variety of types of credit to their names. Doing these things will generally result in a good to excellent credit score over time.

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