Posted on 08/07/2017 11:19:24 AM PDT by BenLurkin
A few millennials...actually believe that missing a card payment would “improve” their credit rating, the survey said.
“It was only 6 percent, but it actually shocked us,” said Mike Brown, a research analyst with LendEDU and the author of its Millennials & Credit Cards Survey. “They might think that by missing a payment they are gaming the system,” he added.
Seventeen percent said missing a card payment would have no effect on their score.
LendEDU, a Web site that provides information for student loan refinancing, also found that many millennials are spooked by credit cards, yet many use them in self-destructive ways. This leads to late-payment charges and poor credit scores.
The report, which questioned 500 millennials from various educational backgrounds who use cards, also found that some 36 percent have maxed out cards. Some 48 percent carry card balances on which they pay hefty interest charges from month to month.
That doesn’t seem to make a difference to 45 percent of those questioned. They didn’t even know their credit-card interest rate. The survey also found that about a quarter of respondents are carrying three or more cards.
That is too many for young people, most financial advisers say. “One to three is enough to establish a credit history,” said adviser Charles Hughes. “More than that, and you are tempted to run up lots of bills.”
Other young people fear cards could ruin their lives, so they avoid them, the report said. About half polled said they found cards “scary.”
(Excerpt) Read more at nypost.com ...
And you can tell who they vote for.
That’s because most of them are besotted with Communist ideology. You don’t need a credit card if your attitude is “gimme gimme gimme and make someone else pay for it.”
“I can’t be out of money, I still have checks in my checkbook!”
Yup.
These are the same kids who want conservatives to grow old and die because their millenial run world will be so much better.
As the credit scoring algorithm is a trade secret perhaps they are correct? How do we know. FICO needs to be forced to disclose the formula.
A small percentage of millennials toy with stupid survey questions.
Not surprising, really.
Fico d9esnt give the exact algorithm but they prove guidelines on how they weigh different factors.
FICO needs to be forced to disclose the formula.....Easy. Pay your bills at the end of the month and you get an 850.
Do any of them know how to start a lawnmower or change a tire?
Heh. You could be right.
On the other hand, having myself spawned a couple millennials and having observed them and their little friends....this report sounds all too realistic.
Boiling water is a challenge for them.
Well there’s more to it than that. There are other factors involved, such as length of credit history, and percent of available credit currently being used.
Types of credit are involved too. Unsecured loan from banks are looked on more favorably than loans from finance companies.
While paying your bills is a big factor it’s not the only one by any means.
Hell most people in general dont know because they keep getting them.
The report, which questioned 500 millennials from various educational backgrounds who use cards, also found that some 36 percent have maxed out cards. Some 48 percent carry card balances on which they pay hefty interest charges from month to month.
That doesn’t seem to make a difference to 45 percent of those questioned. They didn’t even know their credit-card interest rate. The survey also found that about a quarter of respondents are carrying three or more cards.
They are scary—I don’t doubt that.
So when they maxx them all out they’ll band together and demand a government bailout, just like on their student loans.
Scary thing is eventually they will get it.
Of course they are just emulating our “betters” in Washington DC, who keep spending without worrying what the National Debt is.
They probably thought it was some kind of trick question.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.