(STUDY FINDS) -- DALLAS — A staggering 53% 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.
The survey, commissioned by the credit score service ScoreSense and conducted by YouGov, dove into the causes of this economic issue, and pinpointed two main reasons. 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 Zers, 18% of generation Xers, and 20% of baby boomers.
Another common detriment to personal credit scores was credit card usage. The survey shows 38% of Americans carry three or more credit cards, while 13% of baby boomers have six or more. But there’s a problem with Americans not using their credit cards enough, with 28% of Americans between the ages of 18 and 54 not owning any credit cards at all. To earn a better credit score, individuals should maintain three credit cards maximum, experts say.
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