Before we discuss the two generations, let’s go over some facts on credit scores. The average credit score today in America is 716. This is a new all-time for FICO scores in the United States. This may surprise you since we are coming off a major pandemic and now with higher inflation rates. In fact, we are 5 points higher than the 2020 national average for all generations. Let us look at the close comparisons […]
The term credit generally refers to a financial agreement in which a borrower receives a certain amount of money or a valuable and repays the lender at a later date, mostly with interest. Creditors grant credit to individuals and businesses based on trust and mutual agreements. For instance, banks will let a person borrow money through a credit card, in hopes that they pay it back within a stipulated period. The individual gets the loan […]
As a millennial myself, I’ve noticed that most millennial in my peer group do not get educated on maintaining good credit while we are young. We look at it like its free money. We have the tendency to spend until we get everything that we want without thinking about the interest rate or even how we will pay it back. We are so used to our parents supporting us, waiting for allowances, and not having […]
This story details an anonymous individual that is a millennial from Chicago, Illinois. After being bombarded with credit card offers during the first few years in college, I learned just how easy it is to accumulate debt. More importantly, the cost associated with being inexperienced in managing credit card debt. I had zero experience while growing up, despite the fact I grew up in n upper-middle-class family with both parents. I ended up with roughly […]
VantageScore is the first-ever only tri-bureau scoring model to incorporate trended credit data. The model utilizes machine learning to give lenders extra confidence to extend loans to consumers who would otherwise be left out. With this technology, VantageScore expands mainstream lending making it extremely easier to implement. So What’s different about VantageScore? One of the main features that make VantageScore different from all other credit scoring models is its consistency, accuracy, and more importantly, it’s […]
