Younger People More Likely to Be Refused Loans, Mortgages, Credit Cards, Says New FindLaw.com Survey
More than twice as likely to be turned down for loans
EAGAN, Minn., March 3 /PRNewswire/ -- Younger people are more than twice as likely as older age groups to have been turned down for loans, mortgages and credit cards within the last year, according to a new national survey by FindLaw.com (http://www.findlaw.com), the most popular legal information Web site.
The FindLaw.com survey found that more than one in five (22%) people between the ages of 18 and 34 say that they have been refused a mortgage, loan or credit card within the last year. That's more than twice the percentage of any other age group, and they are four times more likely to say they've been turned down than people age 55 and up.
According to the FindLaw survey, people between the ages of 18 and 34 say that they have been turned down for the following within the last year:
- Credit card – 15%
- Home mortgage – 4%
- Home equity loan – 4%
- Car loan – 4%
- Student loan – 4%
- Mortgage refinance – 2%
- Small-business loan – 2%
- Home improvement loan – 1%
"Borrowing money – whether a mortgage, loan or even a credit card – often involves meeting strict standards set by the financial institution," said Stephanie Rahlfs, an attorney and editor with FindLaw.com. "And it can be particularly difficult for younger people, who often have had less time and opportunity to establish a credit history, work history, etc. Monitoring your credit score, correcting any errors in your credit report, and building a good history of managing credit and loans can help increase the chances of being approved for a loan, mortgage or credit card down the road."
Free Internet resources, such as FindLaw (www.findlaw.com) can provide helpful information on credit scores and managing debt.
The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.
Note to editors: Full survey results and analysis, including results for the total population, are available upon request.
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