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Are millennials contributing to traditional credit scores?

Sep 24, 2014 Philip Burgess

Are millennials contributing to traditional credit scores?

When consumers complete college or high school and look to go into a trade, they often don't have traditional consumer credit scores. Think of it this way: If they've never opened a line of credit - other than perhaps college loans, which many don't start paying until six months after college graduation - they likely don't have scores at all. A number of young adults in the workforce now might also have poor scores in the wake of the Great Recession, which ravaged a lot of individuals' credit portfolios.

As such, a sizable portion of the millennial generation might not have the same types of credit their parents or grandparents did when they were in their early to mid-twenties. How, then, are these younger members of the workforce supposed to take out loans, open credit cards, buy homes or cars or take part in a number of other "rites of passage?"

The fact is, millennials might not be contributing to traditional scores or they may have low rankings, but they have other alternative finance options available to them.

Skipping credit cards

One of the quickest ways to start building a credit score is to open a credit card account and begin making purchases and subsequently paying them off. However, recent information from Bankrate revealed that a large portion of this younger generation is deciding to forego that option.

The news source noted that 63 percent of the population of Americans between 18 and 29 don't have a credit card, which represents a steady drop in card use/ownership since the height of the Great Recession. Since economic troubles took hold of the nation, younger consumers have fostered a distrust of traditional credit, it would seem.

Moreover, Bankrate explained that the Credit Card Accountability, Responsibility and Disclosure Act of 2009 has made it difficult for people under 21 to be approved for a credit card. However, these individuals might also need to access lines of credit for various life ventures.

So, what can they do?
It follows that many of the millennials without credit cards likely don't have a robust portfolio and therefore might appear to be a significant credit risk if they went to take out bank loans. This could become a big problem when these people go to buy homes, cars or borrow a large sum for any other reason.

However, they have other choices in their wheelhouses. Alternative credit companies take a more in-depth look and consider other types of credit scores. For instance, a credit score based on a number of other factors, like whether or not the individual in question has paid rent and utilities bills on time, might show that the consumer actually isn't risky at all.

Using these types of scores, lenders might be able to open their businesses up to larger audiences. As such, millennials might want to look into corporations that take these statistics into consideration when they go to take out loans. It is possible to prosper without credit cards in their wallets - young consumers just need to know where to look for their best fiscal options.

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