Report: Millennials are improving credit scores in 2017

Millennials are taking their role as the next generation of homebuyers seriously, with one-third of them (33%) planning to purchase a home within the next four to five years, according to the Chase Slate 2017 Credit Outlook. That ambition has Millennials focusing on their credit scores and working to improve their credit health overall.

“Millennials are really doing their homework in preparation for buying a home in the near future,” said Mical Jeanlys, the General Manager of the Chase Slate credit card. “That includes monitoring their credit, which is key when purchasing a home.”

Slate uncovered that Millennials:

• Are checking their scores on the reg. Millennials (39%) check their credit scores every month; that’s more than Gen Xers (31%) and Boomers (28%).

• Mean business. 62% of those who want to improve their credit have a plan of action.

• Think home, sweet home. One-third of Millennials (33%) say they plan to buy a home in the next four to five years, while nearly one-quarter (24%) plan to purchase within the next three years.

“Americans – especially Millennials – are planning for their next major milestone,” says Farnoosh Torabi, a personal finance expert and Chase Slate Financial Education Ambassador. “They’re assessing where they stand today and working to improve their tomorrow, whether that means buying a car or home, co-signing on a lease, walking down the aisle or applying for a new job.”

About the Chase Slate 2017 Credit Outlook Survey

The Chase Slate 2017 Credit Outlook was commissioned on behalf of Chase Card Services. A survey, Online Discussion Board and Video Diary Research were conducted on behalf of Chase Card Services, by Socratic Research, an independent research company. Survey interviews were conducted online from March 15 – April 3, 2017 among a nationally representative sample of 1,000 respondents age, 18 and older. The credibility interval for a sample size of 1,000 is +/- 3.6% and larger for subgroups. 

Online Discussion Board interviews were conducted from April 18 – April 21, 2017 among 34 Millennials, ages 21-36, and the Video Diary Research interviews were conducted from April 26 – May 5, 2017 among 20 Millennials, ages 21-36. Both the Online Discussion Board and Video Diary Research were conducted nationally among Millennials who are recent or future homebuyers.

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