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A survey from Wilmington-based Chase Card Services shows that a third of Americans are not happy with their credit scores, and 28 percent are not confident that their current rating can help them accomplish their goals.
However, three-in-five say that a higher credit score plays an important role in making them happier, and the survey suggests that they are taking steps toward improving their standing.
Other findings include:
- Americans show resolve to improve. Eighty-two percent of those dissatisfied with their credit score would like to improve it over the next year, and 66 percent of all Americans – dissatisfied or not – wish to improve their score in 2016. More than one-third of Americans (35 percent) already have a plan they feel confident will allow them to succeed, and 69 percent feel that the choices they are making today will help their credit worthiness in the future.
- Two-in-five Americans (40 percent) do not know their current credit score, and at least 30 percent have not checked their score in the last year. Of those, 20 percent say they prefer not to know out of fear their score will be low, compared to only 13 percent affected by the fear factor in March 2015. Sixteen percent of those who have never checked their credit score also cite fear as a reason.
- Women are more likely to be dissatisfied with their credit score (36 percent vs. 28 percent) and more likely to lack confidence that their credit score can help them accomplish life goals (31 percent vs. 24 percent). Plus, married women are more likely to say that their partner’s credit score is better than their own (45 percent vs. 38 percent).
- Millennials surpass Gen Xers in score credit satisfaction. Two-in-five Gen Xers (43 percent) are dissatisfied with their credit score, compared to 29 percent of dissatisfied millennials. Millennials are more motivated to improve their credit score with a plan they are confident will work (41 percent vs. 35 percent).
“I am encouraged to see that so many Americans are motivated to improve their credit score this year, chiefly because healthy credit can open doors in the short-term, long-term and throughout one’s lifetime, really. With more men and women on the path to achieving their goals, that happier life they’re seeking could be closer within reach,” says Pam Codispoti, president, Consumer Branded Cards, Chase Card Services.
The Chase Slate 2016 Credit Outlook Survey was commissioned on behalf of Chase Card Services to measure Americans’ understanding, attitudes and perceptions around credit and credit health. The survey was conducted via an online survey by Stratalys Research, an independent research company. Interviews were conducted from December 2 – 15, 2015 among a nationally representative sample of 1,000 respondents age 18 and older.