Study: Millennials more likely to be denied credit than older generations

Millennials are more likely to be denied credit, according to a new study.

The study shows 58 percent of Millennials, (ages 23-58) have been denied a financial product because of their credit score, the highest of any generation.

The survey, from, shows that only 35 percent of Gen X (ages 39-54), Baby Boomers (ages 55-73) and the Silent Generation (74+) combined have been denied financial products. 

Over all U.S. adults, 41 percent have been denied a financial product due to their credit score.

The study also showed a lack of confidence among young people about knowing their credit score.

Among Gen Z (ages 18-22), only 25 percent say they are very confident they know their scores. 43 percent of Millennials say the same.

In the three older generations, 54 percent of them say they are very confident in their credit scores, which is above the 49 percent national average for adults.

Here are some other statistics about credit score awareness from

  • 53 percent of women say their score is very important to them while just 44 percent of men feel the same way.
  • 35 percent of those who were rejected for a financial product felt embarrassed, 30 percent were sad, 24 percent were angry and 24 percent expressed surprise.
  • 41 percent of those who have children under age of 18 have had a credit card application declined versus 25 percent of non-parents.
  • 36 percent with annual household incomes under $40,000 have been denied a credit card compared with 22 percent who make $80,000 or more.