Millennials are really doing their homework in preparation for buying a home in the near future. That includes monitoring their credit, which is key when purchasing a home.Mical Jeanlys, General Manager of the Chase Slate credit card
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.
Click on the image below to read what Millennials are saying about homebuying and credit.
Listen in as Millennials Chat About Homebuying & Credit
Findings from the Chase Slate® 2017 Credit Outlook
33% of Millennials plan to buy a home in the next 4-5 years
Considering the price of rent, I think it would be beneficial to own something at a younger age. – Ashley S., 28, Spring Hill, TN
A year before we bought our house, we started monitoring our credit. – Bernadette G., 32, Eden Prairie, MN
I wish I had a better idea of where to start. There is lots of information out there, it is just all over the place. – Ashley S., 28, Spring Hill, TN
The process of buying a home is difficult. It takes a lot of preparation. Educate yourself first. Don’t be afraid to ask questions. – Matthew P., 35, Washington, DC
Having a good credit score is incredibly important. – Mariah B., 28, Williamsburg, IA
Many Millennials check their credit scores frequently because they plan to buy a home soon
It’s intimidating. The first step that we took was making sure that our finances were in order. – Nathaniel S., 25, Atlanta, GA
Make sure that you know your credit score and your financial situation. This is the biggest player in buying a new home, as well as how much you can afford realistically. – Bernadette G., 32, Eden Prairie, MN
I spent a full year working on raising my credit score before I purchased. I've continued to monitor my score on several different platforms ever since – Eugina S., 35, Woodbridge, VA
79% of Millennials say their credit score was a very big factor in the type of home they could buy
I have started to prepare by reviewing my credit score through my credit card company. I then reviewed what that means for mortgage rates. – John K., 25, Lititz, PA
We've worked on building excellent credit, we've worked on saving for our down payment, and we've kept a pulse on the real estate market. – Simon W., 24, Chicago, IL
©2017 JPMorgan Chase & Co. all rights reserved.
“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 Chase Slate
With no annual fee, no penalty APR and tailored insights into your credit behavior, Chase Slate empowers cardmembers to manage their finances wisely now and in the future. Through the Chase Slate Credit Dashboard, cardmembers receive access to their FICO® Score, the top positive and negative factors impacting it and tips for improving their credit health overtime for free every month. The feature is available to cardmembers online at Chase.com.
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.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.5 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,200 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com. For more information about Chase Slate, go to ChaseSlate.com. Also, Chase offers consumers the opportunity to monitor their credit score at no cost through Credit JourneySM.
Clarissa Carlucci, Clarissa.Carlucci@JPMorgan.com