Student Loans= Higher Credit Scores CT!

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

Student Loans = Higher Credit Scores

Student Loans = Higher Credit Scores | Keeping Current Matters

According to a recent analysis by CoreLogic, CT millennial renters (aged 20-34) who have student loan debt also have higher credit scores than those who do not have student loans.

This may come as a surprise, as there is so much talk about student loans burdening Millennials and holding them back from many milestones that previous generations have been able to achieve (i.e. homeownership, investing for retirement).

CoreLogic used the information provided on rental applications and the applicants’ credit history from credit bureaus to determine if there was a correlation between student loan debt and credit scores.

The analysis concluded that:

“Student loan debt did not prevent millennials from access to credit even though it may delay their homebuying decisions.”

In fact, those with a higher amount of debt actually had higher credit scores.

“Renters with student loan debt have higher average credit scores than those without; and those with higher debt amounts have higher average credit scores than those with lower student loan debt amounts.”

Bottom Line

CT millennials are on pace to become the most educated generation, with that comes a pretty big bill for education. But there is a light at the end of the tunnel:

“Despite the fact that student loan debt has grown into the nation’s second largest consumer debt, following mortgage, and has created a significant financial burden for millennials, it does not appear to prevent millennials from accessing credit.”

 

Contact a Real  Estate professional from Dave Jones Realty who can assist you with all of your Real Estate needs!

Topic:
Real Estate General Information
Location:
Connecticut New Haven County
Tags:
ct home buyers
dave jones realty
ct home buying
ct millennials
ct millennial
ct millennial home buyers
ct fico score
ct credit checks
ct credit scores
average credit score to buy a home in ct

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Rainmaker
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Diana White-Pettis
Exit Bennett Realty - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

This is encouraging information for millenials.  Thanks for sharing!

Dec 27, 2016 01:37 PM #1
Ambassador
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
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Family Helping Families Buy & Sell Homes 40+ Years

Thank you for sharing this encouraging information that benefits millenials looking to buy homes.

Dec 27, 2016 01:59 PM #2
Rainer
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Alysha Hoogestraat
Alysha Hoogestraat - Langford, BC
Real estate copywriter here to help WOW clients!

Great post, at least there's one good thing about having student loans!

Dec 27, 2016 02:05 PM #3
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Dave Jones

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