Credit Repair- San Francisco, Los Angeles, Phoenix AZ

Being a student having to pay off loans can make things difficult. Many think its ok to skip a payment or two. The fact is making late payments is the opposite of what you want to do. Doing so will damage your credit scores making it hard to get a good loan or new apartment, etc. when the time is needed.

Millennials have low overall debt (about $23,000 per person on average, comparable to what the oldest Americans have), and the lowest average card debt ($2,700). Generation X, roughly those in their early 30s to age 46, has the highest average debt of the four generations analyzed, at $30,000. But while the average credit score in Experian’s analysis is 681, the average for millennials is just 628.

In part, that is because the younger generation has high utilization of their credit — they tend to have lower credit limits, so it does not take long to max out their cards and lower their credit scores.

Younger adults also tend to have shorter credit histories, just because of their age, the length of time you’ve had an account factors into your credit score. It’s now more difficult now to obtain a credit card in your own name if you are under 21, because of the Credit Card Accountability, Responsibility and Disclosure Act, or Credit CARD Act, of 2009. That law was aimed, in part, at keeping young people, particularly college students, from overspending with credit cards. A parent, however, can cosign, or add a child to their account as an authorized user.

A challenging economy and persistently higher unemployment for younger adults also makes it harder for them to stretch their income and could force them to use credit in an emergency (find more details at They don’t have a lot of savings or financial flexibility. This fact is contributing to the financial troubles for young adults in their 20’S. If you or someone you know is struggling with low credit scores concern contact one of Credit Team USA’s credit consultants and discover what can be done to help with raising credit scores and restoring their credit reports.

Credit Team USA (888) 990-9978

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