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The MRL Morning Show

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BRISTOL, ENGLAND - MAY 21: (EDITORS NOTE: Card details have been pixelated) In this photo illustration a debit card is seen being used in a chip and pin machine on May 21, 2015 in Bristol, England. Cashless payments have overtaken the use of use notes and coins for the first time according to the Payments Council. (Photo illustration by Matt Cardy/Getty Images)

It’s pretty well known that millennials aren’t exactly killing it in the finances department, but it’s always shocking when you see the actual numbers. For example, a new survey has just revealed that about a third of millennials have been rejected for a credit card, mortgage, car loan, and more in 2020. Why? It turns out our credit scores are shot.

But here’s the good news for millennials. It’s somehow not been our worst year ever! Last year at this time, it was actually close to 64% of our generation that was getting rejected. And go ahead and give yourself a pat on the back because we’ve actually increased our creditworthiness this year with the average millennial reporting an 11-point increase from last year. Here that Mastercard, we’re coming!

However, before we fire up the parades, our generation is still leading the way on getting denied credit. Millennials were also shown to have an average outstanding balance of $1,871 on their credit cards. And credit expert Ted Rossman says our positive shift in our credit scores may just be due to all the federal stimulus initiatives and lender forbearance programs from this year. So consider your financial bubble officially burst.