“It’s not surprising that millennials are three times as likely to be denied a credit increase, considering they are more likely to have a low score. A 2015 FICO study showed that those under 35 made up 38% of the population but made up nearly 53% of those with FICO scores under 670,” noted Thomas M. Spade, an instructor of accounting at the School of Business, College of Charleston. “One reason for this is a history of late payments. Many millennials get their first credit card in college, and credit cards are almost easier to get as a college student than ever before,” he added.
Other key findings of the survey include: 77% of respondents said they were successful in getting their credit card company to improve their account’s terms in order to keep you as a customer; 88% said they were you successful in getting their credit card company to increase their credit limit; and 88% said they are generally satisfied after contacting your credit card company’s customer service department.