If you’re a millennial, there’s a significant chance that your credit score is “subprime” — bad enough to make lenders think twice about doing business with you.
According to credit reporting agency TransUnion, 43% of borrowers ages 18 to 36 have a credit score of 600 or below on the 300-to-850 VantageScore scale. Here’s how that compares:
TransUnion’s statistics are based on a new analysis of about 10 million consumers’ VantageScores, a widely distributed score used by certain lenders to make underwriting decisions and by some consumers to track their credit standing. A VantageScore differs from a FICO score, and its ranges, from lowest to highest, are subprime, near prime, low prime, high prime and super prime.
Borrowed money is how most people manage to get their cars and homes....