Millennials are having a hard time getting low-cost loans, but for a frustrating reason. Millennials are financially cautious. Even when their finances are in order, they are debt-free, and they are able to set aside money for down payments, their cautiousness sometimes comes back to bite them. See, they take out fewer things on credit and that means they have fewer credit accounts. Unfortunately, conservative borrowers are seen as riskier, because there’s less evidence that they can take out and repay a loan.

Staying Out Of Debt Should Be A Good Thing, But…

What happens is that these young adults who have been staying out of debt have less credit history and so they end up with higher interest rates when they do eventually apply for a loan. Sometimes, they are even denied credit for larger purchases, because they have not had a credit card and have almost no credit history.

Punished for Prudence

In an unfortunate punishment for their prudence, millennials are seen as far less creditworthy than they probably actually are. Unlike older generations, having fewer lines of credit and fewer debts in their credit history doesn’t equate to fewer assets or less income for millennials. They’ve just been good at keeping themselves out of debt and not buying things until they can actually pay for them in full.

Three Active Credit Accounts Will Help

Millennials need to know that for now, they should shoot for having three or more active credit accounts. People with fewer than three active accounts are considered riskier. They’ll be offered lower loan amounts and higher interest rates if they get approved. Millennials considering buying a home should check their credit scores. They should consider opening three lines of credit and occasionally using these lines of credit.

Saving Ten Dollars In Interest Could Cost You Thousands In Interest

Even if you plan on purchasing a power tool or appliance with cash at Lowes, if you have no lines of credit, it is absolutely worth it financially, in the long run, to get a Lowes credit card and pay it later with the money you set aside. For example, even if you do end up having to pay an extra ten dollars in interest for a new vacuum or a new microwave, having this line of credit could end up saving you thousands in interest when it’s time to buy a home.

Most experts feel confident that lenders will come around to understanding this new generation and change the metrics of measuring their creditworthiness, but for now, millennials who want in to a home soon should consider accepting that credit card offer with the ridiculous interest and paying for something they already have the cash for with a new line of credit.

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Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

Check out this well taken care of and redone home in Idlewild Lake overlooking the lake with its very own boat dock. The home has a nice enclosed front porch overlooking the lake. The home has been repainted and has some new added features. Newly installed split units for HVAC. The home could be purchased furnished as well. Fenced in back yard with a nice storage shed and covered back patio. This will not last long.

$75,000 Active

1183 N Idlewild Lake Road Jasper, Indiana

1 Beds 1 Baths 440 SqFt

Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

Step into this STUNNER of a home and be greeted with 9+ foot ceilings and an open concept floor plan! With over 2,500 square feet of living space, this home features four bedrooms, two full bathrooms and one partial bathroom. The office space has endless possibilities, including being a fifth bedroom, as it hosts closet space and custom-made sliding barn doors for privacy! In the kitchen, you will find all stainless-steel appliances along with a large kitchen island and a walk-in pantry. Upstairs you will be greeted by a bonus loft space and four spacious bedrooms that ALL have walk-in closets! The master bedroom features an in-suite bathroom with a walk-in shower, twin sink vanity and a large walk-in closet. Back downstairs, you will find a spacious 2 car garage off the kitchen that provides extra storage space. Off the kitchen, the covered patio along with custom stonework provides for a relaxing night around the fire or for simple enjoyment! Added bonuses with the home are a tankless water heater, garden shed and potential to keep the swing set if requested!

$339,700 Active

215 W Stellar Way Huntingburg, Indiana

4 Beds 3 Baths 2,566 SqFt 0.190 Acres

Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

Wow! Say hello to this beautiful 4 bedroom 2-1/2 bath house sporting 2,650sf of finished living space on Jasper's west side. This home is situated on a quiet street in a beautiful neighborhood of well-kept houses near Holy Trinity School and minutes from Jasper High School. You'll be greeted with new waterproof laminate flooring throughout the main level creating a smooth continuous flow from one room to the next. For the cooks in the family, say hello to an open kitchen and dining area with all new cabinets and high-end granite countertop for ample storage and food preparation space. As you move throughout the main level, prepare to find updated ceiling fans in the living room and each bedroom along with newly updated bathrooms including the first-floor laundry. As you move down the stairs, you'll find a fully finished basement with space for entertaining. There's plenty of room for a home theater, pool table, workout area or possibly all three! Here, you will also find the fourth bedroom, craft space, or home office, and the second full bathroom. The house is situated on nearly one-third of an acre with a large unobstructed back yard with lots of room for a garden or firing up the grill for outdoor entertaining. The additional three season porch is a wonderful place to relax and watch some amazing sunsets. With the recently updated HVAC, water heater, and roof, this house is truly move-in ready waiting for you to call it your new home. Come see it today.

$349,700 Active

1517 Gregory Lane Jasper, Indiana

4 Beds 3 Baths 2,648 SqFt 0.330 Acres

Listing courtesy of Joseph Wootan from List With Freedom.com LLC.

Millennials: It’s Good That You Don’t Abuse Credit Cards, But You Do Need To Build Credit Somehow!