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:

This majestic two story home on nearly 23 acres inside the city limits of Jasper is truly one of a kind. As you come up the winding driveway, the property will "wow" you. Inside the front door you will see the two story-foyer, spacious living room with gas fireplace, and the grand dining room with magnificent chandelier. The huge kitchen has been completely remodeled with custom cabinets, quartz countertop, and all of the appliances a chef would want. The family room provides even more space and also has a gas fireplace. The guest suite on the main floor could also be used as a master suite. Upstairs you will find a master suite with a 19' x 15' walk-in closet loaded with shelves and an island. There are two more roomy bedrooms, both of which share access to a recreation room that would be a kid's dream, along with another full bathroom. The finished basement has a wet bar, large recreation area, and a half bathroom. The freshwater pool was installed in 2014, and comes with a climate-controlled pool house with full bathroom. Like tennis? Serve it up on the like-new tennis court that was resurfaced in 2021. The detached garage also has office space and a loft, which is wonderful for people who work from home but don't want the distractions of home. This fantastic home has all new Anderson windows and new flooring throughout the main floor. Also, the landscaping is irrigated, so go enjoy your evenings doing something fun!

$1,100,000 Active

445 3rd Avenue Jasper, Indiana

4 Beds 6 Baths 6,861 SqFt 22.830 Acres

Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

SPACIOUS Describes this 3 bedroom, 2 1/2 bath home with over 1,800 finished square feet, attached oversize 2-car garage on double corner fenced lot with utility shed in backyard. HiLite of Living room is large wall Fireplace; yet it is semi-open to Dining Room & adjoining equipped kitchen. Half Bath & Massive Laundry are convenient to kitchen and entry from garage. Three Full Size bedrooms and 2 Full Baths are down the hall to the Left of the living area. Many rooms have 'Original Oak Hardwood Floors'! For outside entertaining there is a 10 x 22 covered deck as well as two open concrete patios with access to full lot backyard anxious for a New Owner's Playground and/or Garden Spot. City of Huntingburg E/W/S/G Budget Billing $248/Month. Conveniently located on the 'Walking Trail' from Huntingburg Elementary, Southridge Middle & High Schools Complex into Huntingburg to City Park, Historic League Stadium, Uptown Shopping and Huntingburg Memorial GYM. Don't Miss Your Opportunity On This 'Special Find'!

$264,777 Active

102 OAK Street Huntingburg, Indiana

3 Beds 3 Baths 1,808 SqFt 0.689 Acres

Listing courtesy of Delmar Bromm from HOFFMAN & MULLEN REALTY INC.

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