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It's nearly time to toss mortarboards high in celebration of graduates. For these students, college was a time that they started using credit. But how would they rank their preparedness and real understanding of the world of credit and personal finance? See who got a passing grade — and who didn't — according to recent findings from a survey conducted by Experian.
Survey highlights include:
- 40 percent of those surveyed rate their current financial security as poor or fair, and only 16 percent of soon-to-be graduates already have a post-graduate job lined up
- 68 percent have needed the support of a recent cosigner, but 53 percent feel that being debt-free is an attainable goal in today's economy
- One in five gives their college an F grade on preparing them to understand how credit works
As low as many millennials' credit scores are, it's not surprising they're feeling let down by the preparation they've encountered so far. However it doesn't dampen their hopes and projections for future earnings and financial stability.
Want to instantly increase your credit score? Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.
This service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.