BMO Harris Bank Survey Finds 37 Percent of Illinois Millennials Believe Their Credit Score Will Decrease If They Check It

CHICAGO, IL--(Marketwired - Aug 27, 2014) -

• A quarter (26 percent) believe carrying a balance will help their credit score
• The majority say they are knowledgeable about how to achieve a good score
• BMO Harris suggests maintaining a score above 680, and through Healthy Credit™ can provide advice on how to get there

According to a new survey from BMO Harris Bank about Americans and their understanding of credit, 37 percent of millennials (ages 18-34) in Illinois believe their credit score can decrease if they check it. The survey findings indicated that while most Illinoisans are slightly above the American average when it comes to being knowledgeable about a good credit score, there are misperceptions about what behavior can impact it.

The survey found across all ages:

• A high percentage (87 percent) of Illinoisans say they are knowledgeable about how to attain a good credit score, versus the national average of 80 percent
• In Illinois, 53 percent check their score once a year. Nearly a third (30 percent) check it every few years or less, while 17 percent have never checked or are unaware
• Across the U.S., half check their score once a year, while 30 percent check it every few years or less. One fifth don't know their score.

Among millennials, the survey found:

• Eight in 10 (81 percent) in Illinois say they are knowledgeable about how to attain a good credit score, compared to the national average of 72 percent
• More than half (56 percent) in Illinois check their score every year. One fifth (22 percent) check it every few years or less, while 21 percent say they don't know their score or have never checked
• At the national level, half (48 percent) check their score every year while 27 percent check it every few years or less. One quarter don't know their credit score.

On average, Americans believe a good credit score is 660 while those in Illinois think it should be slightly higher (665). Among millennials in the U.S. that number drops to 625, but in Illinois millennials believe it should be 654 on average.