Hispanics Ready to Get Serious about Their Credit Scores
February 01 2016 - 1:36PM
Business Wire
@Chase Slate 2016 Credit Outlook
reveals Hispanic Americans want to focus on credit health and
believe it could lead to a happier life
While Hispanic Americans are more likely to feel dissatisfied
with their credit scores than Americans overall (37 percent vs. 32
percent), the Chase Slate 2016 Credit Outlook also finds that
Hispanics are expressing a greater desire to improve their credit
score over the next year (72 percent), as compared to Americans
overall (66 percent). Seventy percent of Hispanics believe a higher
credit score would lead to greater happiness and opportunities
compared to just 59 percent of Americans overall. And the survey
suggests that they believe they’re on the right path, with 44
percent of Hispanics saying the choices they are making today will
definitely help their credit worthiness in the future, compared to
39 percent of Americans.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160201006115/en/
Key Findings:
- Hispanics scrutinize their personal
finances more than other consumers. A majority of Hispanics
negatively rate their personal financial situation (55 percent
fair/poor vs. 45 percent good/excellent) – a contrast to Americans
overall who are more likely to express a positive sentiment than
negative (54 percent good/excellent vs. 46 percent fair/poor). In
addition, just 10 percent of Hispanics rate their personal
financial situation “excellent,” compared to 17 percent of
Americans overall.
- Ambivalence, fear lead many
Hispanics to not check their credit score. Just over half of
Hispanics (54 percent) have checked their credit score in the last
year, compared to 60 percent of Americans nationally. Additionally,
one-in-five Hispanics (20 percent) has never checked their credit
score – six points higher than all Americans (14 percent). Among
Hispanics who did not check their credit score in the last year,
when asked why, 40 percent said it’s because they had no reason to,
35 percent indicated that they meant to, but didn’t get around to
it, while nearly one-third (29 percent) said it’s because they were
afraid it would be a low number.
- Hispanics recognize the value of
checking their credit score (or their spouse’s). Although
Hispanics appear less engaged with their credit history than
Americans overall, they are more likely to believe they would have
benefited from checking their score at certain instances in their
life (60 percent vs. 53 percent), particularly before applying for
a loan (57 percent among Hispanics) and before trying to buy a
house (49 percent among Hispanics). Also, one-in-five of those
Hispanics who have a spouse or partner (20 percent) indicate that
they would have benefited from knowing their spouse’s or partner’s
credit score before getting married.
- Hispanic Millennials are even more
determined to improve their credit scores. Although Hispanic
Millennials are more positive about their personal financial
situation than all Hispanics (50 percent of Hispanic Millennials
rate it Good/Excellent vs. 45 percent of all Hispanics), they are
more likely to want to improve their credit score in 2016 (78
percent of Hispanic Millennials vs. 72 percent of all Hispanics).
Big factors in spurring the desire of Hispanic Millennials to
improve their credit score are their interest in buying a house in
the near future (63 percent of Hispanic Millennials vs. 50 percent
of all Hispanics) and starting a family (26 percent of Hispanic
Millennials vs. 16 percent of all Hispanics).
- Hispanics plan to take an ‘all
bills, no-frills’ approach to improving their credit scores.
The most popular plans among Hispanic consumers to improve credit
scores include paying bills on time (65 percent), paying off debt
(60 percent) and keeping credit card balances relatively low (41
percent).
Quotes:
“The optimism that Hispanics are feeling about improving their
credit score in 2016 reflects the passion and commitment to do
better for themselves and their families,” says personal finance
expert and Chase Slate financial education partner Farnoosh Torabi.
“My advice to all is don’t be afraid of knowing your credit score
and understanding the factors that impact it. Contrary to popular
belief, checking your credit score yourself does not negatively
impact the score. This is the first and most important step to
start making improvements and to stay on top of your credit
health.”
“I am encouraged to see that so many Americans are motivated to
improve their credit score this year, chiefly because healthy
credit can open doors in the short-term, long-term and throughout
one’s lifetime, really. With more men and women on the path to
achieving their goals, that happier life they’re seeking could be
closer within reach,” says Pam Codispoti, President, Consumer
Branded Cards, Chase Card Services.
Chase Slate cardholders have access to the Credit Score &
More feature that Credit Dashboard provides a comprehensive view of
their credit health through free access to their monthly FICO®
Score, along with the reasons behind the score, the top positive
and negative factors impacting it and tailored tips for improving
credit health overtime. The feature is available online at
Chase.com.
About the Chase Slate 2016 Credit Outlook Survey
The Chase Slate 2016 Credit Outlook Survey was commissioned on
behalf of Chase Card Services to measure Americans’ understanding,
attitudes and perceptions around credit and credit health. The
survey was conducted via an online survey by Stratalys Research, an
independent research company. Interviews were conducted from
December 2 – December 15, 2015 among a nationally representative
sample of 1,000 respondents age 18 and older, plus an oversample of
450 Hispanics to total 600 Hispanic interviews. The credibility
interval is +/- 3.6% for a sample size of 1,000, +/- 4.65% for a
sample size of 600, and larger for subgroups.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.3 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: 5,400 branches, 17,000 ATMs, mobile,
online and by phone. For more information, go to Chase.com. For
more information about Chase Slate, go to ChaseSlate.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160201006115/en/
Chase Card ServicesRob Tacey,
302-282-3094Rob.Tacey@Chase.com
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Mar 2024 to Apr 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2023 to Apr 2024