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Research and Statistics

Americans resolve to boost their credit scores in 2020, study shows

In a new Experian survey, 8 of consumers’ top 10 financial resolutions involve improving their credit and better managing their cards

Summary

Eight of the top 10 financial resolutions Americans are making for the new year involve boosting their credit scores and better managing their cards, according to Experian. And the country’s collective resolve surrounding credit improvements is stronger this year than last.

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Eight of the top 10 financial resolutions Americans are making for the new year involve boosting their credit scores and better managing their cards, according to new survey data from Experian.

Not only that, but the country’s collective resolve surrounding credit improvements is stronger this year than last.

The most commonly reported financial resolution was to save more money, indicated by about half of U.S. adults (49%). And third place went to creating a personal budget, which 31% of Americans said they plan to do in 2020.

But the rest of the top 10 was dominated by desires for better credit scores, more responsible card management and reduced card debt.

See related:  Americans’ credit scores are at an eight-year high, Experian’s latest study shows

A third of consumers (33%) indicated a resolution to improve their credit score, which is a five-point increase over last year’s 28%. Paying off a credit card entirely is also seeing a bump this year, from 24% for 2019 resolutions to 26% going into 2020.

But the biggest credit-related increase is the jump from 17% who said a year ago that they resolved to make their card payments on time to 24% who reported that resolution this year.

Rounding out Americans’ top 10 financial resolutions this year are paying off their full card balances each month (21%), not opening any more cards (20%), checking their credit score more frequently (15%), checking their full credit report more often (13%) and signing up for a credit monitoring product (8%).

Experian’s survey was conducted online among 1,159 U.S. adults age 18 and older in October 2019. Weighted to U.S. Census demographics, the results were released Nov. 26.

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