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Millennials are applying for credit cards more than most age groups, but they’re not qualifying for them, according to consumer behavior data by ID Analytics, a consumer risk management firm.

One in five people ages 23-27 have been declined for credit multiple times in a year, and it’s not because they don’t have a high enough income. A lack of credit history or low credit scores are leading to the denials, despite the applicants often having an ability to repay.

Being declined for credit makes millennials less likely to apply again for credit cards, with more than six out of 10 who are declined not applying again for at least 12 months, researchers found. Only 10 percent re-apply to the same lender once they’ve been declined.


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