Applying for that first credit card is a young adult's rite of passage. Actually getting one is another matter.
Many millennials apply for cards — often it turns out — and are declined either because they don't have much of a credit history or because of low credit scores, according to a new study from ID Analytics, a San Diego-based consumer risk management firm.
About 63 percent of younger millennials don't have a single credit card, compared with 35 percent of adults over 30, according to a separate report by Bankrate.
It's a Catch-22: "It's hard to get credit if you don't have credit," said Patrick Reemts, ID Analytics' vice president of credit risk solutions.
"You'd expect them to have a lion's share of the application volume, and that's the case, but they are being declined at a very high rate," Reemts said. (Millennials now number 75.4 million and have surpassed the 74.9 million baby boomers as the nation's largest living generation, according to the U.S. Census Bureau.)