This past Oct. 20 was National Get Smart About Credit Day and the new Capital One Credit Confidence Study finds some interesting attitudes that Americans have toward their personal finances, specifically their credit score. Surprisingly, nearly one-third (32 percent) of Americans surveyed would rather have "excellent" credit than receive one million dollars.
Capital One's study involved more than 2,300 Americans who are new to credit, building their score or rebuilding their credit. It's turning out that the current economic landscape is motivating people who fit this mold to improve their credit scores, considering how this financial metric affects many aspects of life.
Even though one-third of Americans surveyed want excellent credit, the topic is often off-limits with a stranger. According to the Oct. 20 Capital One Credit Confidence Study, most Americans believe discussing their credit (24 percent) is off limits as other taboo topics such as religion (27 percent), love life (26 percent) and politics (24 percent).
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"No two credit journeys are identical, and Capital One recognizes that people need to be empowered to make wise choices that make sense for their own situation when it comes to credit," said Jennifer Jackson, Managing Vice President at Capital One, in a statement. "We embarked on this national study to bring people's journey to credit success to the forefront. Achieving better credit is core to everyone's financial health, and this study revealed that there is a strong spirit of optimism; however, there is a need for more education and action for people to achieve credit success."
The Virginia-based bank has the CreditWise mobile app that lets anyone monitor their credit score. And in many cases, it has helped improved the credit scores of consumers. So if you want to keep tabs of your score, consider using this key tool.
Here are other findings from the same study:
* Eighty-one percent of respondents are confident they will improve their credit
* Eighty-six percent assert they want to increase their credit score
* Eighty-two percent are willing to do what it takes to improve their score
* More than three-fourths (76 percent) say they know what it takes to improve their credit score
So what would you do for a cool million?