Kristian Findley grew up watching her parents live paycheck to paycheck. Sometimes the utilities in her childhood home would be shut off.
“I never really had a foundation of financial management, financial wisdom,” Findley said. “Entering my adult life, I fell into a lot of the same habits of just trying to make ends meet.”
She said she took out payday loans and predatory loans, which damaged her credit score and put her in debt. This low credit score led her to avoid traditional financial institutions because she didn’t feel accepted there.
“That score defines your worth in so many areas,” Findley said. “I didn't go to any reputable companies, banks [or] situations because I just didn't feel like I could.”
Findley’s experience is not out of the ordinary. Recent research from the Federal Reserve Bank of St. Louis found that many low- to moderate-income individuals struggle with access to credit, meaning they either don’t have a credit score or their score is lower than average.
Fed researcher Liz Deichmann’s report, “Access to Credit and Financial Services: A Bridge to Financial Well-being” shows that individuals with lower credit scores tend to use credit with higher borrowing costs, like payday loans, that increase the likelihood of debt, delinquency and bankruptcy. Deichmann’s research covered seven states, including parts of Missouri. She conducted four conversations in the St. Louis area, and said Findley’s story reflects what she heard from other residents she spoke to during her research.
“They hoped to see traditional financial institutions make their products and services more geared towards low- and moderate-income people,” Deichmann said. “That would mean, for example, changing the document requirements, providing technical assistance … also, increasing the speed of services, especially when people are in an emergency situation — they need to feed their child the next day or get a car loan to go to work.”
In the first quarter of 2025, Deichmann said, the average credit score in low- and moderate-income ZIP codes in St. Louis was about 630. Such a score could hinder the ability of people to access reputable loans.
For nearly two years, Findley has been working with a financial coach at Prosperity Connection, a St. Louis nonprofit providing cost-free financial education services. She said her credit score has improved, and she has paid off her predatory loan.
“I know what to do when things do look tight,” Findley said. “I don’t feel alone in my finances anymore.”
Deichmann’s research also shows that people would benefit from access to high-quality financial education, similar to what Findley received from Prosperity Connection. Deichmann added that she hopes her research will be used to help expand credit access to people of all socioeconomic levels.
To hear more about Deichmann’s work and another St. Louisan’s experience with navigating a lack of credit history, listen to St. Louis on the Air on Apple Podcasts, Spotify and YouTube, or click the play button below.
“St. Louis on the Air” brings you the stories of St. Louis and the people who live, work and create in our region. The show is produced by Miya Norfleet, Emily Woodbury, Danny Wicentowski, Elaine Cha and Alex Heuer. Darrious Varner is our production assistant. The audio engineer is Aaron Doerr.
