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re: Son got denied for a credit card
Posted on 9/8/14 at 10:00 am to meansonny
Posted on 9/8/14 at 10:00 am to meansonny
quote:
For some reason, people don't understand that there are about 30 different scoring systems (roughly 10 per credit copository).
They do not score an 18 year old the same as they score a 26 year old, the same as they score a 40 year old with a bankruptcy, the same as they score a 60 year old.
There are about 10 different buckets that we can be thrown into... each one with a different set of requisites for scoring.
I would be curious to learn more about this. I know each company has multiple scores available for sale - different versions of FICO, insurance scores, scores by other providers, etc. But I didn't think age of the individual had anything to do with it.
2
Posted on 9/8/14 at 6:09 pm to LSUFanHouston
quote:
I would be curious to learn more about this. I know each company has multiple scores available for sale - different versions of FICO, insurance scores, scores by other providers, etc. But I didn't think age of the individual had anything to do with it.
According to FICO, they don't factor age of the person. Average Age of Accounts is a big factor and can contribute to older people having higher scores. From MyFico:
FICO scores consider a wide range of information on your credit report. However, they do not consider:
Your race, color, religion, national origin, sex and marital status.
US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
Your age.
Other types of scores may consider your age, but FICO scores don't.
Posted on 9/9/14 at 6:48 pm to LSUFanHouston
quote:
But I didn't think age of the individual had anything to do with it.
Age isn't the factor. Credit is the factor. But it would make sense that an 18 year old would have a different profile from a 28 year old from a 38 year old.
Someone with a discharged bankruptcy would have a different profile from someone who hasn't.
Etc..
Someone with a fully satisfied installment loan runs under a different scoring system from someone who has 15 fully satisfied installment loans.
It's the reason that a 19 year old can have a 790 score... and a 39 year old 18 months out of a discharged Ch7 bankruptcy can have a 750 credit score... and a 28 year old who has never been late in his life can have a 590 score because he is maxed out or overdrawn on multiple accounts.
(all of these scores on a credit bureau sold to mortage companies for qualification).
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