How Your Age Effects Your Credit And Your Chances for Loan Approval
How Impacting is Your Age When Determining Loan Approvals?
Your age is always going to be used by creditors when deciding whether or not you are creditworthy. Banks, financial institutions and credit card companies consider age as a strong forecast as to what your credit behavior will be. For example, younger people tend to be less responsible financially than older individuals. Interest rates, loan terms and approved loan amounts will also be impacted by your age. Be aware that your age will never be the sole reason for being denied any type of credit or loan.
Your Age and Car Loans
When applying for auto financing, your age is not going to be as much of a factor in whether or not you get approved, as will having bad credit. Your age will have more of an influence on the interest rates you receive. Also, certain auto insurance companies consider age when determining whether or not to issue a policy. It is also likely that young drivers will receive higher premiums than older, more experienced drivers.
Your Age and Unsecured Loans
If you have a positive credit history, getting approved for an unsecured loan with favorable terms should be no problem. However, if you have no credit, or a bad credit history, approval for a loan is going to be more difficult. Having a co-signer with a strong credit history will help your chances.
Related Tags: loans, credit scores, loan approval
Jacob Joseph is a financial expert for http://www.starloanservices.com. At Star Loan Services you can get a free copy of your credit report.
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