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You can apply for student loans with no credit as long as you are at least 18!

Student auto loans are also offered for those looking to establish credit!


How old you are does not influence your credit score at all. Most people would think the reason is because it is not legal. However, the reason why your age is not used in calculating your credit score is because of legal safeguarding of the different age classifications as well as the fear of the possible negative publicity generated towards the major credit reporting agencies.

How Influential is Your Age in Deciding Credit Approval
Age is used by creditors when deciding approvals and rates. Your age will never be the sole reason for being denied any sort of loan or credit. However, your age is often considered a strong forecast of what your credit behavior will be. For example, young people tend to be less financially responsible than individuals that are older.

When applying for car loans, age will not influence approval as much as bad credit or bankruptcies will. Your age will greater influence the auto loan interest rates you receive.

Certain auto insurance companies will use age as a major factor in deciding whether or not to issue a policy. Also, young drivers are likely to receive much higher premium rates.

Understanding the Legal Safeguarding of Using Age in Credit Scoring Models
The credit reporting companies will simply ignore the predictive factors of all age groups. For example, the elderly tend to be on fixed incomes, making payments for credit cards and loans an uncertainty. This would seem to be an important factor when determining the credit scores of older people. But, it would be illegal to do so. What do the credit reporting companies do? For the variable of whether or not timely payments can be made, the elderly would get the most credit points possible in relation to their credit history.

Statistically, it does not make sense to ignore important variables that are associated with the different age groups. But, the law is the law.

Learn more about seniors and their credit.

Understand the Possible Negative Publicity Towards Credit Reporting Agencies for Using Age in Credit Scoring Models
Consumer advocates, class action lawyers and minority groups love going after the credit reporting companies. The major bureaus are hit with many lawsuits every year. In fact, Fair and Accurate Credit Transactions Act of 2003 was assertively altered, allowing all people to obtain a free credit report copy at least once a year.

A tremendous backlash would occur, from all different angles, if the credit reporting companies were to all of a sudden decide to use age as an influential factor in credit scoring,

In conclusion...
Your age can influence whether or not you are approved for loans and what kind of interest rates you will receive. However, when determining your credit score, age has no impact good or bad. However, major happenings in your life will change your credit, i.e. having a baby, buying a home, etc..

More editorials regarding credit reports....

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