Repaid In Full : A Freewrite

Yes they do. But a check in lender might find itself in hot water if you were to deny you a loan application based on your age alone. That will be a clear case of age discrimination. Different life stage can also play a part in whether you are approved or not. At the end of the day, lenders are primarily interested in the odds of being repaid in full.

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When a lender's historic experience says that certain age groups can't be trusted as readily as others to repay the loan, they may approve and decline applications accordingly. So it. Can be difficult for an 18 year old or a retiree to find a personal loan. Well, you can suddenly change your age, but you can't compensate for your age by showing other indications of financial reliability such as a low debt to income ratio and a high credit score.

Yeah, three credit score versus credit history. What's the difference between your credit score and credit history? They're not quite the same thing and many lenders will consider both. If you're looking for a loan, you should probably know your credit score, which is a three digit number that lenders used to get a snapshot of your financial strength and for a more in depth look at your needs. Lenders also consider your credit history, showing a detailed record of relevance transactions, including open credit accounts, recent inquiries, bankruptcies, defaults and more.

Repairing an imperfect credit report can be more difficult than improving your credit score, but both are important. Lumplopedia 4 Computer approval Sometimes your application might be declined by a robot without a human ever setting eyes on it.