chevron-down Created with Sketch Beta.
March 18, 2013


Applying for Credit

When I apply for credit, may a credit grantor ask my age?

Yes, but if you are old enough to sign and be liable for a contract (usually 18 to 21, depending on state law), a credit grantor may not:

  • refuse to give you credit or decrease the amount of credit just because of your age;
  • refuse to consider your retirement income in rating your credit application if the creditor considers income in evaluating creditworthiness;
  • cancel your credit account or require you to reapply for credit just because you are a certain age or have retired;
  • refuse you credit or cancel your account because you cannot get credit life (or related) insurance due to your age.

The law does allow a credit grantor to consider certain age-related facts. These include how long your income will continue or how long it will be until you reach retirement age. Consider, for example, a loan that will take a long time to pay back. If an older applicant does not provide adequate security, he or she may not be a good credit risk.

>>What is the Truth in Lending Act?
>>How does knowing the Annual Percentage Rate help?
>>What other laws protect consumers?
>>When I apply for credit, may a credit grantor ask my age?
>>Does my gender or marital status affect whether I am worthy of credit?
>>May married people open credit accounts that are not also in their spouses' names?
>>If my marital status changes, may a credit grantor force me to reapply for credit?

Practical Law Home | Credit Home | *Applying for Credit*
Choosing a Credit Card | Checking Your Credit Record