Is there such thing as being 'too old' for credit

xlnc99

Does this exist? Is their an age limit to take out credit cards, loans, finance on a car?

Does it matter if you are 90 or 20? Is it all really depend on your credit file or does age play a factor?

Thanks

Ben8282

Not as such but common sense would play a part. A 90 year old would probably not be given a mortgage with a 25 year term.

boo_star

xlnc99 wrote: »

Does this exist? Is their an age limit to take out credit cards, loans, finance on a car?

Does it matter if you are 90 or 20? Is it all really depend on your credit file or does age play a factor?

Thanks

If you're a pensioner who doesn't own their own home or is close to owning it I'd expect the banks to be reluctant to lend you money. Affordability is going to be an issue.

That being said, how you've conducted your finances in the past few years is a lot more important than your age. And you don't have a good score in that regard.

Why are you so eager to rack up more debt after you defaulted on the last lot?

Willing2Learn

I've always assumed and accepted that most creditors are ageist.

Nebulous2

There are upper age limits on most mortgages. Attempts are being made to address that, with new products such as interest only retirement mortgages.

It depends on income and affordability for most other things. I have an acquaintance who is still getting credit cards with decent limits in his mid-eighties, I assume because he has a decent pension.

Car loans or leases don’t seem to be a problem either, lots of Rangerovers and other expensive vehicles around here where the older people hang out. They certainly aren’t all paid.

xlnc99

boo_star wrote: »

If you're a pensioner who doesn't own their own home or is close to owning it I'd expect the banks to be reluctant to lend you money. Affordability is going to be an issue.

That being said, how you've conducted your finances in the past few years is a lot more important than your age. And you don't have a good score in that regard.

Why are you so eager to rack up more debt after you defaulted on the last lot?

Not asking on my behalf, im not that old yet! Asking on behalf of my father who has a clean history and wanted a car on finance

xlnc99

Willing2Learn wrote: »

I've always assumed and accepted that most creditors are ageist.

ive seen some terms and conditions where it says you can only apply if your between 21 -70. I thought lenders are not allowed to be 'ageist' by law.

xlnc99

Nebulous2 wrote: »

There are upper age limits on most mortgages. Attempts are being made to address that, with new products such as interest only retirement mortgages.

It depends on income and affordability for most other things. I have an acquaintance who is still getting credit cards with decent limits in his mid-eighties, I assume because he has a decent pension.

Car loans or leases don’t seem to be a problem either, lots of Rangerovers and other expensive vehicles around here where the older people hang out. They certainly aren’t all paid.

Perfect answer - Thanks.