Why do older Americans have trouble getting credit cards? Their income might be too low or they may have thin credit histories.
Whether it’s to earn rewards toward vacations or just finance everyday purchases, there’s strong demand for credit cards among older adults.
If you fall into that demographic, though, there are several reasons why it could be challenging for you to get approved for a new credit card. Here’s what could be influencing your creditworthiness, and what you can do about it.During the credit card application process, you’ll be asked to report your annual income or income that you have reasonable access to; the bank needs to make sure you’re able to pay back what you charge.
In order to even have a FICO FICO, -1.41% credit score, you need to have credit activity reported to the U.S. credit bureaus at least once every six months. Plus, that credit line with activity on it must be at least six months old.So if you’re fully free of debt — say, you’ve long ago paid off your home, your car and other loans and haven’t had any other credit activity in a year or more — the bureaus simply may not have enough information about you. Your credit file may be too thin.
If you have a long credit history of on-time payments as well as low credit utilization, then not having a mix of credit likely won’t be enough to make or break your creditworthiness. But lacking a mix of credit could drag down a borderline score and make it hard to qualify for a new credit card.Did you agree to cosign on a personal loan for your son, or on student loans for your granddaughter? Your generous help may have had unintended consequences for your credit scores.
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