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Other 18-20 year olds have higher CL

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Valued Contributor

Re: Other 18-20 year olds have higher CL

That article doesn't really say anything more than they don't have responsibilities yet, such as mortgages and children. It doesn't really support your thinking that 18-20 year olds have more impulse control. It definitely doesn't support them being more responsible...just that they typically don't have the same obligations, therefore have more disposable income to pay off credit cards in full.


EQ 778 EXP 782 TU 729
Message 41 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL


@medicgrrl wrote:
That article doesn't really say anything more than they don't have responsibilities yet, such as mortgages and children. It doesn't really support your thinking that 18-20 year olds have more impulse control. It definitely doesn't support them being more responsible...just that they typically don't have the same obligations, therefore have more disposable income to pay off credit cards in full.

I think you should re-read. Aside from that, I'm not sure why you feel a need to move out of your way to attack the idea that they have more impulse control.








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Message 42 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

Of course, members of Gen Z have also had less time to make money mistakes and incur obligations. “They don’t have as much debt yet,” says Kelley Motley, director of analytics at Experian. Many still live with their parents and don’t yet have a mortgage or children to support. That might help explain why they’re good at staying on top of monthly payments.


EQ 778 EXP 782 TU 729
Message 43 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL


@medicgrrl wrote:
Of course, members of Gen Z have also had less time to make money mistakes and incur obligations. “They don’t have as much debt yet,” says Kelley Motley, director of analytics at Experian. Many still live with their parents and don’t yet have a mortgage or children to support. That might help explain why they’re good at staying on top of monthly payments.

There's more to the article you know. In fact a lot more. 








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


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Message 44 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

Where in the article does it mention anything at all about impulse control?


EQ 778 EXP 782 TU 729
Message 45 of 62
Moderator Emeritus

Re: Other 18-20 year olds have higher CL

The ad hominem attacks will end.

 

This isn't negotiable as they are flatly against the myFICO Terms of Service.

 

The article is a public source, we can all read and form our own opinions; attack or defend the article, but statements which disparage other members will not be tolerated.

 

--Revelate, myFICO moderator




        
Message 46 of 62
Community Leader
Senior Contributor

Re: Other 18-20 year olds have higher CL

Brutal.

 

Its intentionally vague, but what the OP was proposing goes beyond it... Lets say the OP gets a 4506-T and a FR..... It would be noticed.. And as I said..  the loophole of reasonable expectation and access to funds to cover  payment does not apply since OP is under 21..... 

 

Taking shortcuts and trying to cut corners instead of letting credit age and grow organically by using it properly... You need time to learn to use credit appropriately and thats what aging accounts is partly about... 

 

The OP originally declared in another thread the "poor college student" defense... but if thats the case... OP need to grow your income and job oppurtunities and get through school and then the credit will also grow in tandem.... instead of. using the "but the other younger adults have higher limits than me.... i deserve it ..... defense

 

 

-J

Message 47 of 62
Super Contributor

Re: Other 18-20 year olds have higher CL

I'm not speaking about the OP or defending him at all.  My post on the previous page is just a general one on this topic.  I think people are far too quick to throw out words like fraud, lying, dishonest, etc. when it comes to income declaration when what can be included for income is extremely ambiguous and can be considered differently by different people.  It's a common misconception that "income" for CC apps should only be what you can prove was you salary last year on paper.  This is not the case and isn't what potential creditors are looking for.  If it was, they'd say, "What was your total income on your most recent tax return" or something similar.  The fact that they open the door for you to include all income available to you, total household income and/or all income you have reasonable access to suggests to me that they want you to reach more than just your annual salary on paper when considering what you will enter as your income.

 

Just my opinion and again, this has nothing to do specifically with the OP.

Message 48 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL

I knew there was limitations but not about the 30% or $500 part.

The one card I had verify my income before approving me was Von Maur.
That's the way I found out about those under 21 having to prove income.
AAOA 15 months Fico 08's 714 717 678 11% Utilization
Message 49 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL


@depdep8 wrote:
I knew there was limitations but not about the 30% or $500 part.

The one card I had verify my income before approving me was Von Maur.
That's the way I found out about those under 21 having to prove income.

Under 21 does not have to "prove" income, they have to provide reasonable access to their own source of income, seperate from another individual. Many banks take the person at their word when they are entering their income as providing proof of reasonable access. Proving income can mean different things, it doesn't always mean that paystubs or 4506-T is required. 

Message 50 of 62
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