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Credit Management Q&A

Q: I'm 62 and was recently denied credit. Is this age discrimination that violates the Equal Credit Oportunity Act (ECOA)?
A: Many factors come into play when applying for credit. If you're an older consumer who has paid with cash all your life, you may find it difficult to open a credit account, if you have "no credit history" of how you paid on credit. If your income has decreased, it might be harder to get a loan because you have "insufficient income." Or, if your spouse dies, creditors may try to close joint accounts.

Under the federal Equal Credit Opportunity Act (ECOA), it is against the law for a creditor to deny you credit or terminate existing credit simply because of your age.
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