age discrimination in Sweden

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Kino
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age discrimination in Sweden

Postby Kino » Mon Sep 22, 2008 11:49 pm

I thought this was a joke when i heard it but it wasn't. in Sweden it is legal to discriminate based on age for credit!!!

once someone is 75 years old in Sweden Citibank won't let you have a credit card from them!! anyone over that age is turned down because they say there is no way to know how much longer people will live once they turn 75! But they said its not just Citi that does it because this type of policy is common in Sweden because it's allowed. they claim their so called risk assessment departments say it is necessary.

Gee while were at it why not racial profile too!


magyar1045
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Postby magyar1045 » Tue Sep 23, 2008 10:38 am

I can see not approving folks for 30 year, or even 15 year mortgages once you're 75, but credit cards??? I'm actually surprised that credit card outfits in this country do approve older folks, getting only Social Security, for credit cards, as they and their collection goons can NOT go after Social Security income.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Sep 23, 2008 3:34 pm

They have to approve older people in this country because otherwise it would be age discrimination.

It's true that Social Security doesn't count in collections as income, but how about the older people that do have a decent income? They shouldn't be discriminated against just because they're old. Even if they died tomorrow the bills would be paid from the assets of their estate. This is probably even less risky than younger people who have no assets and a lot of debt. What would happen if they died? What assets would there be to pay off their bills?

This is why credit should be based on income and history alone. That way if someone was older and only living on social security they wouldn't qualify for much credit anyway. This is a much fairer system than going off of age alone.
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Postby fffresh » Tue Sep 23, 2008 7:55 pm

In this country creditors cannot discriminate on the basis of sex, marital status, religion, race, religion, and age. The Consumer Protection Act as well as many other piece of legislation protect this. That is not to say, of course, that it isn't possible for this to be covertly done anyway. Your age is recorded on your credit file.

One way around this dilemma would be adding a new criteria to credit which would include your net worth or value of assets. In doing so, creditors could gauge the ability of anyone to pay back debt, young or old, depending on their assets. I would imagine most Americans would sadly not know how to calculate this. They would include the value of their house or other property, but forget to subtract their other debts. This is exactly why a central database which recorded a person’s cumulative debt would be valuable to creditors.

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Postby KC95 » Thu Sep 25, 2008 2:50 am

if you can discriminate against someone under 18 and not let them have credit....

or someone under 21 for alcohol......

or under 25 for car insurance......

what's wrong with doing it for over 75 for credit??

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Postby magyar1045 » Thu Sep 25, 2008 11:05 am

KC95 wrote:if you can discriminate against someone under 18 and not let them have credit....

or someone under 21 for alcohol......

or under 25 for car insurance......

what's wrong with doing it for over 75 for credit??



What type of credit are you talking about? Mortgages, car loans, personal loans or credit cards?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Sep 25, 2008 7:59 pm

KC95 wrote:if you can discriminate against someone under 18 and not let them have credit....

or someone under 21 for alcohol......

or under 25 for car insurance......

what's wrong with doing it for over 75 for credit??


Oh yes using age to determine when someone can drink is discrimination! Should we abolish that and allow an 8 year old to drink? Based on your reasoning it sounds like you would be for that.

The insurance part I agree with but I would hardly say discrimination based on age for minors with credit is the same as discrimnation of seniors.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby Floppster » Tue Sep 30, 2008 9:18 pm

KC95 wrote:if you can discriminate against someone under 18 and not let them have credit....

or someone under 21 for alcohol......

or under 25 for car insurance......

what's wrong with doing it for over 75 for credit??


HAHA that's a awesome one. I always planned on raising my kids with beer :D

I had car insurance when I was under 25 and I didn't have an issue getting it. It was just the price which made me think to walk :cool:
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Postby kiboko » Wed Oct 01, 2008 12:29 am

You can get car insurance easily under 25 but the thing is they charge SO MUCH MORE and once you hit 25 it's instantly like cut in half.

Why can't they base it on your driving record alone instead of age? don't ask me how but they are legally allowed to discriminate you for age with insurance.

:mad: those a-holes!!!!!

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Postby Cucumber » Sat Oct 04, 2008 1:49 am

what about the 90 yr old in Ohio that shot herself for her home being foreclosed and then Fannie Mae forgiving her mortgage. I mean you could go out on a limb and say that is age discrimination too. Do you think they would have forgave the mortgage if she was 40? nadda chance!!! and that happened here in the usa! Age plays some role yeah i get that but they should give Swedes the option of proving their credit worthiness before they take it away from them for age alone!
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