This is worth sharing. Credit scores, which have been long a key factor in whether you get a loan or a credit card, may not be sufficient for many future credit decisions.
The Credit Card Act will require credit-card companies to consider an applicant’s income or assets and current debts before approving credit.
What does this mean for borrowers? Probably less credit. You can read the full article in the Wall Street Journal titled “Look Who’s Peaking at Your Paycheck.”
