Age is a determining factor when you are going to ask for a loan and the bank undoubtedly considers it to evaluate your application. Also, depending on the stage of life in which you are and your credit needs, the conditions that will offer you will vary.
In Mexico, most financial institutions allow young people to begin to request credits from the age of 18, which is the legal age to be part of the financial system.
When you have barely reached the age of majority, your credit history is usually void or very limited, which usually makes it difficult to obtain a loan without the help of a coacredited or additional guarantees.
We suggest you see: I have never had a credit card, should I start starting with a department?
The question is then, what is the ideal age to ask for a loan? Credit Circle, Credit Information Society (SIC) with more than 20 years of experience in the sector, reveal relevant information in this regard:
Analysis of the credit scene in Mexico at the end of 2024. Distribution of credit limits per state and age cohort (percentiles) (customers without default)
Through an analysis of the distribution of credit limits by state and age cohort in customers without default, the sic reveals the trends in the credit allocation based on age and region:
18 to 25 years
This sector has a significantly low credit allocation, which indicates stricter restrictions for those who have not yet built credit history or have lower and less stable income.
Key point: Before requesting your first loan, make sure you are clear how a credit or departmental card works and the importance of planning your expenses so as not to take place at this early stage of life.
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36 to 55 years
Credit limits increase with age and reach their highest point in cohorts of 36-45 and 46-55 years. This is when many people reach greater income, job and financial stability, because they have a more robust credit history. It is also the period in which it is more likely to request important loans, such as mortgage or cars.
This is the best stage to request a loan and have a greater probability of acceptance by the bank.
Eye here: costs of using a credit card: annuity, cat and cash withdrawal
Key point: Financial institutions tend to offer better conditions to those who have maintained a good credit behavior for several years. If you get to this age, but you don’t have that positive history, you have to work on it. Not everything is lost.
66 onwards
In the cohort of 66 years and older there is a decrease in credit limits, which suggests that banks reduce exposure to this segment, possibly due to factors such as retirement and lower long -term payment capacity.
Other relevant data of this analysis of the credit panorama in Mexico 2024, indicate that Mexico City, Nuevo León and some states in the center of the country concentrate the highest credit limits, which can be related to the concentration of economic activity, salaries higher and greater access to financial products.
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