Helpful guide from MyFico

myFICO Insider’s Guide to 2010 credit card reform and new FHA mortgage rules (PDF)

Comment: Guide is free and is a worthwhile read!


  1. More difficult to get a credit card if you're under 21?!!! What are the homeschoolers going to do? They think that a kid at 13 should be able to "court" for 6 months and then support a wife at 13 1/2 and 3 kids by the time he's 15. What if the young man has to travel for his job? It's difficult to get airline tickets and hotel rooms without a credit card. (although probably a debit card works just as well)

  2. You know how they say that 40 is the new 30 and 50 is the new 40? Homeschoolers take this the opposite direction and say that 13 is the new 45.................

    Please take this in good fun. I know homeschoolers and they are fine, upstanding people. They have some pretty wacked out ideas about different things, but they are good people. It's ok to disagree with each other and even have fun with each other if we do it in a kind manner, which is what I'm trying to do.

  3. I understand good fun, but it's probably best to put some qualifiers in statements like these, rather than just a generalization about "homeschoolers."

    *Some* homeschoolers do indeed have "whacked out ideas." But they would probably say the same about you. Remember, just because it's different doesn't mean it's wrong. And thank the Lord for freedom to do/say/believe what we want!

  4. A brief anecdote on home schoolers: We have a brilliant young adult in our church (I'm guessing he is 25 or 26). He was homeschooled through HS. He did 2 years at a Bible college and then got his B.S. at a state school. Now working on his PhD at the University of Minnesota. I know this man and he is one sharp cookie!

    I'm not against home schooling (our kids went to public schools). I am for freedom of choice! Private schools (whether Christian or secular), public schools, or home schools are all an option!

  5. Well, I don't know too many who want to be out in the world at 13, but a lot of homeschoolers will deal with tighter credit by doing what they do already; pay cash for most things. Restricting credit to those below age 21 is a good thing--I know a lot of people who are still pay for their college credit card debts many years later. Let kids learn to make a budget before giving them the tool to break it.

    Also, (smile), most homeschoolers also learn enough math and biology to calculate whether three kids in 18 months of marriage is a likely outcome.... :^)


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