"I think you do make wiser decisions as you get older, although there are exceptions," said Diana Dorn-Jones of United South Broadway Corp., a nonprofit community organization in Albuquerque that provides financial and mortgage counseling.
A joint University of Texas and Texas A&M research study, "With Age Comes Wisdom: Decision-Making in Younger and Older Adults," analyzed why older people make better decisions and basically found that their decision-making experience makes them better at weighing risks and rewards.
The rise in credit scores with age also sheds light on the evolving relationship that the average consumer has with debt throughout his
"This is not something that's necessarily taught in schools," Dorn-Jones
Twenty-somethings can hurt their credit scores when they think they're doing the right thing, like shopping multiple sources for the best car loan or credit-card deal, she
Each time a potential lender or credit-card company runs a credit check, the individual's score takes a ding.
"I always tell young people to be cautious as they venture out into the world of credit," Dorn-Jones
Regular checks are particularly important in New Mexico because there are so many common surnames, which increases the potential for information on someone with a similar name being posted to your account, Dorn-Jones