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Don't apply for credit after midnight

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Summary

Social media posts looked at when applying for credit

Certain areas of the country are associated with higher rates of fraudulent activities

VANCOUVER (NEWS 1130) – If you are applying for a loan or credit, you might want to watch what you’re posting on social media.

Some lenders are now looking well beyond your credit score to behaviours in other parts of your life.

Even the time of day you make an application can say something about you, so if you like to bank at home in your pyjamas, you might want to at least give the appearance of being in a suit and tie.

According to online lending company Amber Financial, people who apply between the hours of 1 a.m. and 3 a.m. are statistically considered to be higher risk, while those who apply between the hours of 8 a.m. and 10 a.m. are lower risk.

CEO Cindy Chen says they also look at activity on social media to provide additional information that previously may have been difficult to verify.

“Some of the data comes from Facebook or Linkedin, which can be used to confirm employment history and work status,” she tells NEWS 1130.

“We also look at some e-commerce websites. For example, how much money you spend on Amazon would indicate your income situation. These are some of the things we would consider when evaluating the risk profile of a borrower.”

Even an applicant’s location can play a big factor in building a risk profile.

Chen says certain areas are associated with higher rates of fraudulent activities, default rates and late payment statistics.

She adds that painting a broader picture of an applicant is particularly useful among Millennials who may have thin credit files.