Statistical credit scoring programs suffered a crushing blow a few weeks ago when Bank of New York turned down a credit card application for Federal Reserve Board Governor Lawrence B. Lindsey.

Mr. Lindsey was denied a Toys 'R Us credit card because of too many credit inquiries on his accounts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.