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You may be right actually, I didn't consider that. I'm Australian and here I think the system works a bit differently, so banks and whatnot will take into accou
by logicchains 11y ago
You may be right actually, I didn't consider that. I'm Australian and here I think the system works a bit differently, so banks and whatnot will take into account your savings history when determining whether to loan you money.
It's still the case in the US though that someone who saves will do a better job of payment reliability than someone who borrows the same amount of money but doesn't save, as the former will always have savings on hand with which to make repayments, while the latter may not.
- danieltillett 11y agoI am Australian too :) We do have credit scores here now, but I have never bother to look into mine (I don’t have any debt other than a credit card which I pay off each month). I think our banks are a bit more holistic when it comes to debt issuing than US banks which seem to be fixated on credit scores. On the topic of credit scores they are a huge pain if you move to the USA. I remember having a huge problem buying almost everything that required monthly payments (phone, cable, rent, etc) because I did not have a credit score. If someone wants a good business idea start a credit rating agency that is able to rate US immigrants and gives them rational credit scores based on their previous credit history in their country of origin.
- jacques_chester 11y agoSome employers have deals with banks to vouch for you when you don't have a score. I got a US credit card when I moved here and bootstrapped my credit profile from that.
- danieltillett 11y agoI am self-employeed and luckily wealthy enough that I don’t need debt, but found the process of everyday living very frustrating without a credit score. The fact that you have to play a game to create a credit score says the credit score system is broken, at least when it comes to immigrants.