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The use of credit history and score to determine worthiness in all sorts of purchases is a horrible construction that must be destroyed. I got a credit card for
by bbctol 10y ago
The use of credit history and score to determine worthiness in all sorts of purchases is a horrible construction that must be destroyed. I got a credit card for no reason other than to build score; I've never spent money I didn't have in my life (which seems responsible to me!) but I still have to go through this silly rigmarole of purchasing and then paying off to prove to future agencies that I'm responsible.
- jasonmp85 10y ago> this silly rigmarole of purchasing and then paying off to prove to future agencies that I'm responsible That actually sounds like a fantastic method for a lending agency to determine who is responsible and who is not.
- logfromblammo 10y agoNot when you define "responsible" as "saving up and then buying when you can afford it". But the lending agencies say "responsible" when they mean "profitable for us", so I can see how someone might get confused.
- mark_edward 10y agoHow is such a person more responsible than someone who never uses debt to make similar purchases?
- antisthenes 10y agoThey may be equally responsible in actuality, but the company still needs to see a verifiable source that the credits are being paid back. It's a form of signaling.
- skrause 10y agoThe whitelist-type system of building a credit score in the USA just seems weird and invasive to me. Here in Germany you have something more like a blacklist: You pretty much have a good credit score by default and only get a bad score by not paying bills or not paying back debt on time. I have a perfect credit score in Germany despite never taken any debt in my life.