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More importantly it could end credit card access to subprime members. There already aren’t a lot of cards to build (or rebuild) your credit. It is possible tha
by xivzgrev 7y ago
More importantly it could end credit card access to subprime members. There already aren’t a lot of cards to build (or rebuild) your credit.
It is possible that issuers would respond by replacing with secured cards but consumers hate those and introduces a lot more friction into process.
- HarryHirsch 7y agoThere already aren’t a lot of cards to build (or rebuild) your credit. I never understood that. You'd think that creditworthiness means that you have a habit of paying your bills on time, and that your scheduled payments are in proportion to your income. Nothing more. But in America they insist that you have a credit card and have a history of paying that. It's a problem when you are a recent immigrant and seek to get a mortgage because you'd like to settle in a certain town. If the Sanders proposal does something about that craziness I'm all in favour.