4 ms·
It's just a broken, entrenched system. I personally know a CEO who moved to SV, was worth something like $100m+, and the bank wouldn't give him a home loan bec
by foobarbazetc 5y ago
It's just a broken, entrenched system.
I personally know a CEO who moved to SV, was worth something like $100m+, and the bank wouldn't give him a home loan because he didn't have the right credit score yet.
He was literally building his credit with an Amex using their global transfer system.
On the other hand, FICO scores are so easy to game that once you get a couple of cards going, you can leverage those to get more cards, etc, etc and optimise your score that way.
- timbo1642 5y agoIts not broken, it works as intended. Just because you don't like it doesn't make its broken. A credit score is a trust score. Someone with no credit or bad credit isn't trustworthy even if they can afford something. We see this issue in the real world with entitled people making a lot of money that don't like to make the payments they agreed to on what they purchased. Keep in mind these are new money people and usually in the rap/music business or even some athletes.