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This credit score system in the US always made me curious. Say some point I had a proposition to move to the US and I asked the company offering the job how the

This credit score system in the US always made me curious. Say some point I had a proposition to move to the US and I asked the company offering the job how they will ensure that I immediately get the best possible score. They said it was not possible because it was a personal score. I told them that I will certainly not start to build a credit score at 40 yo so they will have to find someone else.

dylan604 3y ago
[flagged]
- lillecarl 3y ago
  This seems like the perfect reasoning to build a country upon. The US brain drain was hugely accelerated by WW2 and is in steady decline. Having a system that encourages new people to take out loans/credit just to build a score probably doesn't make it better, don't think that won't affect the US economy long term. On a single individuals level it doesn't matter ofc, but don't be ignorant towards how that might affect your future if you're young enough to live through brilliant people leaving.
- BrandoElFollito 3y ago
  When you come from a place where in order to get a credit the banks look at your finance, job etc. and based on that they give you one or not, the US system is weird to say the least. I am glad you are happy building a credit score and then when your SS number is lost (or some other PII) you have to go through hoops to maintain it. This is a place I do not want to be in.
listenallyall 3y ago
You refused a job because the company would not assist you in obtaining a perfect ("best possible") credit score? a) nobody has a perfect score b) FICO algorithms are proprietary from third-party companies, how would your potential employer have any influence?
- BrandoElFollito 3y ago
  Yes, and this is when I discovered this system which looks quite crazy to me. I am coming from abroad with experience nedded in a US company (and therefore in the US at large) and I start my finance as if I was 18. Then if there is a problem with my PII I have to worry about why it was lost. The company that lot it is going to give me a year of some kind of monitoring. Well, no. I am not really interested to depend on some proprietary system that can make my life difficult just because someone fucked up. Or go through hoops to build it without consideration of my past outside the US or my job.
  - alistairSH 3y ago
    Honest question, what do other nations do to determine credit-worthiness? There has to be some sort of risk assessment on the part of banks and other financial institutions. And that risk assessment would have to be made for immigrants there as well, presumably with less/zero data? FWIW, as much as Americans complain about the credit score system, it's mostly not a problem (for most people, most of the time). It's not hard for a middle-income person to earn and maintain a top-tier score (800+) and the lowest possible APRs when borrowing. And assuming a prospective employer would assist you with finding housing, it's not hard for an immigrant to begin building their credit score. Just make sure your landlord reports rent to the credit agencies and take out a credit card. 3-6 months later, you have a decent score. Identity theft is a real problem, but that extends well beyond the credit agencies.
    - BrandoElFollito 3y ago
      You go to a bank (people often go their bank with some expectation of a better rate) or you use check online comparator to see what deal you can get. Then the bank will look at your current funds, the job you have, the earnings you have and after some abracadabra they will say yes or no. There is no building of trust the assessment is on what you have and what you are capable of. The credit is usually 1/3 of your salary (at least in France) and you novadays have to provide about 20-30% of the total amount.

dylan604 3y ago

[flagged]

lillecarl 3y ago
This seems like the perfect reasoning to build a country upon. The US brain drain was hugely accelerated by WW2 and is in steady decline. Having a system that encourages new people to take out loans/credit just to build a score probably doesn't make it better, don't think that won't affect the US economy long term. On a single individuals level it doesn't matter ofc, but don't be ignorant towards how that might affect your future if you're young enough to live through brilliant people leaving.
BrandoElFollito 3y ago
When you come from a place where in order to get a credit the banks look at your finance, job etc. and based on that they give you one or not, the US system is weird to say the least. I am glad you are happy building a credit score and then when your SS number is lost (or some other PII) you have to go through hoops to maintain it. This is a place I do not want to be in.

listenallyall 3y ago

You refused a job because the company would not assist you in obtaining a perfect ("best possible") credit score? a) nobody has a perfect score b) FICO algorithms are proprietary from third-party companies, how would your potential employer have any influence?

BrandoElFollito 3y ago
Yes, and this is when I discovered this system which looks quite crazy to me. I am coming from abroad with experience nedded in a US company (and therefore in the US at large) and I start my finance as if I was 18. Then if there is a problem with my PII I have to worry about why it was lost. The company that lot it is going to give me a year of some kind of monitoring. Well, no. I am not really interested to depend on some proprietary system that can make my life difficult just because someone fucked up. Or go through hoops to build it without consideration of my past outside the US or my job.
- alistairSH 3y ago
  Honest question, what do other nations do to determine credit-worthiness? There has to be some sort of risk assessment on the part of banks and other financial institutions. And that risk assessment would have to be made for immigrants there as well, presumably with less/zero data? FWIW, as much as Americans complain about the credit score system, it's mostly not a problem (for most people, most of the time). It's not hard for a middle-income person to earn and maintain a top-tier score (800+) and the lowest possible APRs when borrowing. And assuming a prospective employer would assist you with finding housing, it's not hard for an immigrant to begin building their credit score. Just make sure your landlord reports rent to the credit agencies and take out a credit card. 3-6 months later, you have a decent score. Identity theft is a real problem, but that extends well beyond the credit agencies.
  - BrandoElFollito 3y ago
    You go to a bank (people often go their bank with some expectation of a better rate) or you use check online comparator to see what deal you can get. Then the bank will look at your current funds, the job you have, the earnings you have and after some abracadabra they will say yes or no. There is no building of trust the assessment is on what you have and what you are capable of. The credit is usually 1/3 of your salary (at least in France) and you novadays have to provide about 20-30% of the total amount.