Then why do you need to engage in having debt and using credit cards to have a good score? If having no credit score is nearly as bad as having a bad credit score then something is wrong.
when i hire someone for a job, how do I know they have experience without being able to verify they have held previous employment in a similar position?
the point of the system is to show you have experience and you pay back your debts. it’s not that anything more than that.
a lender doesn’t want to give someone a big loan if they have no experience. just like i won’t hire you for a senior staff position fresh out of college. those things take like a decade or more to develop.
my credit score at 18 was like 500. and my credit limit was $250. now it’s 830, because I’ve paid back all my debts in a timely manner and have access and have six figures in credit available to me.
if you want a a good credit score, go take out a card, make small payments with it, and pay them back.
it’s not a conspiracy anymore than the fact it takes years to get promoted at a job.
because you deeply misunderstand it.
it basically lets lenders know if you have a history of paying back your loans or not.
it’s that simple. and in the USA medical treatment often requires loans, just like buying a house or car does.
missing a single payment does little to nothing to your score. missing several payments, and defaulting, tanks it.
Then why do you need to engage in having debt and using credit cards to have a good score? If having no credit score is nearly as bad as having a bad credit score then something is wrong.
when i hire someone for a job, how do I know they have experience without being able to verify they have held previous employment in a similar position?
the point of the system is to show you have experience and you pay back your debts. it’s not that anything more than that.
a lender doesn’t want to give someone a big loan if they have no experience. just like i won’t hire you for a senior staff position fresh out of college. those things take like a decade or more to develop.
my credit score at 18 was like 500. and my credit limit was $250. now it’s 830, because I’ve paid back all my debts in a timely manner and have access and have six figures in credit available to me.
if you want a a good credit score, go take out a card, make small payments with it, and pay them back.
it’s not a conspiracy anymore than the fact it takes years to get promoted at a job.