-No it isn't.
I don’t think most Americans realize most countries don’t have credit scores or use a lot of credit cards.
- Thread starter Ethnic Vagina Finder
- Start date
Tres Leches
Empire Business
That’s cause the interest rates in some of these countries are way too high 
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I have never had a credit card
Never had a car note
Soon as I registered my company I got sent all different types of business cards with crazy limits 10,000 and up
I declined
And I instilled Experian I can monitor things being opened in my name
Ya dig
My only debt is student loan and we can mud wrestle 4 it if they serious about taking it back
My company is non profit so where they gone find the monies?
Never had a car note
Soon as I registered my company I got sent all different types of business cards with crazy limits 10,000 and up
I declined
And I instilled Experian I can monitor things being opened in my name
Ya dig
My only debt is student loan and we can mud wrestle 4 it if they serious about taking it back
My company is non profit so where they gone find the monies?
Why would that be superior to a credit modeling system? You think it should be "relationship" based? How would that work? You don't think their should be objective terms for loans?
Risk management. It used to be banks wouldn’t loan money to people they didn’t know.
Lieutenant Daniels
I’m up for Major
Key word there is APPROVED.
So based on your relationship with the bank/credit union (paying your debts to them on time, paying debts earlier than the term limit) and your income (making enough money to pay your debts back) they approach loan approvals based on those factors.
There would still be loan terms but getting approved or rejected wouldn’t be purely based on a number most people don’t understand.
Someone could have an 740 score but their credit profile is thin but get approved for everything. The other person could have a 670, big profile but never paid anything late and still get denied just because of their score.
The person with the 740 is going to be deemed “more worthy” than the person with the 670 even though the 670 has a strong track record of paying debts on time. That’s my beef with credit scores. It’s too focused on the number
THAT'S JUST AN INTERNAL CREDIT SCORE.
Nkrumah Was Right
Superstar
America started it.
China took it a step further with their Social Score System.
All of it discriminatory
There is a common misconception that China operates a nationwide "social credit score" system that assigns individuals a score based on their behavior, leading to punishments if the score is too low. However, this is not true. Western media reports have sometimes exaggerated or inaccurately described this concept.
Mythbusting the social credit system
But the score is determined already by a number of different risk factors. I don't understand how you're advocating for anything different. Credit scores are already essentially just a risk profile for loans. We don't need to bring "personal relationships" into anything. People need to be judged objectively for things like loans.
RamsayBolton
Superstar
I actually never realized this.
What do they do in the UK?
What do they do in the UK?
Lieutenant Daniels
I’m up for Major
But they’re not judged “objectively”. A lender takes a brief look at your score and makes a decision in most cases. That’s not objective. Objective is looking at the whole picture and coming to a conclusion. I’d trust a borrower who has a 650 but also has a history of paying every bill on time every time than a borrower who has a 740 but not much credit history. Lenders would see the 740 and immediately jump to “credit worthiness” comparatively. It’s a game.
Also, you completed disregarded how I defined a relationship, which made complete sense by the way, with a bank in bad faith to attempt to prove your point.
Credit is the only way to disguise the massive wealth transfer to the rich. Theres been coverage on all the ways the system comes up with new revenue streams for working class people. 2 income households, credit cards, home equity loans, student loans, lengthening terms on mortgages and car notes etc.
All to make you think you have the same buying power you did 40 years ago.
All to make you think you have the same buying power you did 40 years ago.
We’d do good to stop relying on credit. Of o can’t afford something, I simply don’t buy it. Car loans are one of the worst things to happen to us financially. A house is one thing, but for anything else, just save up for it.