FICO is kinda stupid in some ways but with responsibility it's not hard to get a decent rate/favorable score. Yes at the top end is dumb you need to open more credit but in practice that's not hard to do assuming you aren't just forced by circumstances to just live off credit.
this post was submitted on 21 Feb 2024
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It only takes one mistake to absolutely crater years of effort.
It takes one pretty big fucking mistake to crater years of effort. I understand it does happen, usually around homes and employment, to which I would agree we need protections. It's not for small shit.
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FICO and VantageScore aren’t even looked at when they do a full credit record pull when you apply for something. Reviewers look straight at your history directly and make decisions based on that. Scores are for laypeople to get a general idea of how their history might appear to a reviewer, but every lender has their own criteria.
Yup, and it becomes very apparent when you get into home loans vs credit lines. The verification goes way up since the last housing crisis.
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I remember when I started my first job back in 2003 it was extremely rare to have someone pay with a credit card.
Huh, I worked a convenience store/gas station in the late 90s and credit cards were at least half of the sales. Heck, it was kind of funny when someone used a card for candy bar that cost less than a dollar.
I worked at a movie theater and credit cards could only be to purchase tickets and not concessions so that may have had something to do with it
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Where did you work? What kind of Boomer clients did you serve?
I worked fast food in '03, it was closer to 50/50.
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I did. I'm near 40 was about to enter college and credit and debit cards were everywhere. I've never handled much cash my entire life.
Weird, about half of the sales during that time period for me were with plastic, but I lived in a city, so maybe that's the difference.
They are new in the rest of the world. But we don't Need them. Thanks please.