Quote (Soul Snatcha @ Jul 11 2022 02:51am)
Try to borrow money for a loan from a bank to buy a house. Tell them you have no credit because you've never had a credit card. Try to finance a car with no credit. All the major things need a high credit score. How do you get credit? Apply for a credit card and buy something with it. Pay the amount back to the bank + their interest rate for "borrowing" the money when you slide a credit card. When you get older you're find out how it all works.
So credit score is basically how good you are to pay back? Okay, that doesn’t seem right. Well, I’m older already, lol. We don’t use credit score in Denmark. If you should loan for a car, you go to a dealership after talking to the bank. Welll the bank looks at what you make and what you pay for. Regular bills, water, heat, electricity etc. But they also say, you need to pay for some of the car, the rest you can loan. The same way with a payment on a house. If you can handle the pay back + interest. The bank would gladly borrow you the money. Well in Denmark they will, I can understand that it’s hard borrowing money in US?
Btw I’m 27 - just never new what credit score was, never using it, and never will.
