Okay but credit scores aren’t a bad idea if you’re defining “bad idea” as &l
Okay but credit scores aren’t a bad idea if you’re defining “bad idea” as “a failed concept” because credit scores do exactly what they were designed to do. It’s class warfare; enslave future generations in debt while giving the rich absolute freedom and even immunity to (most) laws. It was an extremely good and successful idea for the ultra rich to control the peasants.Like, yeah, you can do everything right and don’t make one misstep and have a perfect credit score and also not be ultra rich, but that credit score helps you get loans, aka create debt, and if you make just one misstep it’s a struggle to climb back up. I had a “perfect credit score”. I opened up multiple credit cards at 18 and legitimately only used them for purchases I had to make within the means of my minimum wage paycheck (like gasoline and groceries). I was disciplined, never used them to buy anything I wasn’t capable of buying with the cash I had in my checking account. I bought what my minimum wage could afford with those cards and payed the balance off to $0. I had $0 balances while going hungry, while struggling to pay rent, while walking to school and work while saving enough money to get my car to a mechanic for the one issue I couldn’t fix myself. I could have bought food with my cards, I could have paid for those repairs and paid off the debt monthly but I refused. 6 years later my student loans kicked in for repayment and overnight my credit score dropped to the mid 400s. All of that planning and work and suffering was for absolutely nothing. I couldn’t get any loans for a car even with a 70% deposit, one of my credit cards even dropped my maximum to 1/3 of the limit. I did everything I was supposed to do and now I’m in debt. Debt that I expected, debt that I have a plan to pay, but debt that has ultimately changed the course of my life for the worst because of how fucked up my credit score is. I did not expect it to hurt my score that bad.It’s been another 7 years since the day my credit score dropped to the 400s and I just pulled ahead of 600 at the end of 2020.All of that is by design. -- source link