• Potatos_are_not_friends@lemmy.world
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      1 year ago

      Credit scores are made up.

      Their only value is for loans and credit.

      Fun fact - rich people don’t have credit scores. Interesting isn’t it?

      • Neato@kbin.social
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        1 year ago

        Their only value is for loans and credit.

        Incorrect. But let’s assume you are. This means you cannot: Buy a house, buy a car, take out a loan, get a credit card. For expanded uses, you cannot potentially: keep a credit card, rent a car, rent a home, get a job. Credit scores are made up bullshit invented in the 80s to hurt poor people. But they are still used to, get this, hurt poor people. Rich people don’t have credit scores because they have collateral for all their loans that’s a lot more liquid than a house.

        • persolb@lemmy.ml
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          1 year ago

          You can buy houses and cars without a credit score.

          If you want other people to buy your stuff for you, that’s when you need credit.

          • Neato@kbin.social
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            1 year ago

            Yeah sure. People who can’t pay hospital bills and default and destroy their credit can save enough to buy houses and cars straight cash.

            You should probably reread the thread.

      • SuiXi3D@kbin.social
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        1 year ago

        Their only value is for loans and credit.

        Tell that to every landlord and property management company.

        • notacat@mander.xyz
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          1 year ago

          Also, fun fact, your credit can be used to calculate the price you pay for insurance, a required thing even if you outright buy a car or house. So there is no escaping it.

          • WtfEvenIsExistence3️@reddthat.comOP
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            1 year ago

            Insurance isn’t required for a house, althought that’s a really bad decision since all it take is one bad cooking mistake to lose your house.

      • ramenbellic@midwest.social
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        1 year ago

        Wealthy people absolutely have credit scores, and leverage loans and credit every single day to expand and protect their wealth.

        Anything can be a fun fact if you’re just making stuff up.

      • expatriado@lemmy.world
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        1 year ago

        of course credit scores are made up, you don’t find those in nature, but for millions of people it affects where they can get a place to rent and if they get hired

        • WtfEvenIsExistence3️@reddthat.comOP
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          1 year ago

          If everyone has a low credit score, no one has a low credit score.

          Source: I have a relative who is a landlord that had to start renting to people with low credit because he couldn’t find an applicant that meets his “credit requirement”.

        • Eavolution@kbin.social
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          1 year ago

          We’re not particularly rich, but my mum had never taken a loan before and when she was trying to get a phone contract, a company told her she couldn’t get a contract with them because of this.