Post your credit scores

Why wouldn't they just themselves if someone with a bad credit takes a loan since their more likely to pay more interest?

Jizz* themselves

How long does it take to build up a decent credit rating in the US?

>maxed out all credit cards on crypto
>0% interest 15 months
>not going to pay it back anyway

kekeke

23 yo... hmmm you think i can use that loan to buy cheap alts?

maybe they justed themselves, you don't know

>credit karma says im 710
>bank of america says im 690
So do I kill myself or not?

If you even have to ask....

If you're creditworthy, they can loan that money out more times than if someone isn't creditworthy.

Say you have 10,000 and you want to loan it out at 5%

How many people do you loan it out to at $1,000 a piece?

You might think 10, but that's not the most profitable since its a simple paper/ledger transaction.

If you lend to creditworthy people where the risk of default on that loan is 1%, you can loan out that 10,000 100 times (1000 loans)

If you lend to people without good credit, they're more likely to have more debt accrue, but they're also less likely to actually pay it back.

So you might only want to loan it out 10 or 20 times, giving you 100-200 loans

because it's a higher risk they won't get paid back at all

There's different ways to evaluate credit, they're probably different formulas.

All I know from talking to my father about this (he's a real estate broker) is that 650 is the magic number. Below that getting loans approved is a struggle, above that its more likely than not.

i did gud?

623

~8k in credit card debt from wasteful spending in college
~24k in student loans

~200$ collections account i havent paid off yet

i should be mid 700s as soon as I pay off the cc debt and that collections

>amerigoodgoys
kek

...

720. I am 34 and have never had a loan, credit card or overdraft and I never will except possibly a mortgage unless I buy ma p[roperty on full which is a possibility. No college loans because I refused to go despite having a scholarship that would have paid for most of it. I have also never had a job for more than 3 months except once. Probably a total of 1 year and 3-4 months working in the last 15 years. I have been living alone (as in not with rents) since I was 17.

And yet the majority of Americans have a worse credit score than you

Shit, I meant 620 desu. Fat fingers like the rest of that paragraph. I am in the UK.

...

It's always weird when Americans wear Union Jack styled shirts.

I often wonder how its possible, or hell, even how people manage to live paycheck to paycheck, but I just chalk it up to them making idiotic purchases that they for some weird reason can't see themselves making

Le 46% Capital

credit cards are pumped out to us at universities, through the mail, etc.
As a fresh young adult you can get thousands in credit lines and of course the temptation is there because DADDY government-gibs will keep u safe from poverty

They think its free money. They just use the credit card to buy shit until it gets declined and leave it, accumulating 20% interest

I worked with a pajeet who literally did this. He applied for every line of credit he could, used it, and said "fuck it" and left it. He was 35 and I was 22 and we had the same job.

When he got married, he had to spend 5 years just paying off his debts before he could get approved for a mortgage

Thats the politically correct answer.
The real answer is that they are barely functioning retards

I can't be the only one disturbed by how fucking normalized is in America right? Do people not understand that being in debt is bad anymore?

>Do people not understand that being in debt is bad anymore?
Literally no, no they don't

My brother racked up like $500 of credit card debt and couldn't pay it and asked my parents to bail him out.

They asked why he spent the money if he didn't have it and he was just like "I needed it"

And on the statement half of it was fast food.