No, unfortunately not. No credit card means you have a bad credit score, not none. And I think other really unrelated things you do can influence your credit score as well.
No. As far as I know, the credit score system in the US is controlled by IIRC exactly three private companies (remember Equifax and their massive data breach, they’re one of those three, still are with zero consequences). And to my knowledge their methods are completely opaque. Neither the complete list of factors nor their weights are known, or, at least they’re not eager to advertise how the scoring system works. I imagine they also change the system occasionally without telling anyone, and the three companies also use slightly different systems from each other.
So you’re just assigned this magic number that is supposed to say how financially competent you are, which many places in the West also uses as literally as a score of how good of a person you are (just like they’re accusing China of).
No credit card means you have a bad credit score, not none
Exactly this. The default is 0, not “null”. Ever wondered why 18 year olds can’t rent a car or an apartment? It’s because they have no credit history so the system assumes they’re just trash.
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So a self-exacerbating problem. Nice.
Oh how glad am I we don’t have that astronomical bullshit here in Russia yet.
No, unfortunately not. No credit card means you have a bad credit score, not none. And I think other really unrelated things you do can influence your credit score as well.
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being a “radical” is one im pretty sure
No. As far as I know, the credit score system in the US is controlled by IIRC exactly three private companies (remember Equifax and their massive data breach, they’re one of those three, still are with zero consequences). And to my knowledge their methods are completely opaque. Neither the complete list of factors nor their weights are known, or, at least they’re not eager to advertise how the scoring system works. I imagine they also change the system occasionally without telling anyone, and the three companies also use slightly different systems from each other.
So you’re just assigned this magic number that is supposed to say how financially competent you are, which many places in the West also uses as literally as a score of how good of a person you are (just like they’re accusing China of).
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Buying off people and policy.
Exactly this. The default is 0, not “null”. Ever wondered why 18 year olds can’t rent a car or an apartment? It’s because they have no credit history so the system assumes they’re just trash.
You’ll need a credit score to rent an apartment or to rent a car (among other things)
You’ll need more cash than normal to buy houses and apartments.