The first time I applied for a loan, I didn’t have a credit card yet. And they were like:
How can we know you’re responsible with money?
Because I haven’t needed credit in the past and I’m still alive, idk? Having enough liquidity to not need credit would seem to suggest I’m good with money.
Considering how much data they can get on anyone, this process seems pointless and outdated, except to give them somewhat arbitrary power over who can get a loan.
Not that I like such private data to be available at any institutions fingertips, but so it is these days.
The first time I applied for a loan, I didn’t have a credit card yet. And they were like:
Because I haven’t needed credit in the past and I’m still alive, idk? Having enough liquidity to not need credit would seem to suggest I’m good with money.
Ok? How does using a credit card change that?
Considering how much data they can get on anyone, this process seems pointless and outdated, except to give them somewhat arbitrary power over who can get a loan.
Not that I like such private data to be available at any institutions fingertips, but so it is these days.