Comment Re:So! The game is rigged! (Score 1) 570
Credit scores are okay but involving credit history is a strange fetish of US banks, never understood why. I remember reading a story about a European that found a US girl and they were looking to buy a place for both of them in the US. He was like I got this much equity, this much income, we should be able to manage a mortgage of this size. The bank said: No credit history (that we can find anyway) whatsoever? No loan. So they went out and got him a credit card, maxed it and paid it off on time. Big credit, perfect payment history and though short he now was eligible for a loan. WTF.
To me, having a credit card history - not home and car loans - means you've not had the money to pay your bills. If you didn't have to take up credit, you've always had the money to pay your bills. Why on earth wouldn't I then be able to pay my bills now? Before I rented an apartment and paid rent. Now I own an apartment and pay on my mortgage. They look stunningly similar in that each month I need to pay up to keep on living where I live. You balance your income and expenses, if you do it with $1000 left on the bank account or $1000 in credit card debt at the end of the month is exactly the same.