1717
The numbers will determine your fate
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 15 Feb 2024
1717 points (98.5% liked)
Microblog Memes
5880 readers
1622 users here now
A place to share screenshots of Microblog posts, whether from Mastodon, tumblr, ~~Twitter~~ X, KBin, Threads or elsewhere.
Created as an evolution of White People Twitter and other tweet-capture subreddits.
Rules:
- Please put at least one word relevant to the post in the post title.
- Be nice.
- No advertising, brand promotion or guerilla marketing.
- Posters are encouraged to link to the toot or tweet etc in the description of posts.
Related communities:
founded 1 year ago
MODERATORS
You do have to use them a little bit though. It wasn't a great surprise to learn that my credit score evaporated right when I was looking to buy a house because a credit card I hadn't used in 7 years was turned off due to not using it. Having no debt, lots of savings, and decent income apparently counts for nothing.
This is the only part the credit reporting agency sees. In that situation they have to make the lending score base on your history, which tells them nothing of your current situation.
The credit reporting agencies don't see any of this. There is no component in a credit score for your savings or income.
Sure, the credit agency doesn't see it, but the person I'm talking to at the bank to get a loan can see it when I show it to them. But it doesn't matter and they only really seem to care about the credit score.
My guess is that the bank may start with the credit score, and if its below a threshold the bank is willing to lend to, then they don't look any further. Unless you have a truly egregious credit history, you'll likely find other lenders more interested in your business.
Most companies don't want every customer. There are those that only want the safest customers because they have the lowest risk, and that may mean you might get declined even if you would otherwise have the means to service the debt.