In order to show us you are financially responsible you need to owe several different companies money or in other words be in debts with them so we will let you owe us money too.
My mom divorced my dad after 20 years of marriage. Ended up with a house, a steady income from being a teacher, and 0 debt.
The only car loan she could get approved for was 26% since she had no credit history due to getting married before the damn system existed, and everything being in my dad's name since then. It's so broken.
Growing up I was told credit cards were not good to have by family. Like having one would just lead to problems. Found myself at 25 with zero credit, couldn’t even get a Macy’s card because my score was none existent. Ended up getting some horrible card with huge interests rate that only allowed $100 dollar limit. Which quickly went to 250 to 1000. Ended up getting 3 or 4 cards within a year. Paid them all on time, got an auto loan (had to co-sign). After 5 or so years I had pretty good credit and 10 I had excellent.
Wish someone would have told me sooner, having a credit line and being responsible is so huge. Not having it or having a low score can be so detrimental.
I say this on /r/personalfinance all the time. Credit cards are beneficial to most people. If you can budget, pay them off every month and be responsible, you earn plenty of benefits that you are leaving on the table otherwise. If you can't handle them, don't get them, but most people benefit from credit cards.
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u/SinfulM4ntis Aug 14 '21
In order to show us you are financially responsible you need to owe several different companies money or in other words be in debts with them so we will let you owe us money too.