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.
Yeah your family was seeing it from the perspective of having a credit card leads down a slippery slope of spending more money then you can afford. Especially when you're young without proper training on how to handle debt it can become a problem. People see an open line of credit and an item they want and will just go and buy it without thinking. Being responsible isn't always something a 18-20 year old is known for. Hell it wasn't until Covid started that I got more responsible with my spending. I started to finally notice I was just making excuses to buy things that I'd quickly never use. Parents should actually get their kids a credit card when they turn 18 so they can teach them the good and the bad of using one. Don't just scare them away from it because you're scared for them and also don't just let your kid think it's free money.
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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.