this post was submitted on 15 Feb 2024
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Can someone explain why the credit score is so important for americans? Are most of them getting loans for things to live?
Yes, they use credit cards for almost everything and I think it's expected of them to have one when they become adults.
An american can explain this better than me.
Your credit score can affect the interest rate of getting an auto loan or a home loan. Most adults will have a credit card to establish credit history but won't be using it to get by. Some might use it for stupid purchases though.
Not just credit cards, you want a car, or a phone, or a place to live? I've even hear of some employers asking to check the credit of potential employees, were suppose to always be in debt, because our out of control capitalism means the average person can't afford anything, it must be financed.
Even apart from its necessity for getting bank loans at reasonable interest rates, most landlords check your credit score before renting an apartment or house to you. If your score is low you'll have trouble finding anywhere to live and you might have to live in your car ... if you can even afford a car without getting a bank loan for one.
Most Americans can't afford a $400 emergency and live pay check to paycheck. Car breaks down, emergency medical expenses, emergency house breaks down could all cost over $400. You need a Credit card for that back up that you could eventually pay back by probably sacrificing something else. Need a car need a credit score or you pay $3-10,000 more in interest same with buying a home. Want to rent need a credit check. Want to get a job at a bank, military contractor, some government positions, and other secure jobs. They want to make sure you don't have bad credit or can't be taken advantage of . Which no credit is often considered bad credit.