this post was submitted on 26 Dec 2023
631 points (96.2% liked)
Memes
45689 readers
500 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The idiotic catch-22 of credit, you need to use credit you don't need in order to prove that you can pay back credit you do need.
Eg good luck getting a car loan or a mortgage at a reasonable rate if you don't have credit history.
Ironically OP could probably absolutely qualify for a loan despite barely being able to pay off debts, because lenders want to make money off of you more than they want you to pay back their loans on time. Late fees and interest ๐ค