• Draedron@lemmy.dbzer0.com
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    5 months ago

    Can someone explain why the credit score is so important for americans? Are most of them getting loans for things to live?

    • BaldManGoomba@lemmy.world
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      5 months ago

      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.