this post was submitted on 07 Jan 2024
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Uh no. Credit Score. If the bank loans you money how likely are you to pay that money back.
Heard bad things about it
People who are bad with money tend to have negative opinions about it. There are underlying social issues too, but those aren't the credit score's fault.
For example, someone who has a lot of money on hand will have a better score than someone who does not. Socially, there is an issue there, but from a purely financial standpoint, the person with more money is more likely to pay back than someone without a lot of money.
So, opportunities are definitely deserved for everyone, but also if we give everyone credit we are pretty sure they can't pay back then we have a 2008 subprime mortgage situation.
The credit score isn't to blame in my book. You can have a very good 800 credit score on a 30k income, if you are responsible about paying back debt and not taking out more than you can handle.