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TIL personal credit scores only started in 1989
(en.m.wikipedia.org)
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this post was submitted on 21 Feb 2024
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In Norway having loads of credit cards is negative for getting a house loan as it is potential debt that goes against your payment ability for the house loan.
Meaning we do have a credit score system for getting loans and more stuff on various credit solutions, but credit cards works against larger loans.
Which can be a pain in the ass when you want to buy a house/apartment and have credit cards that might deny you the last bit of money to win the bidding war...
Lol this is such a load of bs being taken at face value. No, having credit cards in Norway isn't bad. They judge your rating by your debt, and responsible credit card usage does not create debt. This reads like it's written by someone who doesn't understand how credit works, regardless of country.
Not sure if you misunderstood the post. What they write is how it works in Norway. If you have two credit cards with 50k credit limit each, then that count as 100k debt when the bank calculates your ability to pay off a loan, it doesnt matter if you haven't used them.
Exactly. It is potential debt and it goes against getting new loan/debt from banks. No matter if you have used the credit card or not. The banks look at the available limit on an your credit cards or available credit and view that as debt when they calculate how much they can loan you.