I always assumed credit scores were an integral and historic part of the American financial system.

They were not, they are very recent,most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.

  • 31415926535@lemm.ee
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    10 months ago

    I tried to open a bank account at a credit union while homeless. Had $42k on my direct express card, finally on SSI, lump sum was for the previous year while unable to work.

    No debts, never used a credit card. Couldn’t open a bank account. Had to go thru a program that assigned me a fake credit card debt that I had to pay off for 6 months to get my credit score high enough.

    Credit scores are a scam.

    • stoly@lemmy.world
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      10 months ago

      Sorry but that credit union sucks and you needed to move on. Credit unions should never deny someone an checking or savings account if they do not have a history of abuse.

    • morgan423@lemmy.world
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      10 months ago

      Indeed. As evidenced by the fact that doing things that are money-smart (in general, stuff that amounts to avoiding debt) is actually harmful to a credit score. The powers that be want you to consume on borrowed funds.

    • Varyk@sh.itjust.worksOP
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      10 months ago

      This is my point, thank you for sharing your story.

      If you are injured, not lucky or born into less fortunate circumstances, this credit system will stop you from taking control of your life.

    • mox@lemmy.sdf.org
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      10 months ago

      It’s depressing what happens when we give corporations the leeway to do whatever they want, isn’t it?