Just went through a mess trying to finance a used car. I haven’t borrowed money since 2012, no debt, no credit cards, just living within my means. When I applied for a loan, I was told I was refused. Not because of bad credit, but because I hadn’t used credit recently enough.
The dealership advertises “no applications refused,” but apparently if you don’t have an active debt history, you’re too much of a mystery for the system.
Co-signer? Not allowed. Using my own bank account for payments? Denied. Their solution? Open a joint account with my dad just to satisfy a bank’s paperwork, pay hundreds in fees over 6 years just to make it work.
The credit system says you can’t borrow money unless you’ve already been borrowing money, like somehow living within your means disqualifies you. It’s not about good credit, it’s about loyalty to the debt game. Screw you for standing on your own feet, I guess.
Just needed to get that off my chest. Anyone else run into this nonsense?
I just happened to screenshot the metrics for the Trans Union “Vantage 8” score a while back. Hopefully this helps someone understand what is needed to improve their score. I am not a fan of the whole thing, but since I don’t have a choice, I have to participate until it can be dismantled.
Man so how about I had to have a soft inquiry of a background / credit check just to get on an industrial site to do my job recently. Like how is that in my control at all lol. Thankfully that’s not the norm, most of them just do a piss test, but like what if every time I traveled it was another credit check? Wouldn’t that hurt my score if it was a frequent thing?