this post was submitted on 25 Jul 2024
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A Boring Dystopia
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They want a profitable client. So yeah they basically want you to pay an invisible premium for your credit score. I routinely carry a small balance over and my credit rating is far better than people who pay everything off right away. They want a reliable profit, not a reliable payer, if it makes more sense that way. Think of it like your subscription to credit. It doesn't need to be a large amount either, literally just a couple dollars a month when you math it out.
I'd rather they choke on their own blood thanks.
Yeah, if we're going to have a credit score then we need the government to run it. That kind of cross corporation tool that facilitates commerce is what we used to call a public good.
But we're so deep down the, "must let rich people make themselves richer" hole that we can't even see it.
This is incorrect, of course. Anyone reading this thread, please do not pay interest for nothing.
First, let me say this is not a defense of the credit score system which is unethical. I hate it too, but for the real reasons.
Credit score is not determined by the bank. Your lines of credit report to an agency which considers your utilization but not whether you pay interest. Credit agencies don’t care if banks profit, they are already making money by collecting your personal data and selling it.
I have never paid a cent of interest and do not have anything but credit cards on my file. My score is above 800. I hate to say it, but Lemmy has been consistently worse than Reddit for financial advice, and I’d suggest visiting the cRedit sub for accurate hate on the credit system.
Except they have different credit products for different things. Products specifically asked for by the banks. That's their interest. There's 3 credit companies and if one of them won't take the info into account then the other two will.
You won’t find a single source that indicates any of the big three agencies record interest paid.
Banks already know you’re going to pay interest with auto loans. The credit check is to make sure you pay it back.