this post was submitted on 25 Jul 2024
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A Boring Dystopia
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"Since I got my first credit card, I used it for all my purchases but paid it in full each month, building a good score — or so I thought. When I went for a car loan, I was denied because I was a 'thin file,' meaning I never paid any interest."
My friend just got denied a mortgage because of this bullshit. Like what the actual fuck!? You're a responsible borrower but you committed the ultimate sin of NOT PAYING THEM INTEREST!
... Like what the fuck?
Yes, it's a real thing. When I worked at a major bank the customers that would pay in full monthly on their cards were considered the "bad" customers. Those that paid only minimum and got hit with late fees were our "good" customers.
From their perspective, they make nothing off of people who don't pay interest or fees. Thus, it only makes sense that the "best" customers are the ones carrying a balance, because they're the ones who generate profits.
They still make a percentage of each transaction. But it sure isn't 18% interest
18? Ha, it’s closer to 30% for lots of us. They only loads it to the teens for people who aren’t carrying balances.