Why would you be better off? In the rest of the world you just have to provide proof of income and proof of savings and debt and banks can calculate how much they are willing to loan you for the purchase of a house.
Seems to work fine, and I don’t have to have pay interest on meaningless loans just to prove that I can.
The problem is that just having the income and savings doesn’t necessarily guarantee that you’ll be as good about paying back a loan as someone of your same income and savings.
That’s supposed to be where the credit score helps, but the current system is so shady that it basically just reads as the ol’ boys club system but asking pretty please to pretend there’s a formula and method being used.
Why would you be better off? In the rest of the world you just have to provide proof of income and proof of savings and debt and banks can calculate how much they are willing to loan you for the purchase of a house. Seems to work fine, and I don’t have to have pay interest on meaningless loans just to prove that I can.
The problem is that just having the income and savings doesn’t necessarily guarantee that you’ll be as good about paying back a loan as someone of your same income and savings.
That’s supposed to be where the credit score helps, but the current system is so shady that it basically just reads as the ol’ boys club system but asking pretty please to pretend there’s a formula and method being used.