This is probably due to the fact that credit reports now often include any criminal record
Just a guess
Man I can recall when you didn’t need credit report to rent an apt
Now you may need it just to rent a car or hotel room if you only have a debit card
I detest how credit reports are compiled
I personally have paid six figures thru business my commercial mortgages always on time and never got credit for that
Yet the 35-50 routine credit enquirers annually cost 40-60 points for a time which means I’ll never have super high credit self employed with numerous commercial mortgages which are credit checked annually despite my stellar payoff record since the 80s
And when wifey mistakenly paid home mortgage from an overdraft account which is auto rejected by Chase, they didn’t notify us till the next mortgage statement at which time you’re officially late
My credit which affects substantial business debt was hit from 740-630....630 fair/good.....not good for me
Six months later I’m 690-700
But you get warnings constantly about credit balance and whatnot
There has to be a better way
One way is making the agencies more responsive
My daughter has a credit score of zero.
She owes us a little bit but obviously that’s not subject o reporting.
She has an associates degree, is finishing her bachelors online. Has lived in Europe for a year, works full time and drives a modest car. She has never taken out a loan.
A few weeks ago, she applied for an apartment lease and had to fill out a credit application. She was all set to explain that she’s never had a loan and thus has no credit score.
They never asked and called the next day to see when she could move in. I think someone in their mid 20’s with a zero score isn’t a good risk, she’s a great risk.
I think only one of my kids has ever taken out any loans. He had some student loans and recently graduated as an Aerospace engineer. He plans to be paid off in about a year.
I was just talking with a friend of his who is almost done with his undergrad in Psychology, knows he won’t get a job in his field and plans to go even deeper in the hole for a Masters. He was completely oblivious to the lifelong decision to be in debt with no clear path to employment.
Never ever get a Chase card. Evil criminals. Hubby brought one in to our marriage and spent forever trying to get the balance to zero. Couldn’t. Paid it off every month but they had some bleepin’ policy that the couple weeks between them mailing the statement and when they credited the account (before the due date), interest accrued even with no new purchases. Never heard of such bs from any other card. Talked and talked to them but they could never resolve it. Finally, wrote them a larger check to cover any mysterious invisible and highly illegal (imo) interest and told them what they could do with their card.
Insurance companies now routinely check your credit rating before providing insurance. IMO that should be illegal. If I have the money up front to pay for insurance, and a good driving record, which can be proven from state motor vehicle records, my credit rating is none of their business, period.
Have been self employed for a good part of life.
Have found that paying everything a month early has helped keep my CR at its usual sterling 825- to 835.
And no one pays or mails my bills except me.
when the mails have not worked, I call the creditor and they look at my payment history and back out any credit ding.
FWIW.