Better credit scores will definitely net you a lower interest rate, though. Zero credit history is a major liability for lenders, so even small banks or credit unions with private investors will want some kind of benefit or incentive for taking on an increased risk of default.
The real fucked up part about credit scores is that it seems like it should be something the federal government regulates, but they don’t. For-profit companies do. And when they get hacked and expose all of your data so scammers can assume your identity for eternity, they can’t be held liable or responsible. All of that just so lenders can feel safer about who they give money to.
Better credit scores will definitely net you a lower interest rate, though. Zero credit history is a major liability for lenders, so even small banks or credit unions with private investors will want some kind of benefit or incentive for taking on an increased risk of default.
The real fucked up part about credit scores is that it seems like it should be something the federal government regulates, but they don’t. For-profit companies do. And when they get hacked and expose all of your data so scammers can assume your identity for eternity, they can’t be held liable or responsible. All of that just so lenders can feel safer about who they give money to.