Tuesday, November 12, 2013

No Credit Card, No House For You

Apparently, it is extreme to be out of debt these days.  At least according to this article:

So what happened? How could a person who was financially responsible and paying his bills on time just wake up one day with no credit score?

The culprit turned out to be his debit card. Waldron, eager to avoid debt, used his debit card to pay his bills and buy what he needed. He had never used credit cards.

The catch: no credit cards meant no credit.

Since Waldron applied for mortgage more than six months after he paid off his student loans, his credit score would not be generated, says myFico.com spokesman Anthony A Sprauve, because his “only activity in the last six months is using a debit card, and debit card usage is not reported to the credit bureaus.”

Waldron is not the only millennial who has hoped to make a go of it without a credit card. According to recent FICO study, in the last seven years the number of those 18-29-years-old living without a credit card increased by 9%, going from 7% in 2005 to 16% in 2012.

Ken Lin, CEO of Credit Karma, sees cases like Waldron's – called "thin files" within the financial industry – all the time.

“They are extremists. You can have a credit card and not carry interest. Pay them off in full. Otherwise, it becomes a bad situation when you want to buy a home. That’s when you get in trouble. No one will underwrite you.”

So apparently, not having a credit card means you are an extremist.  Having a low time preference means you are a bug, not normal, and insane.

This is just one more thing that my  generation will have to suffer through as a result of the selfish and self-righteous Baby Boom elite who presume to know what is best in life for all people.

Back in the 1960s, these assholes rose up and said they would fix the country and then the world.  And things have only gotten much, much worse.

On the other hand, they are encouraging people to get credit cards, to get into the back pocket of the banks, so they have become the world elite.  They own this mess as they suck up the costs of their own terrible lifestyle choices with the productive wealth created by the children they didn’t abort.

They’re parasites and they are demanding that we become slaves to the banks.  And people look at me with confusion and shock when I tell them that I refuse to take out a mortgage when I buy a house.  Hell, at this rate, I’ll have to put 100% down.