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AmericanDream16

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Treated Like a Criminal For Poor Credit Score
Anyone else feel like the laws need to change in regards to credit score discrimination? I am so frustrated with the limitations on quality of life available to me because I am 41 year old woman with the credit file of an infant. I'm paying dearly to establish my credit (a car loan with the only company who would touch me - DriveTime at $431 a month, of which only about $130 pays down the principal) , but in the meantime, I am treated like a common criminal for lacking sufficient U.S. history. For example, I can't even get approval to rent an apartment I am more than financially qualified for, because, even though I have never been arrested, received a parking or speeding ticket, my credit score screams "CRIMINAL" to the gatekeepers. I am not an immigrant, but I am a dual citizen (American Born Abroad). I didn't move to the U.S or get a social security number until my thirties. There's never any field to explain why my credit score is as low as it is. I sometimes regret documenting my birthright, and wish I could just claim the ever excusable non-offense of being an "immigrant". Immigrants don't seem to have as many problems as Americans born Abroad when it comes these issues. My car loan, after 6 months of making every payment on time, has hardly even made a dent. I still fall into the "very poor" credit category. So, what's next? A secured card? One that will allow me to pay more upfront for the sake of proving I am not a criminal deadbeat? Looks like it's the only logical choice at this point - a choice I will begrudgingly make from start to finish. I feel like this whole credit scoring scheme in America is something that is taken way too far in regards to judging the content of a citizen's character.

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Let's ask yourself, which the two you are more likely to loan money to, Person A, whom you have known for 10 years and pay their bills on time, or Person B, whom you just met yesterday.

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Not saying person B is a deadbeat or a "criminal" and won't repay you, it's that you don't know that person's history, you have nothing to go on to gauge their risk. So instead of loan him all 5k at once? You might ease into it, you loan him 100 dollars first and see what he would do. 

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It's about perceived risk, you would agree those two persons should not be on the same level of risk, that's where the credit scores comes into play, it gives lenders quick way and somewhat uniformly to determine one's risk, but credit scores are not end all be all, what and why make your score as such matters as well, they pull your credit reports not scores only. Just because one have "very poor" scores doesn't automatically make it bad, in your case? You don't have much good or bad informations in your credit file to gauge your risk, so they going to proceed cautiously with you. We don't all start out with "excellent" scores, we need to build up our credit profiles/scores over time, that's if one so choose to, one can always pay cash for most of everything.

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keep in mind that whether you like it or not? We the consumers are asking lenders for money, it's their choice to loan you or not. Nothing personal really, after all, we are no more than just some number to them.

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Get a secured card, pay it off in full every month. In 6 months, apply for a credit card, pay it full every month and after 12 months you should see a big increase in your credit score. It's painful for everyone, we went through the same thing earlier in our lifetime so it doesn't mean we get in any better than you. Good luck and just tough it out.

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