Forget Google - It's time to break up the payment processing duopoly of Visa and MasterCard

submitted by magnora7 from medium.com

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[–][deleted] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

I never used credit cards. I wanted to buy a house and had the cash in the bank for the down payment. I was told I couldn't because I had no credit score. Not that I had a bad credit score, just that I didn't have any at all, so I was told to get a credit card and make minor payments with it and pay them back right away for 3 months then I would be approved for a mortgage. Here I was thinking that having zero debt made me look good financially.

[–]teelo 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

Thats a weird one that seems to be unique to USA. I got my home loan without any credit history. All they cared about was that I didn't have any history of unpaid debts or bankruptcy. Maybe because thats all they're allowed to track publicly here, legally.