this post was submitted on 16 Apr 2025
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Fun fact: boomers entered the workforce before credit scores existed. Credit scores were created in 1989, but people treat them like they were in the bible.
Do people want to go back to the system that was used before credit scores? Where the person serving the loan just made the choice based off if they thought you seemed trustworthy? Aka were a white man who went to the same church as them.
It's so cute you think that credit scores aren't racist.
https://www.cnbc.com/2022/10/11/how-structural-racism-plays-a-role-in-lowering-credit-scores.html
Every system is racist because every system is human and humans are flawed. Credit scores include systemic racism and banks making calls based on their gut is direct practiced racism. Systemic racism is much easier to slowly over time work out as long as you recognize it. But the only way to stop direct racism is to take at least some of the power away from individuals.
The systemic racism like the structural one in the argument can only be gotten rid of if you entirely removed the concepts of loans. The problem with that is it is impossible. The majority of the folks who have attempted to outlaw usury and loans entirely are not really looked back upon fondly in a historical sense.
OR, maybe we need to make a new system. It’s not just credit scores or total anarchy, have some imagination, fuck.
For example, maybe a system where paying your credit card off on time or consistently having enough cash to not even need a credit card means that your “score” goes up. If it is truly about being reliable then that’s a no brainer, and yet…
We also shouldn’t be needing so much in the way of loans anyway and we deal with that by forcing minimum wage increases. It’s insane how much people have to put on cards and how normal it is to barely manage a monthly payment on a 30-40 year mortgage. The US and Canada specifically demand that you own a car and the weather is often very hard on them, too, yet once again the prices go up and up and you have to hope for the best that you can afford the payments which hide their increases behind and extended term or only a few more dollars which adds up to thousands on the other end.