LogFAQs > #970775406

Peace___Frog posted...

I fully understand the point of credit scores. My biggest issue with them is how fickle they are and how they're designed and used.
I love financial risk theory more than most people here, I'd argue. But that doesn't mean I have to approve of the realities of the practices.

As it stands, older people with more wealth tend to benefit. Higher interest rates penalize people for the sole reason that they don't have decades of proving their wealth or worth.

I mean proven trustworthy people get better rates because they have a history of being trustworthy. What is the alternative? How trustworthy they look? I'm sure that would end well.

I can understand the annoyance but in practicality it is necessary. Sure it could be improved but I have seen no argument of how it could be improved in a meaningful way.