Comment by golergka
3 years ago
In some European countries, people don't have credit scores, but when they're applying for a mortgage, they also need a collateral which costs about the same as the house or apartment they're trying to buy.
I'd rather have credit scores, tbh.
[citation needed]; which countries? Obviously a 100% deposit is an exaggeration, and 5-10% more normal depending on the market, so what's the true deposit number?
That collateral is usually the house or apartment that your are trying to buy. You can use something else, if you want, but usually it is the thing you buy.
Yeah, and basically Americans can purchase so much more on credit, and Europeans complain they can't buy shit.
Yet somehow the mortgage and lending industry manages to exist in Europe despite lack of a credit score.