Alt text: Screenshot of a receipt showing payment over time of a $1.50 hotdog in four equal installments of $0.375 spread out every other week.
Alt text: Screenshot of a receipt showing payment over time of a $1.50 hotdog in four equal installments of $0.375 spread out every other week.
Pay in 4 is usually zero interest, but they’ll stack heavy late fees if you miss it.
“why can’t we get a mortgage?”
“Well I bought a hot dog on a payment plan for a laugh, and I defaulted on a 38 cent payment”
“oh no”
Conversely, you can’t have a house, you have no credit.
Fine I just paid off a 1.50 loan for a hot dog.
Ok, now you can borrow 500k because you proved yourself responsible with $1.50
Reality isn’t too far off, back in the day I couldn’t get a loan because I had zero credit history, but then could get a mortgage after a few months of getting a credit card with like a 500 dollar credit limit.
Back in the day, one could get a credit history by being listed as an authorized user on someone elses card. One never needed physical possession of the card, nor needed to use it.
Still possible with AmEx, if I’m not mistaken, and in some cases can backdate your AAoA.