I always assumed credit scores were an integral and historic part of the American financial system.
They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.
It takes one pretty big fucking mistake to crater years of effort. I understand it does happen, usually around homes and employment, to which I would agree we need protections. It’s not for small shit.
Missing a utilities payment by a month will do. Utility companies are often more limited than other services in how they can shut off your service (for good reasons), so they’re very unforgiving about hitting you in the credit score. It’ll stay on for 10 years, and will likely keep you below 700 for the duration even if you do everything else perfectly.
7 years is the limit for late payments. 10 years is for certain types of bankruptcies.
A single missed payment typically is a small ding and not effect your credit in a major way. Bankruptcy is going to in almost all cases multiple delinquency and debts. I don’t agree that bankruptcy will fuck your day up.
I’ve had several missed payments to utilities the most recent being 3 months late(dumb auto pay shit) and have zero marks and an 830.
My mother (dumb and irresponsible) had missed payments and none of those hit her scores either. I don’t believe this is wide spread from my personal experience and a quick Google doesn’t return anything promising so I’m not sure I can agree with that at all.