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Comment by Mandatum | Hacker News Reader

It is insanity that the US still works on a positive credit system. Literally every other developed country in the world has it the other way round, prove you have negative or bad credit with failed payments.

The US system is both inequitable and exploitative.

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> It is insanity that the US still works on X Literally every other developed country in the world has it the other way round, X

I think the attitude is known as American exceptionalism or naivete or ignorance. Take your pick.

Can I get a 1million Euro loan with no credit history?

Sure, if you can prove revenue, income or assets. Same process for someone with good credit in the US - except we don't shut the doors on people who haven't got a fucking credit card like some sort of racket.

Sure, if you can prove revenue, income or assets.

So basically after some sort of check of credit worthiness?

Of course, the banks don't just give a large loan without due diligence. The difference is that if you don't need both a "good credit report" and proof of income/assets/revenue, you just need the latter (obviously simplifying but your credit report is considered good as long as it's not bad, rather than bad until it's good).

I think what the OP was criticizing mostly is that we (Europeans in my case) don't have to build up a credit score, which has to be done artificially (if you are someone who gets X per month and spends X-Y). It's not a criticism of "some credit worthiness beign checked" but this weird notion that if you decide to route all your bills through your credit card you are suddenly credit worthy, whereas if you pay the exact same amount every month in cash, you are not. Which in turn means if you happen to move here you don't have to start working hard at just building this imaginary score.

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