What is "Credit"?

The definition of credit began as a honour system. To be credible means you can be trusted. Your word was your guarantee and deals are made on a handshake.

I'm not sure at what point credit became all about money. How much you have, and how much you owe. Your character does not come into play at all when discussing credit. A Credit Report contains items such as your account number, account total, account balances and nothing of who you are beside a name and a serial number.

Why is that?

If a person has a low credit score, does it make him a bad father? Does it mean that he beats his children? Does it make him a liar and a thief?

It doesn't. A credit score does not describe a person at all. So why is it that we use it as a basis for deciding whether he is trustworthy, or rather, credible?

I am a recent graduation from UBC. I studied Electrical Engineering and after graduation have worked at Vancity for the past 3 years. My parents are from China and despite all the stereotypes of Chinese parents paying for my education, they didn't. I managed all my tuition and textbooks on my own. As such, I've racked up quite a Student Loan Debt. Unfortunately for me, the economy crashed in 2008 resulting in no jobs. I'm lucky that I was able to find work at all... although at a severely reduced salary.

Since then, even though I work at a Credit Union, I have not been able to obtain "credit". I was barely able to open an account so I can deposit my pay cheques. I was told that my debt was too high and therefore I had no credit.

Really? That struck me as incredibly strange. I have never caused anyone harm. I have never made a promise that I did not keep and I have never scammed anyone out of anything. So why is that I am not credible?

It happens that I went to school, I invested in myself and my future. It was not my fault it takes $300/credit and I must have 84 credits to graduate. It was not my fault that parents did not immigrate with a truck load of money to be able to pay for school and buy me a shiny Mercedes as graduation present. So why am I the one being punished?

I am by no means "have it hard". I have a job, I can afford to buy groceries and pay rent. So I'm a lot better off than a lot of people. Still, if I'm having this much issue obtaining credit. How will some of these people in Downtown East Side ever get out of their situation?