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I think this is interesting. Sometimes I think about buying crypto but I'm too risk averse. Hopefully my risk averse tendencies will help my FICO scores.
https://www.stilt.com/blog/2021/02/crypto-growth-driven-by-low-fico-users/
I wish that article figured the age of the average crypto holder into the equation. I think crypto skews toward younger investors who probably haven't had a chance to build a strong credit profile yet.
@Anonymous wrote:I wish that article figured the age of the average crypto holder into the equation. I think crypto skews toward younger investors who probably haven't had a chance to build a strong credit profile yet.
I think one's score if they have a short but uneventful credit history is in the low 700s; there has to be actual negative activity on one's report (such as high utilization or missed payments) to get a score in the low 600s. That is, I would contend that these people, while young, have also made some credit mistakes already.
A bit scary that they are running analytics on Coinbase users credit scores..
1. Real crypto users/enthusiasts do not keep their balances on Coinbase.. That's for newbs and is a very bad decision..
2. Likely people let their cc balances run up in order to buy more Bitcoin..
Wish I would have maxed out all my cards to buy Bitcoin in early 2020..
Still wouldn't have kept my coin on Coinbase, even if that's where I bought it..
@Anonymous wrote:
Still wouldn't have kept my coin on Coinbase, even if that's where I bought it..
How do you move it off Coinbase?
Move it to an address you control your own keys to..
I like ledger hardware wallets or other cold storage options myself..
Google Bitcoin cold storage..
That is interesting CB is even allowed to see users' credit scores. Makes me wonder if they'll offer a credit card any time soon, like how Gemini is. Maybe a CB credit card would target "everyday" people instead of being like the crypto.com cards that potentially require you to stake money in the tens to hundreds of thousands
Coinbase offering a card to compete with Gemini will indeed be interesting. I do agree the crypto.com card is pretty crappy, but it does fit a need because anytime you "sell/spend" crypto, it is considered a taxable event.