Originally Posted by
SwampCollie
Thats how I roll myself.... but it is a two edged sword.
In order to earn credit, you can't just not have marks on your credit score... you have to show that you will make payments on time. If you haven't ever had to pay anything off.... then you have no credit at all... and sooner or later if you want to have anything in life... you are going to have to take out a loan... be it for a home, or property, or a boat or whatever. And if you just have $45,000 in cash sitting around or even just sitting in the bank... you are missing out on putting that money to work in CDs or other investments.
Actually you do not need credit to make a purchase, I have not used credit in 5 years. If you want to make a big purchase like 350,000 for a house then they will do underwriting if you have not credit. they simply look at your debt to income ratio and your acct history with your bank. We have never had a prob. we just bought a 2009 Tahoe and when the lady ran my credit my score was low 500's because we dont use credit. Now, although we paid cash for it, they still offered to finance it because they saw that the reason for the low score was because of lack of use. I am not preaching on how to live your life but if you think about it, when you use credit, you are actually paying someone else to use money that you will have anyway.