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it does by the time your auto or home insurance company gets done with you if you have no or bad credit history.
good luck on some interviews for jobs and rentals too.
i would not rent to anyone who had no credit history.
i have been using credit cards for 30 years and never owed a penny interest as they are paid in full each month.
Funny, my Insurance is comparable to my contemporaries, and I've never had an issue with jobs OR rentals! (Someone who has never had to borrow money... I'd say they had less of a trouble managing money than the incessant borrowers!)
SO you keep up that perspective... Plenty of reasonable people out there for the rest of us.
interesting enough the credit report issue never came up until i looked into switching companies.. i have a score in the 800's so it didnt matter but they said they only take new customers over a certain score and the rate is adjusted by that score.
my last two companies run credit scores before hiring. the thinking is anyone who cant manage their finances may be pretty poor at managing anything else..
no credit history can be as bad as a bad history as my reaction is what are they trying to hide..
you can attempt life without a credit history but it gets tougher and tougher. you dont need debt you only need a history . today your credit score and birth certificate make up pretty much who you are .
OK so I am proud, started working on my score when i was 18 and now at 25 it's 780, hopefully it goes up when i finish paying off my car in 2 months. Then screw debt period, I don't want to be a slave anymore.
I don't buy anything on credit. Never have. Never will.
Credit (and by association, debt0 is not always bad. I realize that some religions frown on it, but seriously, it's how business works. If you ever want to START a business, or run a successful one, credit/debt will be part of your life.
Many businesses are now looking at your credit report as part of the hiring process, and as was said, many home/apartment rental places will look at that, as well. Just because one or two people here haven't seen it, doesn't mean it's not an important and very common part of life.
Get a credit card, buy something you can already afford, pay it off immediately. there, you have credit AND no actual debt. Credit and debt do NOT mean YOU are going to mismanage them. It's the mismanaging part that is bad, not the debt or credit itself.
Wonder why that's so hard for people to figure out or why (outside of some organized religion) it's so important to adamantly oppose.
Credit IS debt. Credit is money you don't have that someone else loans you or is willing to loan you.
Once you charge on that credit card you now have DEBT.
Credit is debt but few connect those dots.
When you spend someone else's money and have to pay them back..it is debt that you have.
debt you have it when obligations > assets (cash typically)
if i have $1,000 charged on my "credit" card, but i have $20,000 in the bank, i don't really have debt. unless i carry that balance forward. and certainly, having a $50,000 line of credit, does not mean i have $50,000 of debt.
i've been as high as 790. when i purchased my home a year ago, it dropped, so i'm currently at 744. having a mortgage and more obligations means i'm less attractive to lend to for now? it's steadily climbing back though with each monthly payment
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