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If one does not want credit cards, a car loan or a mortgage because they always pay cash they don't need a fico score
If one has a good payment history with past landlords and pays cash on time every month they do not need a fico score because they have no debt and a good history with the landlord
If one has their own business (like I do) one does not have to worry about working for someone else.
If one pays cash, has good history with their insurance company, no issues with tickets, pays on time and in full when it comes to the insurance premium they do not need a fico score.
Hence the reason I do not care about a fico score and more than likely never will.
Everything is paid in full the day it is purchased or it is not purchased.
No mortgage, no car payment, no boss, no problems with landlords, no problems with utilities, etc.
I agree. My score is in the high 700s to low 800s but I really don't care that much about it.
Fair Isaac (FICO) is used when you apply for a mortgage, car/house insurance, credit card, etc.. Any time your credit is checked for any reason (excluding a bank), FICO score is reduced. Lower scores mean instead of a car loan of 5% you might pay 8% or higher.
Fair Isaac (FICO) is used when you apply for a mortgage, car/house insurance, credit card, etc.. Any time your credit is checked for any reason (excluding a bank), FICO score is reduced. Lower scores mean instead of a car loan of 5% you might pay 8% or higher.
I assume most people in this thread already know that.
You really don't need a Fico score, especially when you make over a certain amount. Basically, you end up ''borrowing'' money to get a good score. Borrowing is always risky because it's not YOUR money. I'd rather be a billionaire with no credit score than a 30kionaire with an 800.
You really don't need a Fico score, especially when you make over a certain amount. Basically, you end up ''borrowing'' money to get a good score. Borrowing is always risky because it's not YOUR money. I'd rather be a billionaire with no credit score than a 30kionaire with an 800.
No need to be a billionaire, you only need enough to pay cash for everything big without forgoing retirement or emergency fund. In most areas of the country a modest house plus a modest car can be had for around $200,000. If you have that on top of retirement and emergency savings, then you don't need a credit score.
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