3 ms·

this is the best advice ever. Staying debt free is critical to amassing wealth. I wish I would have received this advice sooner in life.

jeremyt 11y ago
Worst advice ever. A credit score is not just for getting a mortgage or a car loan. When I lived in New York, I had to have an acceptable credit score to get an apartment in most places. Not to mention, when I signed up for a Verizon account under an LLC that I have with my dad, we were forced to put down an $800 per phone deposit because the company had no credit history. Same with utilities. When I was starting a company, the bank wanted to check my credit score to decide whether I was going to get a checking account or not. This has happened twice, once with my previous company and a merchant account for credit cards. I haven't ever personally, but I've also talked to people who check credit scores as part of employment evaluation. Also, having a higher credit score gets you a better interest rate if you do need a loan, which can be worth a whole lot of money. You have every right to make the choice to live without credit, but I would have a hard time arguing that it's the smart play.
- abfan1127 11y ago
  having done all of those, it was without a credit score.
up_and_up 11y ago
Actually building and attaining good credit is a valuable asset in its own right. Building wealth is more than refusing to play the game and putting money in a shoebox. Be disciplined and use various financial vehicles for your advantage. No credit == Bad credit. This equates to you being seen as more risky which equals you paying more interest for any loan in the future. Having good credit also afford you more opportunities. I only know b/c I avoided holding a CC and loans for years until it started to hurt. Now I use them with discipline and for my advantage and am 810+
- abfan1127 11y ago
  Like I said, I'm not interested in taking loans, regardless of interest rate, as the risk associated with such aren't worth it for me. I've seen what debt does. Its like a drug. Look at all of the comments and they all sound like drug abusers. "Use it responsibly" or "I can handle it". You are welcome to borrow, I'm taking my ball and going home. I won't ever borrow again. If I can't pay cash, I can't afford it.
__z 11y ago
There is nothing bad or irresponsible about using some credit responsibility.

jeremyt 11y ago

Worst advice ever. A credit score is not just for getting a mortgage or a car loan. When I lived in New York, I had to have an acceptable credit score to get an apartment in most places. Not to mention, when I signed up for a Verizon account under an LLC that I have with my dad, we were forced to put down an $800 per phone deposit because the company had no credit history. Same with utilities. When I was starting a company, the bank wanted to check my credit score to decide whether I was going to get a checking account or not. This has happened twice, once with my previous company and a merchant account for credit cards. I haven't ever personally, but I've also talked to people who check credit scores as part of employment evaluation. Also, having a higher credit score gets you a better interest rate if you do need a loan, which can be worth a whole lot of money. You have every right to make the choice to live without credit, but I would have a hard time arguing that it's the smart play.

abfan1127 11y ago
having done all of those, it was without a credit score.

up_and_up 11y ago

Actually building and attaining good credit is a valuable asset in its own right. Building wealth is more than refusing to play the game and putting money in a shoebox. Be disciplined and use various financial vehicles for your advantage. No credit == Bad credit. This equates to you being seen as more risky which equals you paying more interest for any loan in the future. Having good credit also afford you more opportunities. I only know b/c I avoided holding a CC and loans for years until it started to hurt. Now I use them with discipline and for my advantage and am 810+

abfan1127 11y ago
Like I said, I'm not interested in taking loans, regardless of interest rate, as the risk associated with such aren't worth it for me. I've seen what debt does. Its like a drug. Look at all of the comments and they all sound like drug abusers. "Use it responsibly" or "I can handle it". You are welcome to borrow, I'm taking my ball and going home. I won't ever borrow again. If I can't pay cash, I can't afford it.

__z 11y ago

There is nothing bad or irresponsible about using some credit responsibility.