Quote:
Originally Posted by fatoni
why would you need credit if you never need to borrow money? the only thing credit really matters for (having credit, not good vs bad credit) is unsecured loans which a person with that mentality would never need
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Unfortunately, a low credit score can affect some other things because companies have become brain-dead.
It can affect insurance rates.
It can affect the ability to get a job, even if your field has nothing to do with FInance or money.
There are other examples.
You can avoid this by having a credit score of Zero which is possible if you have no transactions for about 3 years. Then companies have to do more logical work.
You can get a mortgage with a zero credit rating, you just have to use the right broker that does it the old fashioned way with much more paperwork.
I have a very high credit rating but its only because of my mortgage. When that is paid off, I'll have to work to get my score to zero because I don't carry debt any longer other than my mortgage.