Quote:
Originally Posted by Dadhawk
The error in your statement is "have to take on debt" because you don't have to do it. Its still a choice. A credit score is not something you have to have, although its hard to convince most persons otherwise.
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Of course....no one is making you have a credit rating. BUT, if you want to buy a car or rent an apartment or do any other sort of normal thing that involves credit, it's a pain in the ass without a good number, and the number comes from taking on debt and paying it off over time. Be smart about what debt you take on; take a out a small personal loan from your bank and repay it quickly. Repeat the process a few times, with increasing amounts. Get a credit card and keep a ~100 balance on it all the time, so the account stays active. Watch your rating improve, with almost no effort on your part.
Not having debt does not automatically mean you'll have a good credit rating.