A good or high credit score is only improtant if you borrow lots of money. You'll get the best interest rates with a high score. The thing is you. show more A good or high credit score is only improtant if you borrow lots of money. You'll get the best interest rates with a high score. The thing is you don't need a high score to make it in todays world, like banks want you to think.
The fico score, along with credit cards are designed by banks to get people into debt and keep them in debt.
If you pay as you go.
If you live on less money than you make.
You will have money and will not have to worship the almighty fico.
The only time that you might have to borrow money is for a home. You can do that without
a fico score. it's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates out there.
You do need a high fico score to go out and by a new car and get the lowest interest rates. If you Save up for a good cash car and not have any payments you can easily save up and emergency fund. That way you don't have to borrow money in the event of an emergency.
You'll never get ahead financially making payments.
If you have a 0 score from not borrowing money you can still get a job and an a partment and cheaper insurance. It's a bad score from borrowing money and not paying it back that gets people in trouble with this.
heybulldog · 8 years ago