isnt "building credit" only important if you want to be a slave?

It's only not important if you're naive.

didnt think BFI had as many sheeple as the rest of 2p2.

The importance of building credit really depends on where you live. In the States you need credit because your credit score is used for more than just granting credit. In places where that is not the case living without credit is certainly possible but unless you have a good reason to do so I don't see the point in not establishing a credit rating.

What's wrong with having 50K available if an opportunity presents itself - without actually needing to have 50K liquid?

And what's so sheeple about opening some credit lines and paying them off on time?

nothing

nothing

however, i avoid borrowing money as much as possible.


not saying ur wrong, but please list some uses of a good credit score (which i have) other than being granted more credit.

I don't live in the States so I could be wrong but I was under the impression that auto insurance rates as well as employment were impacted by a person's credit rating.

Some careers, especially in the government, require a credit check. Also, many rental properties will do a credit check. Also, unless you have millions sitting in the bank, there's always a possibility that you might need to borrow. I'm sure there are other good reasons, but I'm not going to bother thinking more about it.

I agree that building credit (in the sense of doing all kinds of bs to push your score to the very highest number) is kind of silly. I've heard of people borrowing money for a car loan just to "build credit." On the other hand, if you have no credit history at all, that's probably a problem.

You're coming ass as pretty laughishly incorrect in this thread.

There's nothing "sheeple" about building credit. And Henry's right, it's a pretty important thing in the US. Having a good score can help with things like an auto loan, mortgage, etc.

Having a bad score can hinder you from landing a job. I know that a friend of mine worked for the Secret Service and he said if you ever defaulted on government school loans you won't get the job.

In general, borrowing money is a bad thing, but there are very "good debts" that are worth it. School loans, mortgages, a car payment can all be "good debt" as long as you make the right decisions. You're sentiment just doesn't hold water if you use credit responsibly, which is what everyone in this thread has been saying.

please quote an incorrect statement i have made in this thread.


ty for your opinion.


yes, a credit score helps you borrow more at better rates.


ok


agree


there are "good debts" but we probably disagree on many of them.


my attitude is that the idea that we need to build credit is fed to us by the companies that issue the credit. i have never gone out of my way to build credit and i have never had a problem getting a credit card or a lease in the US.