Quote:
Originally Posted by AcePlayerDeluxe
I think you are mistaking no credit for bad credit. They are not the same, not even remotely so. In fact no credit has a lot more in common with good credit. Anyone who has a blemish will be looked at, but they are in no way at a huge handicap that they can't overcome or find a loophole. My dad probably has the worst credit in the world, yet creditors are knocking on his door everyday to collect money and to let him know he is approved for a new loan. The idea that you need to be filthy rich is false. What you need to do is be smart with your money. Just so happens that the filthy rich are the guys who are the smartest when it comes to money.
Well, I am grinding now, else I would post a longer and more detailed response.
Few misconceptions in your post. First is that "no credit" is nowhere near the same as "good credit."
It may not be as bad as bad credit, but you won't be able to do much without credit history. There are workarounds of course, but in most cases you will be paying an arm and a leg in deposit, or have interest rate nearly as high as bad credit.
Forgot mortgages, even during the housing boom when lenders were practically giving money away with a signature, people with no credit are regarded the same as near sub-prime borrowers.
As for your dad, bad credit is like a magnet. If they think there is room for you to borrow more and pay higher interest, these credit sharks will come after you like raw meat.
There is a simple reason why it's easier for an 18 years old kid to get a credit card than a 30 years old man with zero credit history.
I am by no means a true expert, so I suggest you to do your own research.
Credit does makes life easier.