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gmfeds | Why do I need credit? |
I'm 36, Russian by nationality. 5 years ago I came to America with my family - a wife (she's an American), 3 kids and $3,000 (no worries, I'm legal, have a "green card"). I did not have ANY credit history. People kept telling me I HAVE to have it - can't do ANYTHING without credit history or score. What for?
1) I have 2 cars (a car and a van), which I saved cash for - no credit needed.
2) When I stay in hotels, rent cars, buy airline tickets or shop on line I use my debit card - no credit needed.
3) When I go to a store to buy food, clothes or just stuff I use my debit card - no credit needed.
4) When life happens and I need money for emergency, I use my debit card from my emergency fund, which I put cash into - no credit needed.
5) Yeah, the only debt I have is my house, which I was approved through manual underwriting, where they look at you as a person, not just as a # - I didn't have any credit at that time either.
So the question still remain - why do I need credit?
Additional Details
Hello - look at # 3 |
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gadfly
|
The better the credit you have, the better terms you will get on any loans. How are the terms on your home loan? Without a good credit history I would bet they are not that great. You also never know when you might need to get an emergency loan. What if you get in a car accident that surpasses your insurance cap. What if you or a family member needs some medical procedure that isnt covered under your health care plan?
No matter how good of insurance you have, one major accident can cause you to go over its limits no problem. Look at Christopher Reeves, he had the best insurance you could buy and he blew through it in no time.
What if you get into an unplanned legal issue,you never know how high the bills will be. Even if you are completely innocent you still will need good (expensive) lawyers to prove it in court. You will need a good credit history to come up with the funding up front.
You say when emergencies happen you just use your debit card. Trust me with a real emergency you are going to need more than you likely have saved.
People who use credit wisely understand there are real emergencies that insurance or no amount of preplanning could avoid. At that time you need to have a preestablished credit history to come up with the funding to take care of the issues.
Also I hope you have saved the entire amount saved up for all of your kids college educations. |
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bkstar
 |
Most people should live like you and learn lessons from you. A lot of people use credit in appropriately (to live on) and, then, get in trouble later. Sounds like you live within your means and you may not need credit. Anything unexpected that you need credit for, in the future, you should be able to get because you have a savings and an established credit line: your mortgage. We would be better off if most people managed their finances and budget, like you do. |
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heybulldog
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The banks want you to believe you need credit for everything. The only thing you might have to have credit for is a mortgage.
Everybody says you need credit in todays world. What makes today so different from yesterday?
Save your money and pay cash. You pay cash you dont pay interest. Dont buy things you can afford. As simple as that.
credit card companies brainwash people into thinking they need credit. |
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butterfly
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I don't see why you need credit either if you already have a house and 2 cars,Usually people want to build credit so they can purchase these things, or if you need a loan for home improvement or college. So in your case you have built up credit and collateral. And I say you actually did it the smart way of obtaining a house and 2 cars. All the power to you!! |
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genarodj
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you need credit for when the russian mafia stops giving you a cut. |
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Natty
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If you needed to do something "immediate" and did not have enough funds saved or privately able borrow at that moment - an emergency per say.
Having credit enables you to draw on this "account" with the option to pay back in installments or lump sum. |
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jeanniep
 |
you don't need credit if you pay Cash for everything, but what you might do is get a credit card and buy something and pay it off in full so you will have some credit on your self.
you should go to
www.daveramsey.com |
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doubledeuce44
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Technically, you don't really need credit. But, it comes in handy for any type of debt, which nearly all Americans will need to use at some point in their lives for home upgrades, vehicle purchases or other large capital purchases.
Remember also that credit cards come with many consumer protections for purchases, such as refund rights, and stop payments. Debit purchases give you very little protection- especially against fraud.
Credit isn't some tool of the devil, if you're smart about your purchases and pay off full balances every time. In fact, by doing the very same thing as you do on your debit cards, you can build up a very nice credit history for free.
Unless you hide your money under a mattress, chances are you will need some form of credit history, and at least 1 safety card. |
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Hello
 |
You need a credit history so you can purchase things. |
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mister ed
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you don"t but a word of advice on using your debit card at a hotel could tie up your whole account -- this happen to my brother once and most bankers will advice you to not use your debit card!!! i live just like you except i do have a discover card for car rental and hotels!!! |
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ANGEL Baby
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If you ever need financing to open or buy a business or to buy investment properties, you should establish a credit history now.
Since you seem to be very responsible, get a credit card from your bank and use it once or twice a year and pay it off. And get one gas company card. Use it all the time and pay it off each month.
Good credit is worth more than you realize. Often times employers and landlords review your credit as an evaluation of your character.
Happy credit building! |
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