Current Events > Is there a reason to care about credit score if I don't take out loans?

(+) Yeah! (+)

I buy used cars in cash

My parents will cosign when I buy a home

I don't finance anything and have no debt

People seem really concerned about credit ratings, but is that because they consistently finance things?

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You won't need to care about your credit if you have your parents to take care fo you.

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Colorahdo posted...

My parents will cosign when I buy a home

mortgage interest rate will be determined by the person with the lowest credit score. so your parents cosigning wont help you. just because you pay cash for things now and dont take out loans doesn't mean you'll never need to in the future.

Why don't you have any credit?

You're missing out on free money (and no, I don't mean you're missing out of money from loans, I mean you're missing out on credit card cash back).
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There's really no reason to not work on your credit score and there's a ton of reason why you should work on it.
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The only scenario in which you shouldn't care is if you're already rich beyond belief. The richer you get, the less credit actually matters. But you should still care.

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It's simple to raise your credit score, though. You don't even have to pay any interest. Just get a credit card and pay it off each month.
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Master_Bass posted...

It's simple to raise your credit score, though. You don't even have to pay any interest. Just get a credit card and pay it off each month.

This.
That's basically what I do with the cards I have, and the reason I got cards in the first place was to build up a credit for when I need it.

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