I have no credit history because I am not playing their game. Normaly, if something is bad about you, then they can have you on a bad list.
There is no reason to use their credit services in order to keep you on a good list. They force you to make them money in order to receive their potential future services.
The most important part is to learn to live below your means. Most Americans problem is that they want something and they want it now. Often it is something they don't even really need.
When the time comes that they really need something, then they already used their credit and are now hopelessly stuck in debt. These same people then think they are entitled to help from the public or begging people who made the right decisions for help.
That's all well and good but really doesn't work when you need a car or a home or a job. They system requires you to play their credit game. Most people don't have the money to buy a car or house in cash. 99% of the population is forced to play the credit score game.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car. When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper.
Fix it up the next 2-3 years. Keep it or sell it and move up.
Yes, it can be done but it is not as convenient than to use "credit".
I see this every day, where people think they need credit for everyday things.
In order to be free, you need to be independent. Independence comes with personal sacrifices.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car.
Only true if your parents are wealthy enough to let you work and save money at a young age.
Used cars come from new cars. If everyone does this then there will be no used cars. It only works because people have credit to buy new cars.
Oh and btw the US govt requires a background check on any sale of a car from a dealership. And guess how they do the check? They run your credit.
When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper.
Down payment means you are borrowing money which requires credit. Again there are no fixer uppers without someone using credit.
The system doesn't even work this way. Walk into any dealer to buy a car in cash and they will still run your credit. Buy a home in cash and escrow is still going to run your credit. This is because counterfeiting is a thing. No one is going to let you take off worth a 5+ figure asset without knowing the money is good.
Any money transfer over $9,999 and guess what? You're credit is being run. By law it has to be reported to the govt and the easiest way to do that is run a credit report.
I don't think you actually know what you are talking about. Nothing works the way you seem to think it does.
I bought everything cash. Two houses and 2 cars.
Credit check my ass.
Once needed a lawn tractor. Had some other important project to put my monthly savings to .
They had one of these zero down and pay within a year deals.
Instead I made them a purchase offer:
40% down and monthly rate for 6 month with my pay stub as proof of income. No credit check. Local dealer agreed. If not him, one of the competition would have.
Young people with little assets are not the customers to buy new cars who can afford losing 10k by signing a purchase contract and pay interest at the same time.
I grew up "poor" and did everything without credit. No financial help from my parents to buy cars and homes.
If you run my credit, it will tell you:
No history, lol.
I don't think "credit" ruined the country.
Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc.
Trusting advice of people living off commissions ruined the country.
Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest?
Do you think the contractor building your home is working in your interest?
The commission people will try to sell you the most expensive things to maximize their commission.
The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to.
People need to understand contracts before they sign their money away.....
Trust ends when $ are involved.
I have no credit history because I am not playing their game. Normaly, if something is bad about you, then they can have you on a bad list. There is no reason to use their credit services in order to keep you on a good list. They force you to make them money in order to receive their potential future services. The most important part is to learn to live below your means. Most Americans problem is that they want something and they want it now. Often it is something they don't even really need. When the time comes that they really need something, then they already used their credit and are now hopelessly stuck in debt. These same people then think they are entitled to help from the public or begging people who made the right decisions for help.
That's all well and good but really doesn't work when you need a car or a home or a job. They system requires you to play their credit game. Most people don't have the money to buy a car or house in cash. 99% of the population is forced to play the credit score game.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car. When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper. Fix it up the next 2-3 years. Keep it or sell it and move up. Yes, it can be done but it is not as convenient than to use "credit". I see this every day, where people think they need credit for everyday things. In order to be free, you need to be independent. Independence comes with personal sacrifices.
Only true if your parents are wealthy enough to let you work and save money at a young age.
Used cars come from new cars. If everyone does this then there will be no used cars. It only works because people have credit to buy new cars.
Oh and btw the US govt requires a background check on any sale of a car from a dealership. And guess how they do the check? They run your credit.
Down payment means you are borrowing money which requires credit. Again there are no fixer uppers without someone using credit.
The system doesn't even work this way. Walk into any dealer to buy a car in cash and they will still run your credit. Buy a home in cash and escrow is still going to run your credit. This is because counterfeiting is a thing. No one is going to let you take off worth a 5+ figure asset without knowing the money is good.
Any money transfer over $9,999 and guess what? You're credit is being run. By law it has to be reported to the govt and the easiest way to do that is run a credit report.
I don't think you actually know what you are talking about. Nothing works the way you seem to think it does.
I bought everything cash. Two houses and 2 cars. Credit check my ass. Once needed a lawn tractor. Had some other important project to put my monthly savings to . They had one of these zero down and pay within a year deals. Instead I made them a purchase offer: 40% down and monthly rate for 6 month with my pay stub as proof of income. No credit check. Local dealer agreed. If not him, one of the competition would have. Young people with little assets are not the customers to buy new cars who can afford losing 10k by signing a purchase contract and pay interest at the same time. I grew up "poor" and did everything without credit. No financial help from my parents to buy cars and homes.
If you run my credit, it will tell you: No history, lol.
Dave Ramsey, is that you? Love your books man!
No, I am not Dave Ramsey,lol.
You just said you don't need a loan for a home because you can save for a down payment. What do you think a down payment is?
I don't think "credit" ruined the country. Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc. Trusting advice of people living off commissions ruined the country. Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest? Do you think the contractor building your home is working in your interest? The commission people will try to sell you the most expensive things to maximize their commission. The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to. People need to understand contracts before they sign their money away..... Trust ends when $ are involved.