Advantages of Having No Credit Score

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cnblure
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Advantages of Having No Credit Score

Post by cnblure »

Hello everyone,
I read the forum daily, but almost never post. I am in the process of buying my first home. During this process I've learned I have no credit score. This is somewhat surprising to me. Despite never owning a credit card, I have a 3 year renting history (3 years of utilities and internet also) as well as a past student loan (paid off in four months). This has resulted in literally no score (verified by 3 potential mortgage lenders). I understand maybe not having a perfect score, but I thought I would at least have a score ranging from fair to good. Ultimately I did get approved by a lender. But people involved in the process have advised that I try to get a secured card or store card after closing in order to start building a score. Now I'm left wondering if having no score has any advantages.

The obvious ones are:

"Score" can't drop
Less damage due to identity theft

Are there any others?

I guess I'm looking for affirmation that having no credit score will not horribly impact my journey to financial independence. I'm well aware of all of the advantages of having a "good" credit score, but up until this point I have never been impacted by not having one. And in all honesty, an industry based around people over-extending themselves is not something I want to be a part of.

Thanks
retiredjg
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Re: Advantages of Having No Credit Score

Post by retiredjg »

cnblure wrote: Sun Aug 20, 2017 4:07 pm I guess I'm looking for affirmation that having no credit score will not horribly impact my journey to financial independence.
No, it will not impact your journey to financial independence......except when that intersects with needing to use credit...such as needing a mortage to buy a house.

The reason to have a good credit score is to show you can use credit responsibly. This is not the same thing as being financially responsible.

As you have found out, they don't care so much if you are financially responsible. They want to know if you have used credit responsibly. That is what a good credit score is all about. Paying your mortgage on time will set you up with a good credit score.

I see no benefit from having no credit score. Get a credit score, a good one. Then just don't use credit if you prefer not to. And freeze your credit if you are worried about identity theft.
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whodidntante
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Re: Advantages of Having No Credit Score

Post by whodidntante »

It's easier to list disadvantages to no credit score. The mortgage will establish a credit history as the majority of mortgage lenders report to the bureaus, and it would be easy enough to run a few dollars a year through a credit card. You can freeze your credit or use a credit monitoring service if fraud is concern.
runner3081
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Re: Advantages of Having No Credit Score

Post by runner3081 »

Car insurance may be higher.
bada bing
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Re: Advantages of Having No Credit Score

Post by bada bing »

Credit scores are used sometimes for lots of things besides qualifying for credit. Two big ones are vetting job applicants and prospective rental tenants. There are no benefits to not having a good credit score and some potential drawbacks.

A good credit score requires accounts reporting positively over time. There is no requirement to revolve debt or pay any interest. Here is a plan I use to maintain a perfect 850 FICO8:

1. Keep 2 credit card accounts open and have monthly autocharges on both. I have my utilities and cell plan autocharge. The cards have the balance pay in full every month automatically from my checking. The important parts are some regular monthly activity reporting and absolutely reliable payment history. You get no score boost at all for greater amounts charged nor for revolving a balance and paying interest. A pack of gum charged per month and paid off on time gets all the scoring benefit possible. You do need more than one account for maximum benefit. I do not carry the physical cards, but that is a security choice, not a scoring issue.

2. Open and fund a "shared secured" installment loan at a local credit union. This is a loan intended to generate a positive installment account reporting on your credit. You deposit into a savings account and then the credit union lends you your own money. All credit unions offer them but very few people use them.

It will take about 8 years of perfect payment history to get a perfect FICO8 but an adequately high score comes much sooner. There is no benefit to a FICO8 above 760. 760 qualifies for best tier. Anything above is easy given more time but is just for nerdy bragging.
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CABob
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Re: Advantages of Having No Credit Score

Post by CABob »

Now I'm left wondering if having no score has any advantages.

The obvious ones are:

"Score" can't drop
Less damage due to identity theft
I'm not sure that the fact that no score can't drop is an advantage. I'm also not sure that there is less of an impact from identity theft. Bottom line is that I can't think of any advantage to not having a score. Without a credit report there is no way to check to see if there is incorrect information in the report.
Bob
denovo
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Re: Advantages of Having No Credit Score

Post by denovo »

What was the term and apr on your loan
"Don't trust everything you read on the Internet"- Abraham Lincoln
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JMacDonald
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Re: Advantages of Having No Credit Score

Post by JMacDonald »

denovo wrote: Sun Aug 20, 2017 6:55 pm What was the term and apr on your loan
It is possible you ended up paying a higher interest rate due to no credit score. You mortgage will now start to build your credit if you pay on time.
Best Wishes, | Joe
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cnblure
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Re: Advantages of Having No Credit Score

Post by cnblure »

Thanks for the replies everyone. I have been offered 3.7% on a 15 year mortgage (40% down 60% lent). I'm borrowing <60K. I plan to try and pay it off in a year, so the rate isn't critical.

For the identity theft point, my intention was that it should be really hard for someone to get a loan under my name when I barely could (due to no score).

Have a great week.
retiredjg
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Re: Advantages of Having No Credit Score

Post by retiredjg »

cnblure wrote:...I have a 3 year renting history (3 years of utilities and internet also) as well as a past student loan (paid off in four months). This has resulted in literally no score (verified by 3 potential mortgage lenders).
Usually, these companies do not report to a credit agency unless something goes unpaid and goes to a collection agency. When this type of bill goes to collections, that is when the credit agencies will get involved. If this type of bill is paid on time, the credit agency never knows you even exist.

Ultimately I did get approved by a lender.
It is likely that your interest rate is higher than if you had a good credit history. You should find out. In a year or two, you might want to refinance your mortgage for a lower rate.

But people involved in the process have advised that I try to get a secured card or store card after closing in order to start building a score
They are suggesting you can improve your future interest rates by building a good credit history.

Now I'm left wondering if having no score has any advantages.
Probably not.
Goal33
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Re: Advantages of Having No Credit Score

Post by Goal33 »

Tbh I feel that it is your bad for being unrealistic. Maybe having no credit score doesn't actually reflect your ability to pay back a mortgage in your specific case but you should be aware that you are not a cash buyer for your home and you'll need to jump hoops to get what you want. Amazed they ultimately approved you.
denovo
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Re: Advantages of Having No Credit Score

Post by denovo »

cnblure wrote: Sun Aug 20, 2017 7:32 pm Thanks for the replies everyone. I have been offered 3.7% on a 15 year mortgage (40% down 60% lent). I'm borrowing <60K. I plan to try and pay it off in a year, so the rate isn't critical.
Prime rate on a 15 YR for someone with great credit is 2.875. If you had a credit score, you could have gotten a lower rate and not needed such a big down payment.
"Don't trust everything you read on the Internet"- Abraham Lincoln
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Hyperborea
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Re: Advantages of Having No Credit Score

Post by Hyperborea »

Another issue that my affect you with no credit is being able to rent a car or buy one with one of the low/no rate deals that often come along.
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Rupert
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Re: Advantages of Having No Credit Score

Post by Rupert »

cnblure wrote: Sun Aug 20, 2017 7:32 pm Thanks for the replies everyone. I have been offered 3.7% on a 15 year mortgage (40% down 60% lent). I'm borrowing <60K. I plan to try and pay it off in a year, so the rate isn't critical.

For the identity theft point, my intention was that it should be really hard for someone to get a loan under my name when I barely could (due to no score).

Have a great week.
People don't usually apply for mortgages in someone else's name. That would require deeding their house to someone else, wouldn't it? The real risk is in someone getting a credit card or opening an account, e.g., a cellphone service account, in your name. That's much easier than getting a mortgage.
JGoneRiding
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Re: Advantages of Having No Credit Score

Post by JGoneRiding »

I believe it is Dave Ramesy that says your score should either be high or zero. zero implies you arent using credit, that is ok if you are never going to
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goingup
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Re: Advantages of Having No Credit Score

Post by goingup »

I can't think of any advantages beyond not having your credit profile viewed, solicited to, and possibly compromised. It means you get fewer phone calls, emails, and direct mail than the average person.

If this is how you like to live, then you should do it. Personally, I like having a good credit score and enjoy the convenience of credit cards, but I can appreciate the rationale for wanting to live more "off the grid". It does seem as though this independence may make living in a credit-driven world more complicated and a bit more expensive for you.
retiredjg
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Re: Advantages of Having No Credit Score

Post by retiredjg »

If this is how you like to live, then you should do it.
However, it is probably too late for that now.

With a mortgage, your name will be sold to lots of people who want to sell you stuff. And your tax bill is public information so you might get on mailing lists from that as well. And the list goes on an on.

It's aggravating. Shred and recycle is the only answer.
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BL
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Re: Advantages of Having No Credit Score

Post by BL »

The reason we got a credit card many years ago had to do with being able to rent a car. That would still be a factor.

It might be difficult to get a motel room without a credit card; I have heard that insurance and renting uses credit ratings as well.
You can still pay cash or check for most bills. I don't believe checking accounts are safer than credit cards.

Perhaps your bank would be able to issue you a credit card, secured if necessary. I would definitely wait until your mortgage is completed first.
michaeljc70
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

No, it don't see how it is an advantage at all. In fact, since you are getting a mortgage having no score isn't even an option. I would diversify to improve my score and get at least one credit card that I pay off every month.
PFInterest
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Re: Advantages of Having No Credit Score

Post by PFInterest »

Horribly? No. But it's not going to make it easier.
takeshi
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Re: Advantages of Having No Credit Score

Post by takeshi »

cnblure wrote: Sun Aug 20, 2017 4:07 pm Now I'm left wondering if having no score has any advantages.
No real advantages. It can be a hassle to not have established credit but one can work around it if desired.
cnblure wrote: Sun Aug 20, 2017 4:07 pm Less damage due to identity theft
The damage isn't any less. Negative items are still negative items and will still hold you down. If you had negative items to deal with due to identity theft you would have had much more trouble getting your mortgage. Your lack of score would not necessarily have prevented ID theft on its own.
cnblure wrote: Sun Aug 20, 2017 7:32 pm For the identity theft point, my intention was that it should be really hard for someone to get a loan under my name when I barely could (due to no score).
Don't rely on that assumption. Mortgages fall under much stricter scrutiny than credit cards, for example. Difficulty in getting a mortgage is not indicative of the difficulty of other forms of identity theft.
cnblure wrote: Sun Aug 20, 2017 4:07 pm I guess I'm looking for affirmation that having no credit score will not horribly impact my journey to financial independence. I'm well aware of all of the advantages of having a "good" credit score, but up until this point I have never been impacted by not having one. And in all honesty, an industry based around people over-extending themselves is not something I want to be a part of.
You don't have to overextend yourself to build credit with credit cards. You should not over extend yourself, actually. Installments (e.g. student loans, car loans, mortgages), however, do require incurring debt. You might want to read up a bit more in credit based on your conflation of credit and debt.

As for impact on your journey, you needed to finance your education and home. Will you need to finance anything else or will you be paying cash for everything from here on out? Do you have any other needs that involve credit based assessments like employment, insurance, etc?
cnblure wrote: Sun Aug 20, 2017 4:07 pm I have a 3 year renting history (3 years of utilities and internet also) as well as a past student loan (paid off in four months).
Utilities and internet are not credit though newer scoring models (which are not widely in use yet) are supposed to consider them. A student loan, on the other hand, is certainly credit but if you paid off your student it is no longer an active account. You have to have at least 6 months of recently active credit for most scoring models.
cnblure wrote: Sun Aug 20, 2017 4:07 pm Despite never owning a credit card
Picking nits but you don't own credit cards. You are just authorized to use them.


Ultimately you have to look at your plans and see if they require credit. Your no score days are over while you have a mortgage.
Last edited by takeshi on Mon Aug 21, 2017 2:39 pm, edited 8 times in total.
LEB1230
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Re: Advantages of Having No Credit Score

Post by LEB1230 »

I'd say the biggest advantage is it means your debt free.

You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.

Might I miss out on a 0% deal on a new car? Nope, we don't buy new cars so that does not affect us. Save up and pay cash for a 2-4 year old used car.

You've proven you don't need a credit score to get a mortgage.

I guess I'm not like the others in this thread as I don't see the need for a credit score.
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Re: Advantages of Having No Credit Score

Post by takeshi »

LEB1230 wrote: Mon Aug 21, 2017 2:27 pm You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.
You don't need a credit card for car rentals, hotels, etc but it can be more hassle and risk than it is with a credit card. Whether or not the hassle and risk are concerns are for the individual to determine. It's worth it to use credit cards for these to me. Obviously, YMMV.
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Re: Advantages of Having No Credit Score

Post by retiredjg »

LEB1230[/quote wrote: I guess I'm not like the others in this thread as I don't see the need for a credit score.
Perhaps you are not aware that people with higher credit scores get lower car insurance rates? Lower Mortgage rates? Lower homeowner's insurance rates? The list goes on. These are benefits for having a higher score. Not sure there is a benefit to having no score.
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SmileyFace
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Re: Advantages of Having No Credit Score

Post by SmileyFace »

Bottom line: No real advantages but many disadvantages.
Some of these are summarized above but:
The big disadvantage I see if you don't have a credit score it means you don't use a credit card and are missing out on thousands per year in cash-back rewards or points that can be used for travel, etc. I use a credit card for everything I can (wherever I don't get charged a fee) and make thousands a year in cash-back rewards - I don't know why so many people like to turn away free money.

For you, OP, your no-credit-score days will be over since you will now have the mortgage.
michaeljc70
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

LEB1230 wrote: Mon Aug 21, 2017 2:27 pm I'd say the biggest advantage is it means your debt free.

You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.

Might I miss out on a 0% deal on a new car? Nope, we don't buy new cars so that does not affect us. Save up and pay cash for a 2-4 year old used car.

You've proven you don't need a credit score to get a mortgage.

I guess I'm not like the others in this thread as I don't see the need for a credit score.
You can have a credit score and be debt free.

You cannot always rent a car with a debit card. Some rent them conditionally. Some require a credit check. Some will put a hold on your checking account for a certain dollar amount.

I am not sure what the issue is with having one credit card unless you have no self control and cannot keep yourself from going crazy. Only charge what you can afford to pay off each month.
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Re: Advantages of Having No Credit Score

Post by LEB1230 »

michaeljc70 wrote: Mon Aug 21, 2017 2:44 pm
You can have a credit score and be debt free.
No you cannot. You have to use some form of credit (debt) to maintain a credit score. Even if your using a credit card and paying it off every month that is a form of debt.
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

LEB1230 wrote: Mon Aug 21, 2017 2:51 pm
michaeljc70 wrote: Mon Aug 21, 2017 2:44 pm
You can have a credit score and be debt free.
No you cannot. You have to use some form of credit (debt) to maintain a credit score. Even if your using a credit card and paying it off every month that is a form of debt.
If you pay off all your debt, your credit score doesn't suddenly disappear. It would take many years and probably still would not go away until everything fell off your file.
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Re: Advantages of Having No Credit Score

Post by LEB1230 »

michaeljc70 wrote: Mon Aug 21, 2017 2:54 pm
If you pay off all your debt, your credit score doesn't suddenly disappear. It would take many years and probably still would not go away until everything fell off your file.
It takes about 6 months from the time you pay off your last debt to have no credit score.
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

LEB1230 wrote: Mon Aug 21, 2017 2:51 pm
michaeljc70 wrote: Mon Aug 21, 2017 2:44 pm
You can have a credit score and be debt free.
No you cannot. You have to use some form of credit (debt) to maintain a credit score. Even if your using a credit card and paying it off every month that is a form of debt.
Do you prepay your gas, electric, water bill, etc? If not, then you technically have debt.
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Re: Advantages of Having No Credit Score

Post by LEB1230 »

michaeljc70 wrote: Mon Aug 21, 2017 3:04 pm Do you prepay your gas, electric, water bill, etc? If not, then you technically have debt.
Since they hold a deposit, I'd say I've technically prepaid for those services.

PS. Your the one that said you could be debt free and have a credit score, not me.
michaeljc70
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

LEB1230 wrote: Mon Aug 21, 2017 3:56 pm
michaeljc70 wrote: Mon Aug 21, 2017 3:04 pm Do you prepay your gas, electric, water bill, etc? If not, then you technically have debt.
Since they hold a deposit, I'd say I've technically prepaid for those services.

PS. Your the one that said you could be debt free and have a credit score, not me.
1) I have none of those bills with a deposit. Usually utilities only make you give a deposit if you have bad/no credit.
2) You could send a check to the credit card company before making a purchase and then you don't have debt.
3) What I said was correct. You yourself even said it takes 6 months for you to have no score after having no debt (which I question the shortness since things stay on your credit report generally for 7 years). That means 6 months (using your figure) of a credit score and no debt.
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Re: Advantages of Having No Credit Score

Post by bayview »

LEB1230 wrote: Mon Aug 21, 2017 2:51 pm
michaeljc70 wrote: Mon Aug 21, 2017 2:44 pm
You can have a credit score and be debt free.
No you cannot. You have to use some form of credit (debt) to maintain a credit score. Even if your using a credit card and paying it off every month that is a form of debt.
You can use a credit card and pay it off the moment it posts. So
OK, I suppose you are in debt for 24 hours or so, if you want to be nit-picky. That's like saying that my employer is in debt to me from the Sunday when the pay period ends until payday 5 days later.

Unless there is a good indication that someone would be undisciplined with their credit, I find this a ridiculous, Ramsey-like argument.

Use a card to put gas in the tank. Kind of unlikely that one would go on a gasoline spree.
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Re: Advantages of Having No Credit Score

Post by H-Town »

cnblure wrote: Sun Aug 20, 2017 4:07 pm Hello everyone,
I read the forum daily, but almost never post. I am in the process of buying my first home. During this process I've learned I have no credit score. This is somewhat surprising to me. Despite never owning a credit card, I have a 3 year renting history (3 years of utilities and internet also) as well as a past student loan (paid off in four months). This has resulted in literally no score (verified by 3 potential mortgage lenders). I understand maybe not having a perfect score, but I thought I would at least have a score ranging from fair to good.
How do you not having a credit score? Have you independently pull your credit report and verify? Make sure you have your full name, SSN, and addresses correctly.
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celia
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Re: Advantages of Having No Credit Score

Post by celia »

Advantages of not having a credit score:

* If someone asks you to co-sign on a loan, you can tell them the lender won't approve you since you don't have a credit score.
* If you lose your wallet or it is stolen, the thief will have a hard time having you pay for their purchase.
* Your wallet is thinner since you don't carry any credit cards.
* You can't leave your credit card behind at a store.
* You don't have to pay any credit card bills (but you also don't get any credit card points for freebies).
* You won't have a BAD credit score!
* No need for you to check on your credit score every year or so.
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Re: Advantages of Having No Credit Score

Post by TropikThunder »

LEB1230 wrote: Mon Aug 21, 2017 2:27 pm You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.
Debit cards don't provide rental car coverage like many credit cards do. Did you pay for the rental-counter LDW coverage?
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Re: Advantages of Having No Credit Score

Post by TropikThunder »

LEB1230 wrote: Mon Aug 21, 2017 2:57 pm It takes about 6 months from the time you pay off your last debt to have no credit score.
That's flat-out untrue. While negative credit file entries last 7 years, positive trade lines that have been paid off (like a car loan) can remain on your credit file for up to 10 years, providing a positive credit score effect the entire time. Revolving accounts (like credit cards) remain indefinitely if the account is open, even if the reported balance is zero. It's true that a paid-off (closed) loan provides less score benefit over time, but to say it has no effect after 6 months is just not correct.
https://www.nerdwallet.com/blog/finance ... -accounts/
LEB1230
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Re: Advantages of Having No Credit Score

Post by LEB1230 »

TropikThunder wrote: Mon Aug 21, 2017 6:56 pm
LEB1230 wrote: Mon Aug 21, 2017 2:27 pm You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.
Debit cards don't provide rental car coverage like many credit cards do. Did you pay for the rental-counter LDW coverage?
No LDW coverage. Our car insurance carries over and covers a rental car should something happen. I confirmed this before we left on our trip.
SimonJester
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Re: Advantages of Having No Credit Score

Post by SimonJester »

TropikThunder wrote: Mon Aug 21, 2017 7:09 pm
LEB1230 wrote: Mon Aug 21, 2017 2:57 pm It takes about 6 months from the time you pay off your last debt to have no credit score.
That's flat-out untrue. While negative credit file entries last 7 years, positive trade lines that have been paid off (like a car loan) can remain on your credit file for up to 10 years, providing a positive credit score effect the entire time. Revolving accounts (like credit cards) remain indefinitely if the account is open, even if the reported balance is zero. It's true that a paid-off (closed) loan provides less score benefit over time, but to say it has no effect after 6 months is just not correct.
https://www.nerdwallet.com/blog/finance ... -accounts/
I dont know about 10 years but I had no score in a year or two after paying off the mortgage and having no other lines of credit. It took 3 months after opening a credit line for my score to come back.

ID theft can happen and is just as bad with no score as a bad score. It happened to my wife and she had / has no score.

I have experienced debit card fraud and was blown away at just how fast they can drain your account (minutes) and just how long the bank legally has to put that money back in your account (10 business days AFTER the transactions post).
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
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Re: Advantages of Having No Credit Score

Post by Katietsu »

To the OP, you will now have a credit score since you now have a mortgage. Your score will no longer be zero. But with just a mortgage and no history, your score could be mediocre.

Therefore, I would agree that getting a couple of credit cards could be somewhat helpful. As previous posts have mentioned, you may enjoy the credit score boost by just using each card once or twice a year for a small purchase.
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Re: Advantages of Having No Credit Score

Post by TheHouse7 »

LEB1230 wrote: Mon Aug 21, 2017 2:27 pm I'd say the biggest advantage is it means your debt free.

You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.

Might I miss out on a 0% deal on a new car? Nope, we don't buy new cars so that does not affect us. Save up and pay cash for a 2-4 year old used car.

You've proven you don't need a credit score to get a mortgage.

I guess I'm not like the others in this thread as I don't see the need for a credit score.
+1 :sharebeer
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michaeljc70
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Re: Advantages of Having No Credit Score

Post by michaeljc70 »

celia wrote: Mon Aug 21, 2017 5:35 pm Advantages of not having a credit score:

* If someone asks you to co-sign on a loan, you can tell them the lender won't approve you since you don't have a credit score. Say no. Simple.
* If you lose your wallet or it is stolen, the thief will have a hard time having you pay for their purchase. Not if you have cash in your wallet which you presumbly need if you don't have credit cards. Credit/debit cards have protections. Cash doesn't.
* Your wallet is thinner since you don't carry any credit cards. You don't need to carry credit cards to have a credit score.
* You can't leave your credit card behind at a store. Same as above.
* You don't have to pay any credit card bills (but you also don't get any credit card points for freebies). You can have them auto-pay from your checking account like I do.
* You won't have a BAD credit score! Pay on time and you won't!
* No need for you to check on your credit score every year or so. Your identity can be stolen whether you have a credit score or not.
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Hyperborea
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Joined: Sat Apr 15, 2017 10:31 am
Location: Japan

Re: Advantages of Having No Credit Score

Post by Hyperborea »

LEB1230 wrote: Mon Aug 21, 2017 2:27 pm I'd say the biggest advantage is it means your debt free.

You don't need a credit card to rent a car. I rented one in June and used a debit card with no hassle.

Might I miss out on a 0% deal on a new car? Nope, we don't buy new cars so that does not affect us. Save up and pay cash for a 2-4 year old used car.

You've proven you don't need a credit score to get a mortgage.

I guess I'm not like the others in this thread as I don't see the need for a credit score.
Sure, you can do a bunch of those things without a credit card and no credit score but it's a party trick. It brings you no benefit and is harder. It's like showing how you can drink a pint of beer without using your hands. Yes, it can be done but why bother?

The credit card used well has many advantages many of which have been pointed out: rental car coverage (better than using my insurance since if there's an accident I don't have it recorded against my insurance); not having to carry large amounts of cash; rebate points (you are paying for these whether you collect them or not since all merchants mark up to pay for them); purchase insurance; being able to have the credit card involved with merchant disputes; easier to deal with incorrect or fraudulent charges than with a debit card; and on. The credit rating is used for many things beyond credit (whether you like it or not it's a fact of life). It's used for insurance risk ratings, landlords for choosing tenants, a number of employers use it, and on.

I have a very good credit score and no debt that I don't want to carry and couldn't pay off at my choosing. So, having a credit score doesn't mean that one is beholden to debt. I guess for some doing it without a credit card and no credit rating is some type of economic martyrdom. Why stop there though? Why use banks, paper money, and the stock market?
It’s hard to win an argument with a smart person, it's damn near impossible to win an argument with a stupid person. - Bill Murray
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