Welcome to the Balanced FI Podcast, episode 28 - Do You Need a Credit Score While Debt-Free?
You CAN live without a credit score, once you’re debt-free… but life is a lot easier with a good credit score. A credit score is helpful for renting a home, establishing new utility services, applying for certain jobs, getting a mortgage, property insurance in some states, life insurance rates.
Using credit wisely and carefully can help you get and maintain a good credit score. There’s one important caveat here - don’t even attempt limited credit card use unless you are well accustomed to living without a credit card. You need to treat your credit card like a debit card.
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RESOURCES:
Read: Do You Need a Credit Score While Debt-Free?
Read: Financial Security Step 4: Calculate your Net Worth
Resource: sign up for the Frugal Year Challenge
SOURCES:
Source: Living Without a Credit Score
Source: Can You Buy a House With No Credit?3
Source: Dave Ramsey Says You Don’t Need a Credit Score. 5 Reasons That’s Nonsense
Source: What is a credit score?
Source: Getting Utility Services: Why Your Credit Matters
Source: What to Know About a Credit-Based Insurance Score
Source: When does debt fall off your credit report?
Source: Does your credit score affect your life insurance premiums?
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