Why should I worry about my credit rating if we have zero debt and pay in cash for everything?

Question

What's the big deal ?

Answer 1

if you ever want to purchase a house, youre not just gonna pony up that kind of cash, you'll need good credit.  Also often times if you switch cell phone companies, they check your credit and could give you an extra deposit that ytou have to pay before they render services for you.  Also some car dealerships make their money off financing their vehicles to you and do not accept cash , you'll need good credit.

Answer 2

A credit rating is your report card of your past responsible behavior.  It is important to a prospective employer, many times a prospective spouse (or her father), a landlord, all creditors, insurance companies, and any potential business partners.

Large purchases, houses, investments, and autos are frequently financed.  Plan ahead and get your house in order.  Re-establish credit and pay promptly.  

Answer 3

Auto insurance companies use credit scoring to rate your auto policy.  Your premiums will be higher if your credit score is in the low range.

Also, a lot of employers will check your credit history and score prior to making an offer of employment.

And, cell phone companies and other vendors will often check your credit history and score before agreeing to a cell phone contract with new customers.

Finally, your credit history and score are used to determine whether you'll have to provide a deposit for new utility service.

Answer 4

You truly do not want much you need it for a house ,a nice car ,things that make life much easier come on i hope you do not really feel this way pay your bills monitor your credit trust me if you do not use it someone else will its called identity theft .

Answer 5

You should still check it, just to make sure nobody's stealing your identity.

But you're right, a FICO score only means you can borrow money at lower interest than some other fools. But you're no fool, you save up and pay cash.