3 Reasons Why You Don’t Need A Credit Score

So in this video, I’m going to give you 3 reasons why don’t need a credit score. I want to start this video by saying that my credit score is at 753, so I have a pretty good credit score, and I used mostly credit cards to get them, but I never paid any interest.

1. Can You Buy House / buying a car
– You’ll need to go a mortgage company with manual underwriting ( to check all the factors manually)
– Example You history Factors are going to be: Rent Record, Bills Record, Job Record and also how large is your down payments
– But obviously, this just makes things a bit more complicated

For Car:
– you’ll most likely be paying in Cash
– which makes the dealer most willing to negotiate with you
– and also means you are not going into massive debt.

However:
– all this sounds to me like, is being afraid that you might buy a car or a house you cannot afford
– when In reality you can have a credit score and make this process a lot more simple
– Just because you have a credit score doesn’t mean you like debt, it means you know how to manage it ( now their risky ways to do it and safe ways to do it )

The Answer: Get a credit card or 3, but your automatic monthly bills on it and pay it in full automatically every month. If you are scared you’ll get into debt, Cut the credit card, and burn it. ( that way you build credit but are not going to into massive debt).

2. You Don’t Access to A large Credit Line, Only the Cash you have in your bank account
– Now I’ll be the first to tell you, as a college student I got access to a 3k credit line, while I was only making 1k per month at the time
– So I could have easily gone under
– And a lot of people today do the same, they have cars, houses, and credit card debt they can’t afford.

The Idea of Cash is King:
– Is kinda like having a wall, no credit score means no access to the massive amount of money
– Which means no way to buy something you can afford
– And for some people, this works great.

However:
– It also prevents you opportunities
– For example, A degree with great earning potential but it’s very expensive
– A rental property that makes sense and it’s going to make you money but you’ll need to borrow money.

The Point: It helps prevent bad things from happening, but it also prevents good things from happening also.

3. Renting an Apartment
– The most apartment will work with you if you have a solid income
– and a solid payment history
– however, a lot of them, make a credit score as a filter ( so you’ll need talk directly)

4. Overall: Here is what I think
– Although you don’t need a credit score, it kinda slows down the entire process, and if you are afraid of debt, just use autopay.
– And having bad credit is worst than having no credit
– So just make sure to understand credit before you use it

Ps: the more research I did for this video, I found out that the people that are most worried about credit scores. Are afraid they will ruin it or go into massive debt, so they rather go cold turkey.
– In reality, you can take control by understanding how it works

Imagine: being 18 and getting access to over 100k-500k in student loan debt
Good: it allows everyone the opportunity to get a solid career and earn a lot of money
Bad: Some people don’t pick the right career and go into massive debt.

However: I rather have access to something than not have access to it.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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