In this week's episode, we are discussing why you do need a credit score, even after you’re debt-free. There are many reasons to maintain a good credit score, especially if you plan to do things like get a mortgage, set up new utilities, or apply for new property or life insurance. https://www.balancedfi.com/credit-score-while-debt-free/
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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Read: Do You Need a Credit Score While Debt-Free?
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Read: Financial Security Step 4: Calculate your Net Worth
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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?