Balanced FI Podcast

28. Do You Need a Credit Score While Debt-Free?

Episode Summary

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.

Episode Notes

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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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?