Credit Score Matters If You Don't Borrow

From Money Smart Life

Why does a good credit score matter if you’re not planning to borrow any money? Many of us think that, as long as we already have a house, and we pay for our cars in cash, a good credit score doesn’t matter that much.

Unfortunately, that’s just not the way the system works anymore. Your credit report is a convenient compilation of your financial habits and history, and it is easy to use the information in your credit report — or even to use your credit score — as an indication of what sort of risk you might pose in a number of financial situations.

Judging You Based On Credit History

Anymore, an increasing number of people are making judgments about you based on the information found in your credit report. You may rankle at the injustice, but it’s still there. Here are some of the ways that having a bad credit score can hurt you — even if you don’t want to borrow anything:

Opening a bank account: Believe it or not, there are actually some financial institutions that will run a credit check on you before allowing you to open a deposit account. Before you can open a savings account or a checking account, you might have to submit to a credit check. Read the entire article.

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