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No Credit, not necessarily a problem Tell a Friend

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The great debate over do you or don’t you need a credit card usually shifts more towards the necessity of having one. After all how does one build credit without a credit card, or apply for a loan of some kind. Still, if you’re like me and you were very and I mean very reluctant to get a credit card, because of problems your friends had, and because you thought it was a scam, remember that you’re not alone. Furthermore, if you currently do not have a credit card, remember that all hope is not lost, but also remember that you have to have a sense of being financially responsible, and you have to prove that to people with bigger purchases that require credit checks.

As stated before, it wasn’t until recently that I got my first credit card, as I am 26, and I was 25 when I got my first card. Also, I remember how I thought our family banker was trying to get me to sign up for something that I wasn’t interested in, because I had long thought that credit cards were a scam. We see it every day where people get mail offers for pre-approved financial nightmares, that end costing them big time. So, for those of you out there who still remain without credit cards, and you plan on doing so for the rest of your life, I applaud you, but at the same time this can be a rough road.

Having a credit card of course establishes credit, so one thing that people without credit cards do not have is any sort of history with credit, or a credit score. This can be very problematic with big purchases like a house or a car, and it can make getting a loan extremely difficult. Yet, there are countless examples where people without credit cards have proven track records of being financially responsible, and even though they don’t have credit, they can still get the home or car of their dreams. They can do this in some cases by having a family member co-sign or help out with the process, and by paying them back if the family member had to cover any up front expenses. If you think about it, you can actually save more by investing in your family member, as opposed to a credit card, but once again you must have a good proven track record of being responsible with your money.

Does this always work in all cases; not necessarily. However, it has been done before and people have avoided massive amounts of debt, scams, and payments they can’t make. Thus, it’s important to do your homework and work with people you trust.

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