Wise Bread | Personal Finance and Frugal Living Forums

This is an interesting point that has been made a few times.....not having credit cards.

Any thoughts on this?

My own view is that there is no better way to establish a credit history than with proper use of credit cards. How else is the bank going to consider you for a mortgage, car loan, or other big-ticket item that is considered a necessity for which a loan is necessary?

Personally my use of credit cards in establishing a credit rating has been invaluable. I have avoided the need for security deposits when buying a car, gotten super-duper rates on large loans and mortgages, and other perks.

I would love to hear how credit ratings can be established without credit cards, or if it's even really that important after all. Let me know!

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