Credit Scores Are For Losers
Okay, so that’s a pretty bold statement, I’d say. It may be down right offensive to some, because of the time and effort that you may believe you need to put into making sure you have a high credit score.
But what is a credit score for, and what type of institution are you dealing with that bases your integrity and credit-worthiness on some sort of mythical imaginary manufactured number?
If you haven’t figured out by now, when you own someone money, you become their slave. Proverbs 22:7 isn’t just a verse in the Bible. If you’ve got any sense whatsoever, you’ll see it as a truth, whether you believe in God or not.
The rich rule over the poor, and the borrower is servant to the lender.
Does it have to be spelled out? Debt is bad. All debt is bad. Debt represents a purchase of some sort that was made because there was no money to actually buy whatever it was. Debt will enslave you. Some of the world’s smartest and brightest people may try to pitch to you the idea that debt is a tool used to get ahead, but I can assure you, this makes no sense in any way, shape, or form.
In fact, it is the reason our economic awareness is where it is right now. We are in the midst of turmoil in the economy due to DEBT! If you have a better explanation, I’d love to hear it…so I can laugh, and point out that you’re wrong. I apologize if I sound arrogant, but I am 36 years old, and debt has never been a source of prosperity in my life. It has always brought me down, and most recently, it has also brought down a very large number of my friends whom I love dearly.
When Do You Need a Credit Score?
When do you need to borrow money? That’s your answer. If you haven’t figured out by now that saving for what you are intending to purchase is the best choice, then stop reading now and go somewhere else, because I no longer, nor will I ever camp on the side of those who believe that a credit score is important, and I will not borrow money anymore.
If I never borrow money, I’ll never need a credit score, right? But what about buying a house? What about it? If you must buy a house, borrow as little as possible, and do it for the shortest period of time, and as Dave Ramsey continually preaches, don’t take on more than a 15 year fixed mortgage and don’t let your payment exceed 25% of your take-home pay. But we won’t be able to get the house we want! Sorry. That’s right. You won’t. Start saving until you can.
The longer you go without borrowing money, the lower your credit score will fall. Do you care? If so, why? Ask yourself these questions and consider how much freedom you may experience when you employ the behavioral disciplines that are required to persevere through your impatience towards a savings goal.
You will, I guarantee, come out ahead EVERY TIME when you save for what you want instead of depending on your credit score to get you into DEBT! Debt SUCKS the life out of you. It destroys your spirit and makes you feel trapped, but only as long as you continue to have a mindset of borrowing. Change your ways and you’ll find that even though you’ve gotten yourself into a deep pit of shit, you’ll be on your way to digging yourself out. Do not borrow any more money.
If you haven’t heard about or read Dave Ramsey’s The Total Money Makeover: A Proven Plan for Financial Fitness, I would recommend the best hydraulic rowing machine to you immediately. The audio book is fantastic, and if you have iTunes, you can download it for half the price that Amazon charges for paperback, then stick it in your iPod and listen to it in your car or on your walks, rides, etc.
My life has been completely changed by these teachings and principles and I AM on the road to financial freedom.