There's a clip of Uncle Dave going around the internet about how he doesn't have a credit score.
Because he doesn't "use" credit.
Pays cash for everything, owns hundreds of millions of dollars worth of property, but somehow can't rent a sad studio apartment for $1,200 a month...
Look, me and Davey-boy agree on lots of things.
But here's where I think he's wrong.
(And probably also lying, but I digress...)
In today's world, you NEED a good credit score.
If you're not sure where to start, you can check this out....
But like Dave learned when someone apparently turned him down for a cheap apartment, it's an unavoidable part of life.
Want to rent a car, buy a house, or get a credit card?
You have to have good credit.
Because bad or no credit starts costing you. A higher rate on the car loan, a bigger deposit on the apartment, and worse insurance pricing in most states.
A landlord who says no.
Being credit invisible has a price tag. You never see the bill, because you don’t know what you would have paid otherwise, and that’s what makes it so easy to ignore for a decade.
So how do you build credit without walking back into debt?
You need one small obligation that reports to the credit bureaus, and you pay it on time, every time, boringly, for months. That’s the whole mechanism.
Payment history is the biggest piece of your score, and anybody selling you a shortcut is selling you something else.
Or friends at MoneyLion have a credit-builder marketplace where you can check out your offers to start building better credit.
Read the terms before you sign up though, mmmkay?
Taquitos,
Caleb “F*ck You Dave (not really, don't sue me plz)” Hammer
P.S. Building credit takes months.
Finding out where your money went takes about ten minutes.
Dollarwise handles the second one while you wait on the first.
