Quote:
Originally Posted by sniper
I have to take issue with your statement. I am more inclined to think people that aren't rich need less credit. Most middle class to lower people use credit to purchase things they cannot afford to buy with cash. Hence there is NOT a NEED for credit. A home while nice to have is not a neccessity. And yet you can buy a home with higher interest rate, or higher down payment or puchase down points, or many other means to get a home. And with timely payments over a few years you can refi or pay down your mortgage earlier negating much of the interest no matter the rate.
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and that is exactly why credit is needed, when you aren't a very wealthy person. if you didn't make timely payments, you wouldn't be allowed to refi because you wouldn't have built up good credit, not to mention that good credit makes things affordable. if I had bad, or no credit, there is no way I could buy a house because the interest rates would make it totally unaffordable for me