Having no credit can sometimes feel like a challenge, but do you really need to build credit? And what happens when you have no credit score?
Well, if you’re like millions of Americans, you’ve probably heard that you need to build credit. In fact, “You need to build credit so you have a good credit score!” is very common advice. You hear it everywhere: in commercials, from your mom, you name it.
And while your mom means well, it’s no wonder the message has spread.
The advertising budgets of credit card issuers are huge, to put it mildly. (Over $1 billion in 2018 alone, according to Statista.)
Do you think credit card companies are making a profit off people borrowing money, if they’re spending over $1,000,000,000 to promote their products?
I’d say that’s an easy yes. They have a vested interest in making you believe that your 3 digit number matters an awful lot.