As you all know, we are completely debt-free and have no active credit cards. Although we earn a decent salary, have no debt, pay our bills on time, we are considered just as bad as someone who has poor credit.
I get that lenders need a way to assess our repayment conduct and so using the credit score system is the preferred method for this. However, because I refuse to take on more debt just to show that I am good with money, we will have to look at using a broker who has access to a wide range of lenders. Our lender will have to be open to reviewing our credit profile and not just our credit score.
If not having any debt, paying my bills on time, and having one store card that we spend in full every month is not enough, then we will have to figure something out!
I am very reluctant to get a credit card. I spoke with my financial advisor, and she was swaying me towards getting a credit card and using it for food shopping and paying bills etc. just so that lenders can see me financial conduct. .
Although I am much better with managing finances than I have ever been; I don't trust myself enough to get another credit card.
The challenge isn't to become debt free, it's staying debt free! .
What did we do before credit scores and credit cards? lol .
Either way, we are going to have to figure something out. I don't want to build my credit by taking on more debt, I just don't believe in that..