Is a credit card neccessary to live in the USA? Do I really need a Credit Card to buy car, house, or have a good credit score? or even apply for a loan?
2006-08-14 19:20:31 · 5 answers · asked by Peter S 1 in Business & Finance ➔ Credit
You're actually asking 2 different things. 1) No, you don't need a credit card to live in America. In fact, it's best if you DON'T have a credit card. Bloody work of the Devil, if you ask me. 2) Good credit score??? Mandatory, if you want to buy a house or get any kind of affordable rate on a loan.
2006-08-14 19:28:24 · answer #1 · answered by Sean T 5 · 0⤊ 0⤋
You don't need a credit card to live but you will need a 1/2 decent credit rating to buy a house or a car etc. One of the ways to get a good credit score is to get a credit card - but only use it sparingly - like once or twice a month for small items and pay the balance off when your statement comes in. After a few months of this yor credit score will rise, then once you have attained a reasonable credit score you can cancel the credit card. If you are looking for a credit card and have little or no credit try here :
http://www.dgftaworld.net
2006-08-15 02:03:42 · answer #2 · answered by CreditCardMan 2 · 0⤊ 0⤋
Contrary to what the others have stated, you do not need a credit score to buy a house. There are mortgage companies which do manual underwriting. Basically, a person has to obtain letters from utility companies stating that the applicant has his/her bills on time for the last 12 months. It is a little more painful than if you have a good FICO score and the rate might be a bit higher, but it is possible.
2006-08-15 04:07:43 · answer #3 · answered by Thundercat 7 · 1⤊ 0⤋
To apply for a loan for a house, you need a credit history. Before a financial instituition gives out a loan for a home - they want to make sure that the person will pay for it. Get at least 4 lines of credit open and responsibly pay them on time for a year.
2006-08-15 03:38:15 · answer #4 · answered by Think.for.your.self 7 · 0⤊ 0⤋
I agreed with Sean.
You don't need to have credit card to live in USA. I used to live under communist country, it prepared me better for the cash though. I paid off my car
Yes, you need good credit score to apply for the loan of the house. you could have one credit card for gas and paid it off every month
2006-08-14 20:53:58 · answer #5 · answered by Hoa N 6 · 0⤊ 0⤋