Debunking the Myth: Why Some Say Credit Scores Aren't Important

If you've been consuming financial literacy content, you may have encountered advice suggesting that credit scores aren't as important as they seem. Here's what they mean by that.

Having a good credit score is the way to borrow money. (Think car loan, mortgage, lease, credit cards etc.) In the ideal word, you get a credit card to build your credit score and then in turn you can get a mortgage and borrow whatever you need. But 60%-80% of Americans have credit card debt and 43% have missed a credit card payment. So while they have good intentions, people are getting themselves into debt while trying to build their credit score.

So if you're not a credit card person don't take out any credit cards and cancel all your exciting ones. Plus you probably won't be able to afford a down payment, so don't worry about a mortgage. Be responsible! Be debt free!

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