Hey, I was wondering if someone needs credit to buy things. People in my family have said I wouldn’t be able to buy a car or a house without credit. But if I’m saving up cash to pay for things outright, do I really need credit?
Note: I’m sorry if this is the wrong place to ask.
That’s great, but that entire time you’ve (assumably) been paying rent. You’ve saved up enough to buy a house for cash, but also spent enough to buy an entire second home.
You’d stand to gain significantly if you bought the house earlier. Rent paid is burnt, but a mortgage paid is building equity in your hone.