Why is everyone so concerned with building their credit?

You are totally right, some people are just paying too much money (interest rate) to get a score! it should be the opposite, the score buys you the money. But every person has his own education, mentality and culture. Some people are even too lazy to read what is that score needed for and they just listen and believe the sales guys who convince them to go into debts to build their credit, while the sales guy real intention is to sell them some crab with high interest to get his commission.

I am currently building my score by paying 0$. All I do is just use my credit card and payoff the whole balance each month. For why I am bothered by building my score? because if I wanted to buy a house in the future, I would have to wait at least until I am 70 years old to save that much of money, the other way, I can buy after years from now, with a low interest rate "since I would have a good score" and enjoy living in a house for 30 extra years than if I would wait to buy from my savings.

Because having a good credit score will help you borrow money for a car or home, or open a credit card with a comparatively lower interest rate. That means you will pay less over time for the money. Get your free credit score and Credit Report Card now.

Consider this: if you’re buying a $300,000 house with a 30 year fixed mortgage, and you have bad credit, then you could end up paying more than $90,000 more for that house over the life of the loan than if you had good credit.

Actually you can build credit responsibly, which does have many advantages. Those who manage credit correctly will have opportunities for lower interest rates on mortgages or cars, usually have cheaper insurance rates, and qualify for better terms for things like cell phone contracts, memberships, etc. Building a good credit history can actually save a person money in the long run.

One of the easiest ways to build credit is using a credit card for purchasing every day items such as groceries, gas, clothes, etc then paying the card off in full each month. That shows credit utilization and good payment history, which helps raise a credit score. On top of that, many credit cards offer rewards such as free gas, cash back, airline miles, etc than can be used. Again the key is to use it wisely, and to not carry a balance as much as possible. Most times though, people mistakenly use credit cars as "free money" and get themselves in trouble when they can't pay the bills.

You can use credit, with out actually going into debt if you manage it right.

Good question. If you don't have access to money at good rates, you will never be able to borrow enough money to buy a nice car or a house. "At good rates" is an important term because unless you can pay cash for your home, you will be paying out the wazoo if you ever decide to borrow money for a home. Talk about bad money management! So the best thing to do is to build your credit responsibly. Use credit to buy things but pay it off immediately. No interest, positive credit score. You will prove yourself as a responsible user of credit and will reap the benefits for a lifetime.

I tell people to "think like a CEO." When a business professional makes a financing decision, he starts with the desired outcome, and evaluates the various ways to get there based on how much he needs to invest, the timeframe, and how much return he will get on the investment. Then, and only then, he borrows the needed funds at or below the acceptable interest rate.

Most consumers do it in almost exactly the opposite fashion. They borrow the money, not knowing if the rate is good or bad for their objective, and then they go out and look for things to spend it on. By that point, it really doesn't matter if it's a good investment or a bad one, because if you had no goal in mind when you borrowed the money, you have no way of knowing whether you made a wise decision.

It's very strange, isn't it? I think that "credit worthiness" is an extension of their identity... it's personally embarrassing to them not to have good credit. But really.... the only thing you do with credit is get in deeper.

They also need good credit to lease an apartment, get good insurance rates, rent a car, etc.