I’ve made the argument a good credit score doesn’t matter much anymore. The post gave examples of renting an apartment, finding a job, buying a car, and getting into school where the credit score didn’t help or hurt at all. Even SoFi, one of the largest emerging student lenders announced this year they are doing away with the FICO score when analyzing a loan.
If you can strategically foreclose on your home as a CFP, while still being employed by the NY Times as a columnist, get two financial advice book deals, and get invited to be a keynote speaker at a financial conference, who cares if you welch on your debt?
But like so many things, there’s always another side to the story. Let’s have a read of what one Financial Samurai reader wrote about how he was negatively affected by bad credit.