how important credit history in your country?

you really need a good credit rateing heree to buy a house and if you owe anything they want you to pay every thing off before you buy a house. But then you also need good credit rating here to buy any thing. years and years ago you could go to a bank and get money on a hand shake to buy what ya wanted then some one thought up the credit beaurow and that went to heck. There are so many people moving in here that I guess this was the only way the banks could figure of getting thier money back. SOme people took advantage and that hurt the honest people!

Dear friend, i dont know about the us of america, but in our country india, there is no need of credit history, to buy a house , here we can purchase by the cash, as in your country.thanks This is ravee from India.

Without a good credit history rating here in the USA you cannot make any major purchases unless you pay cash for them.

I live in the US so you already know that here a credit history is very important. One of the most important things for young couples just starting out in life to do is work at building a good credit rating. Although that may seem harsh, the fact is that with a good credit rating it is possible to borrow rather large amounts of money here compared to some other countries, so the lending institutions have to protect themselves, and in a sense, their other customers. In some other countries I believe that people have to make a down payment of as much as 50% when buying a house. Here it is often possible to buy for very little down. With good credit I have bought homes here for less that 1%. A good credit history also makes it possible to get a lower interest rate, which is quite important in the long run.

Credit history is important in UK, we had to have our credit history checked when we bought our house, and I was really frightened because I had some bad debts years before and I was convinced that it was going to show up and ruin our chances of getting a mortgage. They did it straight away as well while I was in the office and I sat there and the sweat was pouring off me and I just kept my fingers crossed thinking please do not let it be bad. Well it must have worked because my credit history was squeeky clean!! I have not got a clue how, but even now I still worry about it.

It is true that here in the States, credit is important but I would not say that you have to have it to stay here... Some people make it a policy to pay for everything with cash. Others had credit and lost it due to financial misfortune... If your friend has no credit, getting a loan to purchase the over-priced homes here (In California, they are still very over-priced) would be impossible. She can get a credit history by getting a credit card, paying less than the full amount due on it but always more than the minimum owed, paying all bills on time, and establishing a history of payments made. Sometimes getting a car loan and paying it off may be a good way to establish credit too as it is often easy to purchase a car here.

it is not so important if you are going to buy a house with cash i guess. When you will buy it in credit terms, then you should have a good credit line. Mostly, they will need that to prove that you are responsible and pays for your bills regularly. Most banks look at that too before they will approve.

Cresit history is very inmportant here in the United States. If you do not have credit or a good history with it, you cannot get anything unless you pay cash for it. It is hard to establish credit here also when you first start out. No one wants to give you a loan and give you a chance to establish and earn good credit. We are supposed to maintain a good credit history also to be able to get more things in the future without having to pay cash for it. It is very hard to get anything here without good credit. You would need alot of cash to get started. It is not fair but it has always been that way here.