I notice people talk about credit scores for many things, but typically they are:
- Helping tools for mortgages;
- Ability to get better loans;
- Ability to get better financing options.
- The general reasons that apply to anyone (i.e., borrow money, get rewards, payback, etc.)
My questions are simple and mean no offense:
If you are well-off financially there's a good chance you may omit one or more of these options. For example, someone well-off can afford to simply buy a house and credit wouldn't matter specifically for this anyways. Financing vehicles may be something a person of any income or net worth could do, but if you're well-off, I don't see why this person wouldn't buy at some point even if they lease and credit can get better deals. It just seems that these tools associated with credit seem more marketed to people with lower-incomes because financing is a way of paying longer-term, which people of lower incomes may be more forced to do since they may have not enough income or overall net worth.
Also, they are probably less likely to get loans if they have a good handle on money.
By "well-off" I clearly don't mean rich (as in multi-millionaire or up) - I just mean someone who can afford a house/car/etc. without having to forcibly do so through long-term payments.
I'm not saying credit isn't used when you have high income, but these specifics associated with credit that are boasted about much are way less considered when you have higher net worth - hence, credit cards still have good use for any income bracket, but other things are not so much.
My dad, for example, bought the house I grew up in all straight - no mortgage/etc. He had to work years and years to comfortably do this, but nevertheless his credit didn't matter for this.