Credit Thread.

[psudotechzealot]

Lets to about credit(building credit,credit cards, credit card score, etc).

 

[palandri]

Interesting topic. I am sure I'll learn something from it.

I am sure I have a low credit rating by being financially responsible. Does that make any sense? I pay cash for anything I buy. I don't use credit cards.

When I bought my house I was told I had a low credit rating, even though I had paid rent, electricity, gas and cable TV for 10 years, but I was told that didn't count. One of the bankers recommended that I get a couple of credit cards and I told him no. I ended up getting a VA loan for my house. Have I ever needed a credit card? No I haven't. I had an American Express card for a while, but that was years ago and I only used it a few times. I have a checking account and a debit card with a $2,500 credit backup, but I've never needed to use the backup.

 

[Guytronic]

Sux that someones ability to pay up in a responsible manner is based on money you don't have.
I agree with palandri that a person of mettle pays with cash.

Credit has it's place, yet I don't believe it should be used to judge financial responsibility.
Herbert Walker Bush believed that Americas downfall would arise when people started depending on credit more than personal savings.

 

[palandri]

I am sure the reason banks want you to have credit cards is because they make money off of each sale even when you pay your credit card off each month. I am sure if I checked my credit rating today it would be in the 500 range, but I really don't care.

 

[Laura Knotek]

I could see where credit cards could be useful in some cases. If someone buys something, and the store goes out of business before the item is received, the customer does not lose money.

There were some carpet stores and furniture stores here in Cleveland that went bust. Customers who paid cash or wrote checks had to join the bankruptcy proceedings and hope they got their money back. Those who used credit cards did not lose any money.

 

[anon(7900571)]

you all have credit card , I am jelly lol i don't have. i am still a student. if I need money i usually ask my lovely mum for instance i want a new tablet now , don't have enough money (though i have but they are saved for bachelor party ) so i would impress my mom by doing household work , going to market , clean house haha and now she is willing to buy one
i would surely get credit/debit card as soon as i turn 21 ( a real truth , plastic money is not at all safe in my country. pickpockets usually miss use them )

 

[birgs]

Hope i can use debit card to buy developer account,, it takes 10 years for me to get credit card,, than debit card just one day.

 

[psudotechzealot]

So, umm, what is the best way to build credit? In your opinion?