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Message
Credit Rating
Posted on 10/28/11 at 10:09 am
Posted on 10/28/11 at 10:09 am
I have no credit, I've never had a credit card or borrowed any money
I do have a savings account at a credit union...if I borrowed against that the interest rate is very favorable
my question is would that be a good idea to establish a little credit right now?
I do have a savings account at a credit union...if I borrowed against that the interest rate is very favorable
my question is would that be a good idea to establish a little credit right now?
Posted on 10/28/11 at 10:12 am to Ford Frenzy
quote:
my question is would that be a good idea to establish a little credit right now?
Yes.
Posted on 10/28/11 at 10:13 am to Ford Frenzy
quote:
my question is would that be a good idea to establish a little credit right now?
my question, will you ever need credit down the road?
Posted on 10/28/11 at 10:19 am to Chad504boy
quote:yes, I'm 24
my question, will you ever need credit down the road?
Posted on 10/28/11 at 10:20 am to Chad504boy
quote:yes, I'm 24
my question, will you ever need credit down the road?
will probably buy a business practice down the road, house, etc.
Posted on 10/28/11 at 10:20 am to Ford Frenzy
quote:
yes, I'm 24
will probably buy a business practice down the road, house, etc.
The answer to your question is obvious.
Posted on 10/28/11 at 10:21 am to Chad504boy
quote:
my question, will you ever need credit down the road?
I would assume that >99% of Americans will encounter a situation where their credit score will impact them financially at some point in their life. The answer to this question from a fiscally responsible point of view is always, yes, build credit.
Posted on 10/28/11 at 10:22 am to LSUAfro
quote:
I would assume that >99% of Americans will encounter a situation where their credit score will impact them financially at some point in their life. The answer to this question from a fiscally responsible point of view is always, yes, build credit.
I was making sure we didn't have a 1%er here brah.
Posted on 10/28/11 at 10:25 am to Chad504boy
thanks guys
my parents say its not a good idea because I'm eligible to use USSA, my dad is military
does that impact yall's thoughts?
Posted on 10/28/11 at 10:25 am to Chad504boy
quote:And apparently we have a few of the 1%er's on this board from what I've read.
I was making sure we didn't have a 1%er here brah.
Posted on 10/28/11 at 10:27 am to Ford Frenzy
quote:
my parents say its not a good idea
to have good credit?
Posted on 10/28/11 at 10:31 am to Chad504boy
quote:
to have good credit?
again...Your credit score is pulled for so many things in your life. Small business loans, Entergy, Cox Cable, car insurance you name it...USAA can't hold your hand for everything. Building Credit history =/= carrying debt ladened with interest. Opening up a couple of credit cards and having them paid in full each month is all you need to do to start.
This post was edited on 10/28/11 at 10:33 am
Posted on 10/28/11 at 11:07 am to LSUAfro
I've been with USAA for seven years and couldn't be happier. Call them and let them know you're situation and they'll give you a credit card with a $1,000 limit. It's a start to help build your credit
Posted on 10/28/11 at 11:11 am to Ford Frenzy
quote:
I have no credit, I've never had a credit card or borrowed any money
You must not be American.
quote:
my question is would that be a good idea to establish a little credit right now?
If you can pay for everything in cash, establishing credit will not matter.
Posted on 10/28/11 at 11:12 am to Ford Frenzy
quote:
would that be a good idea to establish a little credit right now?
Yes! Having established credit will make things a lot easier for you down the road. Find a 0% to low interest rate rewards card and use it strictly for gas/groceries and pay it off every month. That way you don't get into a habit of overspending.
My first CC was a best buy card. Had a $1300 limit and bought a TV and had 36 months no interest as long as I payed the minimum each month. I easily paid it off in a few months and I didn't incur a lick of interest.
Posted on 10/28/11 at 11:13 am to TheTigerZone
quote:
I've been with USAA for seven years and couldn't be happier. Call them and let them know you're situation and they'll give you a credit card with a $1,000 limit. It's a start to help build your credit
As long as you have a job, this.
Posted on 10/28/11 at 11:15 am to jameison125
quote:
Find a 0% to low interest rate rewards card and use it strictly for gas/groceries and pay it off every month. That way you don't get into a habit of overspending.
The problem with most people is that they do overspend.
It's one of the reasons why the average American family has nearly $16K in credit card DEBT.
The sting of the charge is not immediately felt at the cash register when you use a credit card. But it hurts like hell when you pay for it with cash.
This post was edited on 10/28/11 at 11:16 am
Posted on 10/28/11 at 11:34 am to Will Cover
I really hate these credit/no credit threads, but that number means absolutely nothing. I have 5k of credit card debt and make 80k a year. You have 30k of credit card debt and make 190k a year. Our "average" is 17.5k a year. The number is absolutely useless and irrelevant.
Posted on 10/28/11 at 12:15 pm to Will Cover
quote:
The sting of the charge is not immediately felt at the cash register when you use a credit card. But it hurts like hell when you pay for it with cash.
I've heard this repeatedly from people pushing their debt free books, but it makes no sense to me. Cash comes out of my pocket like it's on fire, but if I'm putting it on my credit card, or debit card I actually think about my ability to pay it timely.
quote:
The problem with most people is that they do overspend
He's not asking if you think he's financially responsible enough to handle a credit card.
He's asking if it's a good idea to begin to establish credit.
quote:Sure. That sounds great, but it is virtually impossible for most, and in some cases it doesn't even make the most financial sense to pay cash.
If you can pay for everything in cash, establishing credit will not matter.
To tell someone that they should pay for everything in cash and make no attempt to establish credit is doing them a huge disservice.
You never know when a situation might arise that will need you to rely on having a solid credit history, and being denied an opportunity or being penalized with high interest rates because you refused to believe that you would ever need solid credit history is silly.
Posted on 10/28/11 at 12:16 pm to kfizzle85
quote:
I really hate these credit/no credit threads
Might be the first one I've ever clicked on slow day at the office.
quote:
The number is absolutely useless and irrelevant.
What number?
ETA: Ahh the average American's credit card debt #?
This post was edited on 10/28/11 at 12:17 pm
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