Re: Need advice, in deep sh!t. (Getting rid of credit cards...)
Quote:
Originally Posted by
Warhellride
^If you never have any debt, you'll never build your credit score. Just get 1 or 2 cc's (preferably rewards cards, so you get something from them), don't treat them as extra money (only spend them on stuff you'd buy anyway), then pay them off at the end of each month (you don't pay interest that way).
It is not about debt, it is about credit. Paying a card off every month, you still do not have any debt! That is a good thing, though. You want to have a credit card that has a reasonable limit on it for your income, and regularly keep the highest amount you have on it low. Also the longer you have a line of credit the better.
Re: Need advice, in deep sh!t. (Getting rid of credit cards...)
Quote:
Originally Posted by
JoshMcMadMac
It is not about debt, it is about credit. Paying a card off every month, you still do not have any debt! That is a good thing, though. You want to have a credit card that has a reasonable limit on it for your income, and regularly keep the highest amount you have on it low. Also the longer you have a line of credit the better.
Somewhat true there, but there is such thing as acceptable debt. For example an auto or a home loan.
