18 year old

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      But you hadsome debtat some point and have owned a house at some point in life? Credit cards aren’t the only way to a rating. But you’ve surely borrowed something in your life time.

      That fact would show on your rating. We live in a VERY different time than you did 30 years ago. 30 years ago it wasn’t as difficult to obtain that first credit account.


      Original Message
      From: Lilmouse22
      To: budget101_@yahoogroups.com
      Sent: Friday, August 08, 2008 9:36 PM
      Subject: Budget101.com : Re: 18 year old

      I believe all people should strive for a decent credit rating because life will demand it at some point. How a person handles their bills even decides the rate a person pays for car insurance and what type of a job they can get these days. To have zero debt means to have a very low credit score.

      So why tell a kid they should work hard, go through school and then once out they don’t qualify for a decent job because they have a low credit score?>>>

      >>>I’m afraid I have to disagree with part of your statement…we have 0 debt and have had for 30 years and have a very high credit rating. I have 5 credit cards with a borrowing amount of well over 100,00 and haven’ activated 4 of them for many years. Every once in awhile, I activate one, charge a hundred or two on it, pay it in full beforethe 1st payment is due..then don’t use it again for several years.

      I use 1 card [local credit union] regularly for online bill paying, gas [soI can keep exact track of how much we use each month] and whatever elseI want to buy when I shop without carrying a bunch of cash. If we need anything big, we just pay cash. The banks and CC companies would love to have me paying interest charges to them 14% to 18% a yearwhile they lend out my money and pay me 1-2% a year…I don’t think so!!!.

      our car insurance isless than$600 yearly. And I am still getting credit card offers almost every week [go in the junk mail bag]

      I pay the card off in full every month and never pay 1 cent of interest. If I canceled the cards I never use, my credit rating would probably go down asI would have only 1 card which I never pay interest on but I do keep one in case we needed to rent a car as most places demand a credit card.

      That said, probably 1 Credit Card with a low limit would be good to help a young person establish a good credit rating.

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