- August 8, 2008 at 6:34 pm #261395
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.It’s time to go back to school! Get the latest trends and gadgets that make the grade on AOL Shopping.
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