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Inconceivable said:Don't sweat it.
AUav8or said:coming out of college i have a great deal of credit card debt, which has led to missed payments, phnoe calls etc. . .
Crizz said:Debt should be a way to build your credit score, not destroy it.
Crizz said:I beg to differ. How many millionaire silver spoons have horrible credit? Why? They have always paid cash. If you have never had any debt to show positive payment history with, then how will you ever have "credit"
This forum is the most bipolar bunch of chaps I've ever seen - everyone is always ready to jump down everyone else's throat.
FWIW I have a good amount of debt from college, and have what is considered to be "top box" credit. Just pay your bills on time and good things happen.
Dangerkitty said:That is by far the most uneducated statement I have ever seen written on these boards.
DEBT IS NOT A WAY TO BUILD A CREDIT SCORE!!!
But it sure is a way to destroy it.
Dangerkitty said:That is by far the most uneducated statement I have ever seen written on these boards.
You must be new here. Welcome aboard!
Dangerkitty said:That is by far the most uneducated statement I have ever seen written on these boards.
DEBT IS NOT A WAY TO BUILD A CREDIT SCORE!!!
But it sure is a way to destroy it.
Crizz said:I beg to differ. How many millionaire silver spoons have horrible credit? Why? They have always paid cash. If you have never had any debt to show positive payment history with, then how will you ever have "credit"
This forum is the most bipolar bunch of chaps I've ever seen - everyone is always ready to jump down everyone else's throat.
FWIW I have a good amount of debt from college, and have what is considered to be "top box" credit. Just pay your bills on time and good things happen.
Crizz said:Tell me, how DOES one build credit on the Dangerkitty self wealth enhancement plan?
tuna pimp said:I'm not saying charge everything you can to a credit card, but showing that you can repay within terms of agreement is crutial to build up a credit rating in your late teens and early 20's.
Dangerkitty said:That is by far the most uneducated statement I have ever seen written on these boards.
DEBT IS NOT A WAY TO BUILD A CREDIT SCORE!!!
But it sure is a way to destroy it.
Yank McCobb said:Yep. I am debt free, yet still have an extremely high credit score. I charge every little thing (as well as all the big things) on my credit cards, but pay in full every month. For years and years, my credit history shows me as "paid or paying as agreed". Yet, I have no debt. The cars are paid, the boat is paid, the toys are paid and the mortgage is paid. Yes, you must take on "obligations" in order to build your credit score, but you most certainly do NOT have to take on debt. In fact, that is how most people ruin their credit and often, their entire lives.
Like mentioned above, someone (as most Americans do) could accumulate massive debt while paying the bare minimum requred, and still be given additional credit to accumulate additional debt, simply because they have shown a history of paying. Yet their debt load continues to increase, they pay incredible finance charges, and creditors line up to extend more credit.
I, on the other hand, seek out the best reward cards that carry no annual fees, and pay in full every month. I get to use their money free of charge each month to purchase what I would purchase anyway...then get additional cash back for doing so. All the while, my credit score remains excellent and my debt load zero.
Like was also mentioned above, young people in their 20s, who have yet to develop good financial sense and experience, are the targets of these creditors. They will make tons of money off this demographic and by the time these 20-somethings are 30-somethings, they will be scrambling to remain above water.
So go ahead, take on debt. After all...how else are you going to "build your credit"?
BTW, Crizz...you are most certainly the exception, and I applaud you for being educated and responsible at your age. I know there are many like you, but unfortunately, I think you would agree that you are probably in a minority when you consider most Americans...and especially most younger people who have yet to acquire this education and skill of being financially responsible. Heck, many people NEVER acquire this responsibility, so perhaps I am being overly critical of younger people. But again, you are to be congratulated for being driven enough to succeed in this area.