Quote:
Originally posted by Timber Loftis:
Well, on the flip side of your points of view, Yorick and John D., I would not have built any good credit without credit cards, and would not be able to buy the house I'm buying without them. So, I have used them to establish a good credit reputation I would not otherwise have been able to establish.
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You are correct T.L., At my age and position I can opt out, My wife and I have a house and are paying the mortgage, our children are out of school and the last one with any luck will soon be out of the house [img]smile.gif[/img]
. As I advice my oldest daugther and son-in-law on starting off buy some small items on credit, maybe take out a small loan from their bank pay it on time, get a card from their bank with the lowest avalible balance they can get. use it sparingly pay it off not to fast but more then the minimium (my sugestion minimiun+5%of balance). Look good to the credit beancounters. All credit/lenders make money off interest they don't want people that pay back to soon, they think well I won't make much money off them because they pay it back to quickly. They also don't want people that don't pay it back at all. They WANT people that pay just enough to get by and keep them off thier backs ie: the minimium payment that's where they make the most money they can. If anybody has a mortagage look at what you are paying a month multiply that by the number of months you have left on the mortagage, and that is what you really pay for your house, not the price you think you bought your house for. Disipline is the KEY, credit cards are easy to run the balance up on and get yourself in trouble, been there done that!!!! It's a Game you have to play, the object for you is to make your "on the field time" the best you can, not get the most "on the field time" you can get. Wiether anybody likes my politics or not this is good advice to take, money and credit doesn't give a rats rear-end what your politics are.