Improving Your Credit
By Jeremy C. Wright | Related entries in Debt Management, UncategorizedDevin Reams, over at BusinessBits, writes a nice little piece on improving your credit.
A number of people have their own ideas on what works for establishing credit… this is what’s worked for me. Get a credit card as soon as you can. Start paying off those bills (in full), too. It’s been less than a year but I’m already in the habit of treating my credit card as a debit card. In fact, I rarely carry cash anymore. I figure the credit card is slightly more secure and transactions are much easier to track (I’m a huge fan of using Microsoft Money).
Devin’s a young bloke, but has some good points in his post, including this one:
but there’s another good point here: one card is enough. My mom got a credit card for all the big retail stores she shopped in. She told me that if she were to somehow lose her purse she wouldn’t even know what all she would need to call up and cancel…
Ultimately, there are a lot of different ways to build up credit, but you will one day have great credit if you are able to keep using it responsibly. It’s not some unachievable thing. It just takes time.
This entry was posted on Tuesday, July 26th, 2005 and is filed under Debt Management, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
July 26th, 2005 at 11:14 am
Thanks, Jeremy. I don’t claim to be an expert but it’s certainly, as I said, what has worked for me. I look forward to getting a car/house at some point and so I think the sooner I establish credit the easier it’ll be down the road.
July 28th, 2005 at 1:09 pm
I’m not fan of getting credit cards and charging on them just to establish your credit. I don’t go as far as Dave Ramsay who says no credit cards at all, but credit cards are a good way to charge yourself into the poorhouse - and millions of people are doing it. Rather than spending your time worrying about your FICO, perhaps it would be better to spend it budgeting and saving. And BTW, what is so dangerous about carrying cash? In 50 years, I have never been robbed of my cash (or anything else for that matter). But identity fraud of credit cards, debit cards, etc. is a national epidemic. What is more dangerous, really?
July 29th, 2005 at 6:20 am
A good FICO can open doors of opportunity where as budgeting and saving will not.
Theres nothing dangerous about cash. Cash is good, just not too convenient, hence I prefer plastic.
July 29th, 2005 at 6:23 am
Also you are protecting yourselves when you use plastic. If an issue arises, you can simply call your bank or VISA and dispute the charges. With cash, you’re at the mercy of the retailer and if they choose not to issue you a refund, you’re screwed.
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