Growing up, I was always told by my mom to at all costs avoid getting a credit card. Why have one? They do more harm than good, it’s too easy to get yourself into debt, if you have the money to pay up front, why not just pay for it? Don’t try to live beyond your means.
To me, that’s all sound advice. It makes sense. I certainly never wanted to get into debt and be paying off crap for years to come, and this was a time before companies and creditors focused so hard on a credit score (I didn’t even know what one was until my 20s), so I took her advice and never got a credit card.
It worked well for me for a very long time. I’ve never had outstanding debt or had to worry about not being able to make some kind of payment- but now, with the economy how it is, it seems that living on the money I had instead of borrowed money has done more harm than good.
I for a long time, had no credit history whatsoever, and then after some stupid medical bills, my credit score went from nonexistent to poor. In this day and age, it’s NOT good to have a bad credit score. It makes life very very hard.
It’s important now to not only build a strong credit history (yes, by getting credit cards and other things that count toward your score), but to keep a close eye on your score, and there are plenty of services online that will show you a free credit score help you keep track of it, and even improve it. Get on top of it people! You don’t want to be like me!
Especially if you’re looking to put some kind of downpayment on a house, or even thinking about it- credit is VERY important! Check out an online loan calculator now to see what you may be paying, but keep in mind, the better the credit- the lower the payment.
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