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Old 03-06-2011, 02:00 PM
KatherineLee88 KatherineLee88 is offline
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Join Date: Jan 2011
Location: Iowa, USA
Posts: 25
Default Re: First credit card- good for credit rating??

Quote:
Originally Posted by DavidBibby View Post
So if someone can get a good FICO score without paying a PENNY in interest... then THAT is exactly what they should do. But in my experience (and that of those I help everyday) the temptation to misuse credit is too great so I err on the side of caution and advise total avoidance.

While what you're doing may be easy for you... I don't think it's as easy for your average 22 year old.

Thank you for this discussion... I think a lot of people are going to benefit from hearing both sides of this debate.
I think it's too cautious of a stance to take. It's a decision that I think could hinder your ability to accumulate even greater net worth. I'm sure the person I talked about earlier in this post wouldn't be netting around 3 mil if he NEVER used credit. Actually, I know for a fact he wouldn't be able to. Because a large portion of people make mistakes financially, it doesn't mean they will NEVER understand credit. It's really not that difficult to figure out. It's the self-control that's an issue-but I don't think I should assume everyone lacks self-control.
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