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24HourForums.com > Supported Forums > 24's Money Business > Would you live without credit cards?

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 Moderated by: 24HourNut Page:  First Page Previous Page  1  2   

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24HourNut
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 Posted: 04:03 pm

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The only way you get a credit score is to go into debt and stay in debt for a long time.

Not sure if that is true.  You can acquire debt and pay it off, yielding positive results for your FICO.  I don't think you need to be in debt for a long time per se.




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 Posted: 04:42 pm

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24HourNut wrote: The only way you get a credit score is to go into debt and stay in debt for a long time.

Not sure if that is true.  You can acquire debt and pay it off, yielding positive results for your FICO.  I don't think you need to be in debt for a long time per se.

You are correct........it takes less than 2 years




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 Posted: 06:24 pm

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Since "length of credit history" - meaning the time you have been paying on revolving accounts and the like - is a big part of your credit score, it is still true. People who have 20 years of credit use have a better score, and Fair Isaacs says it's easier to compute - than someone who has 2 years.

My financial advisor has been without credit for so long that the credit bureaus are unable to generate a score for him. He pulled a credit report last year and the system told him he must be DEAD, since he hadn't had credit in so long. He thought this was hysterically funny.
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 Posted: 06:40 pm

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My financial advisor has been without credit for so long that the credit bureaus are unable to generate a score for him. He pulled a credit report last year and the system told him he must be DEAD
very simalr thing happened to me.............

I was away from the USA for about 10 years once and had no credit cards..........when I tried to apply ........they said....."You do not exist"

 




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 Posted: 02:47 pm

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My business needed some assistance with a low-interest credit card in it's second year.

Credit cards are like women.

"You can't live with them...you can't live without them."

Ha! Ha!




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 Posted: 03:00 pm

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Erinna1112 wrote: Since "length of credit history" - meaning the time you have been paying on revolving accounts and the like - is a big part of your credit score, it is still true. People who have 20 years of credit use have a better score, and Fair Isaacs says it's easier to compute - than someone who has 2 years.
That makes sense to me.  If am sizing up someone to lend money to, a longer, more credible track record bestows more worthiness to lend to.  If your credit worthiness is a relative mystery, that should be a negative if asking for credit.

You don't have to have debt for a long time though.  You can pay off stuff, and start anew to keep extending your track record.  So, you can do that with a credit card or things like taking out loans from a bank and paying them off to establish credit.  There are other ways besides credit cards, fortunately.  Of course, laying down a lot of cash or equity can compensate for a lack of credit history. :)




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 Posted: 03:01 pm

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JustifiedByFaith wrote: My business needed some assistance with a low-interest credit card in it's second year.

Credit cards are like women.

"You can't live with them...you can't live without them."

Ha! Ha!
I'm telling God you mocked Eve and her descendants.  :banana:




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