GreatCreditSore

2 Contributions 89 People Helped

Member Since: October 2013

Most Helpful Contribution

Trends by Age

Apr 19, 2014
Helpful to 63 out of 70 people

Use credit wisely and I believe your credit score will reflect it.

As a convenience, and to get a 2% rebate, I make almost all my routine purchases wih a no annual fee credit card - but only up to the amount I can pay off in full each month.

The only other times I consider borrowing money are as follows:
1. To purchase income producing assets (e.g. business assets, education, etc.)
2. To purchase appreciating assets (e.g. a mortgage to purchase property)
3. Zero interest "teaser" loans that I will repay before the higher interest kicks in (usually up to a year)
4. Absolete emergencies

My advice:
Instead of going into debt and making monthly loan payments, first put your money into monthly savings. Then when you have accumulated enough, you can use those savings to pay for that car, TV, or vacation you've wanted. You'll save a bundle on interest and sleep better at night without worrying about how you'll be able to pay all your bills.

In short, live within your means. Spend only what you can afford. Save the rest. Borrow only when it is profitable or absolutely necessary -- and only when you know can afford to make all payments on time.

Activity (2 Total Contributions)

Trends by Age

Apr 19, 2014
Helpful to 63 out of 70 people

Use credit wisely and I believe your credit score will reflect it.

As a convenience, and to get a 2% rebate, I make almost all my routine purchases wih a no annual fee credit card - but only up to the amount I can pay off in full each month.

The only other times I consider borrowing money are as follows:
1. To purchase income producing assets (e.g. business assets, education, etc.)
2. To purchase appreciating assets (e.g. a mortgage to purchase property)
3. Zero interest "teaser" loans that I will repay before the higher interest kicks in (usually up to a year)
4. Absolete emergencies

My advice:
Instead of going into debt and making monthly loan payments, first put your money into monthly savings. Then when you have accumulated enough, you can use those savings to pay for that car, TV, or vacation you've wanted. You'll save a bundle on interest and sleep better at night without worrying about how you'll be able to pay all your bills.

In short, live within your means. Spend only what you can afford. Save the rest. Borrow only when it is profitable or absolutely necessary -- and only when you know can afford to make all payments on time.

Trends by Age

Apr 19, 2014
Helpful to 26 out of 31 people

Excellent advice!