Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
anchoragedan

0 Contributions
0 People Helped
Why would I want to increase my credit score just so I can go deeper into debt?
Going into debt slows the growth of my net worth. What are the advantages of living beyond my means?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7367 Contributions
3809 People Helped
Most Helpful Response

You misunderstand.

Helpful to 1 out of 1 people

Having a good credit score doesn't mean going deeper into debt.  It means you have proven you are responsible with money and can be trusted.  An additional advantage is that a good credit score makes it easier to qualify for a lower interest rate when you do have to borrow.

Intellilgent people do not llive beyond their means and do not max out their credit cards on a regular basis.  They strive to pay the accounts as quickly as possible (preferably "in full " every month) and are careful in making purchases. 

Thanks to information and tools on this site, I was able to consolidate my small, high-interest credit cards and get a higher credit limit, lower interest card.  My score has gone up and the debt limit is going down because the larger than minimum payments I'm able to make on the cards is reducing the debt to nothing before the end of the year.  Use the tools and learn how you can improve your financial life.

FYI- I'm on a fixed income and my financial life has improved thanks to info and tools on this site.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.