So, readers, recently I fell upon the blog of DebtKid and found that he has very sound advice. He is using his own experiences of being very very far into debt to help others avoid the problem entirely.
While I myself have decent credit, it never hurts to learn a few tips to build up your credit.
In today’s market it’s hard to get a good credit card because banks are taking fewer and fewer risks on people. If your credit is bad or does not exist… or even if you have a limited credit history and low credit limits (500.00 or less) the banks now see that as a bad sign.
There are people who think that they can live in a ‘cash and carry’ kind of mode, but without any kind of credit rating those people will be hard pressed to find any kind of financing for the shiny new car they want, or the house they want to buy.
The simple fact is, if you want any kind of loan, including a car loan or a mortgage, you have to have an established credit history and it has to be in good standing.
So my best advice would be to hit up google and search for the DebtKid and see what he has to say about knocking your score up a few points before you go in for that car or house loan.