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Non-Cattle Specific Topics
Coffee Shop
Borrowing money to build credit.
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<blockquote data-quote="JMJ Farms" data-source="post: 1332785" data-attributes="member: 24583"><p>Credit scores are very complicated and IMO are not always true indicators of a person creditworthiness. Paying on time is super important. And never having a balance of more than 25-30% of your credit card limit is important, whether it's current or not. The whole concept is to show that you have access to available credit that you are not utilizing and that you are responsible and pay your bills on time. More and more insurance companies are using credit scores to quote insurance prices. Another reason to try and have a good score. </p><p></p><p>But like I mentioned above, I know people that have poor scores that have enough money to burn a wet mule because they have never had to do much, if any, borrowing. Therefore they don't really have a credit score, so it's not necessary, but it's sure helped me. Credit is a tool. And like any other tool, when used properly, is a valuable asset.</p></blockquote><p></p>
[QUOTE="JMJ Farms, post: 1332785, member: 24583"] Credit scores are very complicated and IMO are not always true indicators of a person creditworthiness. Paying on time is super important. And never having a balance of more than 25-30% of your credit card limit is important, whether it's current or not. The whole concept is to show that you have access to available credit that you are not utilizing and that you are responsible and pay your bills on time. More and more insurance companies are using credit scores to quote insurance prices. Another reason to try and have a good score. But like I mentioned above, I know people that have poor scores that have enough money to burn a wet mule because they have never had to do much, if any, borrowing. Therefore they don't really have a credit score, so it's not necessary, but it's sure helped me. Credit is a tool. And like any other tool, when used properly, is a valuable asset. [/QUOTE]
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Borrowing money to build credit.
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