Credit Cards - Word of advice for you younger posters

[bgwfreak]

 

So do you have to have the debit card for a long freaking time, or what? 'Cause I do really need to improve my credit.

 

 

Just get a small $500 line of credit credit card. And use it maybe once a month or once a quarter, pay it off each time.

 

Basically what credit companies look for is that you pay on time, you don't go over your limit, you don't default and that you at least use the card every now and then.

 

To give you an idea, I had a LOT of credit at one time but I never defaulted or anything. I had a 720 credit score when I went to get my mortgage. I think a 850 or something is the best you can have!

 

I found out the hard way that co-signing with your parents does nothing for your credit. All the credit records go to your parents because they are they main creditor, you're just a co-signer.