Quote:
Originally posted by sycamore
Have you bought a car or other items on installments before? I dunno if you're married or not either.
To a degree, but if you pay those balances off the minute you get the bill, it doesn't help you much. 1) You're not making the CC company any money and 2) It doesn't show that you're responsible enough to pay on installments.
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Nope - I'm a single guy that's never had any type of financial responsibility before. I've been financially responsible, but I never burdened myself with spending more than I had (ala karyn), nor have I subscribed to the notion that one must "create" credit ratings for themselves. I also paid close attention to the problem that Tony presented -- don't over extend yourself. I found a house at half the amount I was approved for. I wanted something I knew I could afford for a while if I happen to lose my job, or that would be attractive in a rental market (though now I'm thinking it's a little too nice to let some frat-boys live in -- I guess I'll have to be extremely picky (I never said that) if the situation ever arises).
1). I'm glad I'm not making the credit card companies any money. They don't deserve it. The only way they should make their money is from the 3%+ they charge retailers to use their systems.
2). It shows that I'm respnsible enough to know my spending limitations, though. How does making payments on something you may purchase outright prove financial responsibility?