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The Water Cooler
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My Credit Score Is Zero...
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<blockquote data-quote="Neanderthal" data-source="post: 3124688" data-attributes="member: 3746"><p>I was in the same boat a few years back. I've paid for my houses, vehicles, and land all with cash. I owed nobody anything and had no "bills" other than the monthly utility stuff. Then, 100 acres of land that adjoins ours came up for sale pretty quick. I had good money in the bank..but zero credit. Going to the bank and offering them $20K cash down payment wasn't enough. I didn't get that land. I decided that as much as it pained me, I needed to get some kinda credit established. I went and got a few credit cards and we purchased another vehicle on credit, then another house and property. Credit is pretty darned good right now. I do have bills, but they aren't anything that I can't handle; even if I lost my job tomorrow we'd still have a place to live.</p><p></p><p>I think the trick is to not overextend yourself with credit. Get a credit card and use it once or twice a month at the gas pumps and your credit will build up. If you decide to get a Lowe's credit card, pay it off every month or at least as soon as you can. If you buy a $200 gadget from Lowe's on your card and pay $10 on it, they will continue charging you the interest for the full $200 until you get it paid off. It's a racket and a lot of credit card companies do that from what I've heard.</p></blockquote><p></p>
[QUOTE="Neanderthal, post: 3124688, member: 3746"] I was in the same boat a few years back. I've paid for my houses, vehicles, and land all with cash. I owed nobody anything and had no "bills" other than the monthly utility stuff. Then, 100 acres of land that adjoins ours came up for sale pretty quick. I had good money in the bank..but zero credit. Going to the bank and offering them $20K cash down payment wasn't enough. I didn't get that land. I decided that as much as it pained me, I needed to get some kinda credit established. I went and got a few credit cards and we purchased another vehicle on credit, then another house and property. Credit is pretty darned good right now. I do have bills, but they aren't anything that I can't handle; even if I lost my job tomorrow we'd still have a place to live. I think the trick is to not overextend yourself with credit. Get a credit card and use it once or twice a month at the gas pumps and your credit will build up. If you decide to get a Lowe's credit card, pay it off every month or at least as soon as you can. If you buy a $200 gadget from Lowe's on your card and pay $10 on it, they will continue charging you the interest for the full $200 until you get it paid off. It's a racket and a lot of credit card companies do that from what I've heard. [/QUOTE]
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