I don’t take risks and so I don’t have credit?
September 4th, 2008
| Tags: Classical Guitar, Credit Rating, Love
Stephanie W asked:
At 26 years old, I have no debt. I also have no credit. It’s not that I have bad credit, it’s just that I don’t have enough. My policy is to never buy something I know I can’t afford! I just found out my credit rating is 646. That’s poor! It’s been suggested to me that I open up a line of credit and purchase something I can make payments on. I’m thinking about buying a classical guitar I fell in love with which is about $900. Is that the right way to go? Does someone else have a better idea?
Chad
At 26 years old, I have no debt. I also have no credit. It’s not that I have bad credit, it’s just that I don’t have enough. My policy is to never buy something I know I can’t afford! I just found out my credit rating is 646. That’s poor! It’s been suggested to me that I open up a line of credit and purchase something I can make payments on. I’m thinking about buying a classical guitar I fell in love with which is about $900. Is that the right way to go? Does someone else have a better idea?
Chad
If you really want to build a credit score then you have to open some kind of credit account. You could finance that guitar, but you’ll pay interest on it. Or you can open a credit card and make some monthly purchases on it and pay them off each statement. That option doesn’t cost you anything if you pay it in full each month.
Don’t get hung up on credit scores. It’s quite possible to do everything you need to do without one at all.