Posted on Oct 16, 2015
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Posted in these groups: Finance FinanceDouble barred dollar sign.svg Money
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Responses: 12
LTC Kevin Broom, PhD
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A credit card, used properly, can help build your credit quite a bit.
A credit card, used improperly, can destroy your credit.

The bottom line...use credit card(s) wisely by not overextending yourself, and always pay your bills on time.
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SGT Writer
SGT (Join to see)
4 y
And tips on choosing the best one(s) for rewards?
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LTC Kevin Broom, PhD
LTC Kevin Broom, PhD
4 y
SGT (Join to see) - The most important things to consider are the interest rates they charge, any late fees, and the clauses that may cause your interest rates to jump. If you're just using the card to wash normal spending through (to get the miles), and then paying the balance off quickly, the interest rates, late fees, and balloon rates won't really matter much. If you let a balance build, the interest rate becomes important. If you slip up and make late payments, that will result in a fee and possibly triggering clause that kicks in the balloon rate. Then, you'll be paying a very high price for those miles.
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Sgt Field Radio Operator
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I have one credit card and pay it off when I receive the bill. I had a hard time taking out a home mortgage because I only have one line of credit. They wanted to see three lines of credit. I ended up having to make a larger down payment. Other than establishing a little credit for large purchases, i.e., a house, I believe paying with cash is the best policy, except for a home mortgage, and possibly a car.
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SGT Writer
SGT (Join to see)
6 y
I'm guessing those three needed to be open. I'd be screwed. I don't have anything to pay on right now.
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Sgt Field Radio Operator
Sgt (Join to see)
6 y
Yes, the cards need to be open and I believe they told me they needed to be open for 12 months.
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SGT Writer
SGT (Join to see)
6 y
I refuse to get three credit cards. I can't decide on one.
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MAJ Hugh Blanchard
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No..the world is built on an unsustainable empire of debt. Pay cash and save your money for what you want.
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SGT Writer
SGT (Join to see)
6 y
Sir, you sound a lot like "that guy that paid for a new car with cash."
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MAJ Hugh Blanchard
MAJ Hugh Blanchard
6 y
We bought our last used car for cash....just about entirely out of debt....I recommend it.
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MAJ Hugh Blanchard
MAJ Hugh Blanchard
5 y
We have credit cards. But we do our best to pay them all off every month, and we try to save our money.
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MAJ Hugh Blanchard
MAJ Hugh Blanchard
4 y
If you do the math, you'll see how much credit can cost. I am NOT opposed to good uses of debt. But the bad use of debt, especially credit cards, can enslave people.
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