7 replies
  1. Roland Hesz
    Roland Hesz says:

    Good tips. But, why does one need a credit card – I am just paying mine back, and then cut it in half.
    Paying ridiculous percentages (in my case 34.7%) for using money I don’t actually have.
    What is it that makes living without a credit card impossible?

    Just curious.

    Reply
  2. George and Mary-Lynn
    George and Mary-Lynn says:

    Roland, great point. However, it is still important to be able to access credit…for example a bank loan. That’s the only way that you’ll be able to take advantage of significant opportunities (e.g. starting a business, buying an investment property).

    Reply
  3. Roland Hesz
    Roland Hesz says:

    Ok, I have to admit, that here where I live there is NO positive credit system.
    Whether you get a loan depends on your income and any loans you currently pay.
    And if you don’t pay you get on the BAR list which means : no loan whatsoever for a few years.
    So having a credit card actually hurts your chances to get a loan here.

    Reply
  4. George and Mary-Lynn
    George and Mary-Lynn says:

    Roland, once again you make a good point. In the situation that we’ve addressed in our Bigg Challenge today with Leah, she wasn’t even able to get a credit card, or even a loan b/c she didn’t have credit established.

    If you deposit $1,000 in a bank account, and then in essence borrow that money from the same bank, they will (in most cases) happily make the loan. It’s costing a small amount of money b/c of the difference in what you are earning and what you are paying in interest.

    However, repayment is not an issue b/c you are going to use the money in the bank to pay the money owed to the bank. What you are accomplishing by doing this is proving the ability to repay a loan AND establishing your credit in the first place.

    Roland if you have a question that we are not answering, type us a message in our Bigg Challenge box on our blog today so we can offer some suggestions specific to your situation. Thanks for the conversation today!

    Reply
  5. Steve
    Steve says:

    Good start for student. It’s very important that people who graduate can easily receive such information.
    Education is the main point in society development.

    Reply

Trackbacks & Pingbacks

  1. I Am a Recent College Graduate. How Do I Establish Credit?…

    3 tips get the credit you deserve….

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *