Reply to "BeRecruited.com offers my son his first credit card"

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quote:
Originally posted by RJM:
quote:
The best credit score should be a zero.
When a person goes to buy a house, a car or a loan to start a business they want their score to be as high as possible, not zero. A low score will cost the person thousands in interest.

A loan will cost a person thousands, even tens of thousands in interest. You can use a manual underwriter to get a mortgage with no FICO score.

You should be able to pay cash for a car without going in to debt. Depends on what your desire is but a $5000 car does exactly what a $25,000 car does, point A to point B. A person can get by just fine without a credit score.

I would suggest that most businesses that fail do so because they cannot pay their creditors.

Credit is primarily issued because people have the "Got to have it now" syndrome. They don;t know what saving actually is but they know a great deal about making payments, all for that great FICO score.

12/19/111:55 PM

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