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I can identify with this. As a 30 year old, I have never and don't ever see myself owning or using a credit card. The experience of my parents struggling with

I can identify with this. As a 30 year old, I have never and don't ever see myself owning or using a credit card. The experience of my parents struggling with debt for most of my childhood remains emotionally powerful, even against the opportunity cost of not using credit cards. I am willing to to take extra precautions against fraud and lose the cashback I otherwise would earn, if it means never inviting potential credit card debt.

op00to 10y ago
I'm curious what the credit score would be of a fiscally-responsible 30 year old with no credit cards. Care to share a ballpark, if you know?
- SeanBoocock 10y ago
  The closest I have is the approximation supplied by my credit union (Alliant). Currently it sits at ~660, having fallen from ~740 when I finished paying of my student loans. At the moment I am counting on saving more than the standard 20% for a future home purchase, in order to minimize the impact of my lower credit score on a worse mortgage interest rate.
  - op00to 10y ago
    thanks! That's interesting that you took such a hit from having your loans paid off. I know that has an effect, but that totally dropped you out of prime territory. When shopping for your mortgage, you may want to see smaller mortgage brokers who would be able to give you a slightly better deal versus going to a larger bank. Good luck!
antisthenes 10y ago
This post is a great example of complete misunderstanding of CC basics and as a result - an irrational fear of "all things financial" If you're so afraid you might lack self control that you will spend more than your monthly income, get a card with a limit that's 1/2 of your income. Simple as that. This country is structured around using debt as your leverage, as both business and consumer. Not to utilize that and tout it as somehow virtuous or prudent is, in fact, just ignorant at best.

op00to 10y ago

I'm curious what the credit score would be of a fiscally-responsible 30 year old with no credit cards. Care to share a ballpark, if you know?

SeanBoocock 10y ago
The closest I have is the approximation supplied by my credit union (Alliant). Currently it sits at ~660, having fallen from ~740 when I finished paying of my student loans. At the moment I am counting on saving more than the standard 20% for a future home purchase, in order to minimize the impact of my lower credit score on a worse mortgage interest rate.
- op00to 10y ago
  thanks! That's interesting that you took such a hit from having your loans paid off. I know that has an effect, but that totally dropped you out of prime territory. When shopping for your mortgage, you may want to see smaller mortgage brokers who would be able to give you a slightly better deal versus going to a larger bank. Good luck!

antisthenes 10y ago

This post is a great example of complete misunderstanding of CC basics and as a result - an irrational fear of "all things financial" If you're so afraid you might lack self control that you will spend more than your monthly income, get a card with a limit that's 1/2 of your income. Simple as that. This country is structured around using debt as your leverage, as both business and consumer. Not to utilize that and tout it as somehow virtuous or prudent is, in fact, just ignorant at best.