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If you are in Canada, you absolutely need to use 1 credit card to have a decent credit history. Not having a credit history or having a bad credit history means
by parthdesai 8y ago
If you are in Canada, you absolutely need to use 1 credit card to have a decent credit history. Not having a credit history or having a bad credit history means you won't be able to get a mortgage, won't be able rent, won't be able to finance/lease a car. I'm pretty sure it works the same in US as well.
- closeparen 8y agoYes, but you may as well choose the credit card with the most advantageous reward scheme. The fact that you need a credit card to establish history doesn’t make reasonable to choose a card with suboptimal rewards.
- parthdesai 8y agoBut the parent clearly says "The only reason many of us use credit cards is to collect points". Unless, of course only reason means something else.
- Consultant32452 8y agoHere's my anecdotal experience in the US. You can still find banks that will do manual underwriting for big loans like a mortgage. 15-ish years ago when I had no credit history I was able to rent an apartment, but I had to leave a bigger deposit, 3 months instead of the standard 2. I bought a car with no credit, but I bought it at a small buy here pay here lot whose customers often have bad credit. I didn't try a big dealership for a new car.