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That's a nice idea, but it falls on its face in the shadow of All-Important Credit (at least in the US). Not paying on a debt for an extended period of time (t
by obviouslygreen 13y ago
That's a nice idea, but it falls on its face in the shadow of All-Important Credit (at least in the US).
Not paying on a debt for an extended period of time (that is, not having any installment-based debt) will harm your credit. This is one of the more ridiculous and infuriating parts of building credit for those of us who don't want to accrue massively expensive stuff but actually want to be able to do things like purchasing cars or homes that aren't 20 years old or shacks in backwoods Mississippi, respectively.
What you describe would be great advice for someone who has already established credit and/or acquired those investments/purchases that benefit from or require it and has the time and money to do things like flipping property. For the vast majority of the credit-affected world, that's not even close to the case.