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You do not need to ever use a credit card to have an excellent credit score. I had a FICO score of 795 when I bought my first house having never used a credit c
by dangrossman 13y ago
You do not need to ever use a credit card to have an excellent credit score. I had a FICO score of 795 when I bought my first house having never used a credit card. These days, most young adults have student loans to establish a credit payment history. If not, simply getting a credit card and leaving it in a drawer still works your "average age of open lines of credit" stat. You don't have to use the credit.
- liyanage 13y agoI recently got dinged for leaving my credit card "in the drawer". The "credit utilization" component of my rating according to creditkarma.com went from A to C because my utilization was 0% (I pay for everything with my Simple debit card or direct debit). 0% is in the C bucket, while 1-20% is in the A bucket. I started using it like that. I use it for some of my purchases every month, and have them debit the full balance at the end of each month. My rating in that category went back to A the very next month.
- deleted 13y ago[deleted]
- dminor 13y agoIf you're not using a rewards card, you're essentially subsidizing those of us who do. So, thanks!