Comments on: Why I’m using credit cards again

By: Mrs.B

Mrs.B — Mon, 27 Apr 2009 21:59:44 +0000

My husband and I are middle aged. He's had one and only one credit card for the past 35 years. I've never had a credit card, auto loan or mortgage (I inherrited my home). Recently, we were looking to move to another state, thus causing us to house hunt. When we applied for a pre-approved mortgage the lending institution said our interest rate would be 2.5% higher if I was on the mortgage. Why? Even though I outright owned a vehicle and a home (both fully in my name), and all utilities were in my name and I'd never had a late payment on them - The mortgage agent told me for all purposes intended I did not was a "non-existant" person. Subsequently, we applied for the pre-approval in only my husband's name, because of the credit card and other paid off loans, he has an excellent credit history. Upon returning home, much to my unwillingness my husband insisted I acquire a credit card. He worries that if he were to pass away, I'd have a hard time getting credit if I needed it, because of my age and no history. Although I am anti- credit card, I have had to change my stance to anti-credit card balances. I've been purchasing one tank of gas per month and paying it off as soon as the invoice arrives. Hopefully, in a couple years, the credit world will recognize me as an "existing" person. Mrs.B Mrs.B’s last blog post..Care Calendar

By: Healthy Amelia

Healthy Amelia — Mon, 27 Apr 2009 15:55:16 +0000

I am in a similar situation. I finally paid off the last of my credit card debt last year. I am so thrilled! But I have recently applied for, gotten, and started using a new card. I will definitely be paying it off each month, but I look forward to getting the rewards that are offered by my card (Amazon Chase). I also think your point about credit history is spot on. I want to make sure to keep up a good record of on-time payments. Healthy Amelia’s last blog post..Back from the Brink or Day 3 of the 10 Day Challenge

By: Counting My Pennies » A brief roundup

Counting My Pennies » A brief roundup — Sat, 25 Apr 2009 14:03:55 +0000

[...] Why I’m Using Credit Cards Again – This is a good plan to keep your credit history good. I personally use credit cards for just about everything, then pay them off every month. But this isn’t for everyone. [...]

By: Arden Lynn

Arden Lynn — Tue, 21 Apr 2009 13:54:30 +0000

It can be a slippery slope. We did this after having the cards paid off for almost 10 years. Suddenly we had a medical emergency with a preemie baby and not only did we have huge expenses, we weren’t able to care all that much about our finances through this difficult time. Result? About 2500 in card balances that we will struggle to pay off. Just be careful.

By: Mrs. Micah

Mrs. Micah — Tue, 21 Apr 2009 13:54:23 +0000

That's a very wise decision. I do the same thing because I've had no loans or mortgage or any kind of debt and therefore ironically no credit history. So now I have one card which I use to pay some regular bills. It's worked quite well and I hope that my regular use of the card will mean it doesn't get closed. Mrs. Micah’s last blog post..To Succeed as a Freelancer, You Need Passion and Persistence

By: EastTXmom

EastTXmom — Tue, 21 Apr 2009 13:22:01 +0000

Karen -

You’re so smart to do this! Most people don’t realize that your credit history is tied to your credit card history payments. When my husband and I started dating, he was surprised I had no credit cards, which I thought was great. “Oooh, look at me, I’m debt free.” Of course I had a car payment at the time, but when we started looking into buying a house years later, I was shocked to discover his credit history was actually better than mine, mainly due to him having a credit card and paying it on time, even when he had paid only the minimum, which most people don’t realize is better than paying nothing.

Keep rockin’ on girl!