02-03-2012, 07:46 AM
Evan Wrote:You most definitely do not have to carry a balance to build credit.
In fact, paying off a balance shows you as much lower risk to a lender and will be positive for your credit score.
I have never carried a balance on any card in my life. My credit score is 819 (currently refinancing, ran it last night)
and DJ, if you had a credit card at 16, it was not your own, you had your name on your parents account. banks do not give credit card accounts to minors. so this card would not show on your credit history.
Agreed, Rex and I are in a similar situation, since they just ran Rex's credit for the car, and we don't carry balances, well except on our Best Buy card with 0% financing. But since buying a house, selling a house and buying another house, we've been blessed to have our credit run in the last year or so, and its always right around 800. Mine being a smidge lower and Rex's being higher. Of course, Rex bought a mini van at 14, because some knucklehead pulled the wrong SSN. Instant favorable credit history. Sometimes it pays to have the same name as your dad, and grandfather.
2019 Impreza Sport