Is this a good strategy for building credit?
makingsnsux asked:
Hi, I inherited a good sum of money and I’m pretty young, like early 20s and I don’t have a whole lot of credit. I was wondering if it would be a good idea to get a credit card and basically go on a big shopping spree and pay it off at once with the money in inherited.
Hi, I inherited a good sum of money and I’m pretty young, like early 20s and I don’t have a whole lot of credit. I was wondering if it would be a good idea to get a credit card and basically go on a big shopping spree and pay it off at once with the money in inherited.
Ooor should I just use my card to buy stuff over a period of time and make my payments on time etc instead of all at once?
you should make small purchases and pay them off when you receive the bill, but every once in a while, make less than the full payment and then pay it off on the next cycle.
Credit is not a neccesity to enjoy the good things in life. If you pay cash for what you want, you wont have to worry about the bill later.
Since you’re in your early 20′s, you have a good chance of getting what you want, when you want it, without owing anyone anything and can work just for fun (or shopping). Not just to pay bills!!!
The deposit to hold them on few bureaus this work for me.
use your money wisely, don’t waste an inheritance just to build credit. Maybe use it as a downpayment on a house instead.
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