Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
Re: it's all about money

There's a popular radio and TV host that calls FICO the "I love debt" score. While he's great, the advice is misguided per FICO. You can be 100% debt-free and have a high FICO. In fact, FICO penalizes you for being in debt. A FICO score can be generated after you have at least 6 months of open history on your CRs. You can acheive this via a secured CC and is a great way to start. Having a solid mix of credit is important and a secured CC is the best to begin with. If you use it, pay it off right away. You would avoid interest. You also don't need to use it all the time. Just use it every 3-4 months to keep it active and pay it off.