@Anonymous wrote:
sarge12,
While I was in High School we actually studied credit and banking as part of a regular curriculum . This included college tuition and loans, buying or renting, APR ect.This was achieved with real bankers and real life apllications -I acutally filled out apllications and stood in a "bank line".
Alot of it was total scare tatics but, it did cover the benitfits of paying on time v not paying on time or even at all - the whole trickle down effect of behavior. Also, they covered the future of credit cards and how they will be - very soon tied to our bank accounts and $ in said account. I think the new way is -at least for me - not over applying for loans and cards to boost my score. I feel soilid at 18 with two cards, no college debt and some stocks and a small savings accounts. Stability seemed to be the word tossed around in those credit education classes!
Anyhow, It is what I was taught at school and enfouced at home. I dont think opening even 3 cards and loans at 18yrs works anymore- although, I am not sure yet.
Just some insight and open for debate. I hope this is interesting to some - in no way trying to be offensive or inflammatory - mabey you didnt know what they are teaching us in school? well my school anyway. I reallyhope this post is insightfull - again, trying to learn from you all.
That very much depends on the 18 year old. Many 18 year olds are not mature enough to have access to many cards, but in truth the same can be said for 45 year olds. Many people simply must learn things the hard way, like I did. The fact that you are here on these boards suggest that you might be able to deal with the temptation well. At this time, getting very high scores does require 3 cards, just due to how the utilization needed to maximize that metric is scored. Under no circumstances should anyone ever apply for more cards than they feel comfortable with. The main purpose for acheiving high scores should always be a favorable mortgage interest rate. The rewards and such is really chump change compared to the savings a half of a point makes on a 30 year note. It can literally result in 100,000 dollars difference. This is especially true in high property value areas. When looking at the big picture, that mortgage is the key to the future.
TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
