thinking of getting a credit card...advice welcomed

[squealpiggy]

Good reasons to use credit = growing a business, investing at a rate higher than the net future payment or buying a house in an emerging economy.

Bad reasons = buying a car, buying a house in some instances, expensive appliances etc(basically anything that doesn't guarantee a positive cash-flow and depreciates)

It depends on your perspective. If you see all credit as a means to investment, yes. If you need a reliable car to get to work and can save up a deposit and afford the repayments then...

You read a lot of investment pundits talk about how owning your home is a bad investment. That's sort of true if you view any financial transaction based on the money you make on it later. If you're an ordinary person who didn't become a pundit by getting lucky with investments (because that;s how you become a pundit!) then owning your home is a priority.

[Krewella Boyy]

My friend had an impressive credit score at only 22 years of age, he was able to get his first credit cards at 18, he got a student credit card and a secured card, when he was 20 he got approved for an American express and got it, after 1 year he was already in the upper credit levels, and he was only working a retail job of 9 dollars an hour, but his payments were always on time and when he saved up enough money in his bank while living at home rent free.

He later got approved for a business loan to open up a juice bar near the local college, and the business was booming he was able to pay off his loan and make profit after 4 years, he sold it and now does real estate buying an selling. h/e does commercial real estate now and is opening up a small strip mall.

He never had a college degree he only went to a junior college to take business classes and get the student credit card to help build his credit he was very wise, I wish I listened to some of his advice back in the day he is in his 30s now like me and he is making over 700 thousand a month from his properties.

I still remember a lot of the guys were clowning on him because he would wear cheap shoes and not spend money on lavish goods and drove his parents beat up mini van, now look at him now he got the last laugh lives in a mansion has big money coming in and has a nice 911 porsche turbo.

while the younger guys were busy spending their checks on jordans and expensive clothes he was saving up his 400-500 dollars a week for a few years until he had enough to get approved for a loan to start his business. He also bought his folks a fully paid home for letting him live rent free until he was 25. Girls used to never date him because they thought he was a loser living at home in his 20s and driving a beat up mini van. But now he has financial security he could have spent his money on lavish things to impress hood rats and morons but he decided to look at the bigger picture and future.

That's awesome.