General Discussion

opiate69

(10,129 posts)

52. The ideal credit utilization is about 10%.

Mon Sep 8, 2014, 03:42 PM

Sep 2014

We just got a secured credit card at the advice of our mortgage guy in an effort to clean up our credit and raise our scores so we can finally buy our own place. The less of your available credit you use, the more it improves your credit score, but after 10% it really drops off.

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Millennials are saying no to credit cards [View all] IDemo Sep 2014 OP

I'm a 57 yo boomer and haven't had one for twenty years. House of Roberts Sep 2014 #1

Senior here, elleng Sep 2014 #2

I use one for the miles but always pay it off each month NRaleighLiberal Sep 2014 #3

I am also a senior homegirl Sep 2014 #15

Old as the Hills and I don't have one either. MADem Sep 2014 #4

Very useful for overseas just make sure you get one with the chip. Agschmid Sep 2014 #8

Absolutely--otherwise, why bother! nt MADem Sep 2014 #13

Unless you go to Korea or Japan (probably China as well) rpannier Sep 2014 #17

Credit cards are bad news. Quantess Sep 2014 #5

They are a way for people to develop a credit history so they can qualify for a house loan. pnwmom Sep 2014 #11

Some people see home ownership for what it is - TBF Sep 2014 #28

As opposed to renting longterm Orrex Sep 2014 #34

It hasn't been for us. With a fixed mortgage, we saw our percent of income that went pnwmom Sep 2014 #39

I'm never going to own a house tabbycat31 Sep 2014 #38

Letting someone else worry about those costs also means that you'll always be subject pnwmom Sep 2014 #40

Rent is the price I'm willing to pay for my santiy tabbycat31 Sep 2014 #41

I can see for many people that makes perfect sense, especially single people. pnwmom Sep 2014 #42

I lived in one place growing up tabbycat31 Sep 2014 #43

Well, we moved and I hated the new schools. So I guess everyone's experience pnwmom Sep 2014 #45

I've found in my life that having enough $$$ is the only stability TBF Sep 2014 #49

Merely one of many tools in the "qualify for a house loan" toolbox. LanternWaste Sep 2014 #48

We've got one we use for just about everything Contrary1 Sep 2014 #6

I'm a millennial I have 5, but zero debt on any. Agschmid Sep 2014 #7

I got a Crapitol One card when I was very young. Live and Learn Sep 2014 #9

using credit cards is a good way to improve your credit score. Mosby Sep 2014 #10

You mean paying the bills for credit cards is a good way to improve your credit rating. Live and Learn Sep 2014 #12

Correct. Although even if you pay them off each month, if the balance is always more than say cui bono Sep 2014 #19

The ideal credit utilization is about 10%. opiate69 Sep 2014 #52

Senior here- I prefer using a credit card to using cash. No Vested Interest Sep 2014 #14

Haven't had one in years Prophet 451 Sep 2014 #16

I absolutely could not live without one. SoapBox Sep 2014 #18

Can likely do the same with a debit card grahamhgreen Sep 2014 #21

It is difficult and sometimes impossible to rent a car with a debit card. n/t MadrasT Sep 2014 #23

My debit card doubles as a Mastercard without being a credit card lunatica Sep 2014 #50

debit cards Locrian Sep 2014 #26

May be true in general. brer cat Sep 2014 #32

Sometimes reversing the charges pipi_k Sep 2014 #37

sure there are probably good exceptions Locrian Sep 2014 #46

I love this ongoing narrative about the "Millennials" Sen. Walter Sobchak Sep 2014 #20

Agreed Sherman A1 Sep 2014 #22

Agreed - I call it "managing expectations" TBF Sep 2014 #30

Our oldest son--a millenial--didn't go to college. mnhtnbb Sep 2014 #24

I don't know if I am a Millennial..but yuiyoshida Sep 2014 #25

None for me please Mr Dixon Sep 2014 #27

I'm older - with Amex for travel and that's it TBF Sep 2014 #29

This is good news tiredtoo Sep 2014 #31

66 years old madokie Sep 2014 #33

I have one through my credit union for emergencies. RedCappedBandit Sep 2014 #35

We didn't have one for a long time gollygee Sep 2014 #36

Are they saying no to credit cards Lonusca Sep 2014 #44

I don't have one nor do I want one anymore lunatica Sep 2014 #47

I have one card Drale Sep 2014 #51

Good for them! redstatebluegirl Sep 2014 #53