111. Build Credit

by jfjudah

Be wise about building credit:

  • Open a revolving account with no more than $1,000
  • Make a few small purchases and pay them off immediately
  • Make one larger purchase and pay it off over time
  • When starting, do not pay off the large purchase all at once
  • Never be late; they will not care why
  • Never use more than two-thirds of what you have available
  • Never commit more than the total of one of your monthly paychecks to credit payments

Debt is not healthy, not admirable, and not freedom. Financial security is.