Quote:
Originally Posted by alyon
No.. just no. A entry level credit card will build up your credit score but be almost entirely ineffective. When you go for a mortgage the lender will look for installment credit history. This include auto loans, student loans, previous mortgages, and other personal loans. We really don't give a crap about credit cards.
-I work for a commercial real estate lender
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would you lend someone 25k with 0 credit history? someone with no creidt history probably isn't making more than 40k. we're talking about no past credit cards, loans, etc etc.
also, you're only going to take on a loan if you're planning to purchase something big (house, car, etc).
for your average late teens through early 20s who's starting to build credit, do you honestly suggest them to get a personal loan and pay interest?