My first credit card was a company card from Circuit City. My parents co-signed, and I ended up buying a $1,200 television on credit. It was a 32″ HD television that today could be bought for about $150 brand new. Financing a tv isn’t the best idea, but I didn’t know better at the time.
Improving your credit score is relatively simple. Don’t miss any payments, keep your balances low relative to overall credit, and show a history of paying your debts.
Not rocket science, I know. But, all it takes is monthly spending on your credit card to maintain a high credit score after becoming debt-free. It’s as simple as that. Our credit score is around 840 despite not having revolving debt. So, if someone tells you that you NEED to carry revolving debt to keep your credit score up, you should know that is not true.