While you are all cutting up your devious credit cards, I have received my first one in the mail just the other day.
I have never used a credit card in my life and now I have one in my name. You may be wondering why? Financial experts such as Dave Ramsey are telling everyone to cut up credit cards and here I am just starting to use one.
Here are three reasons I signed up for my first credit card:
1. I’m hoping to increase my credit score with my first credit card. In the past, my credit score has always been on the low side, but not because I’m financially irresponsible. I’ve never built up that credit with a credit card. I have the credit score I do because I’ve been able to pay off debt, such as student loans and vehicles. It’s still not as high as I’d like it to be, so I’m hoping having some credit in my name will help.
2. On the farm, we deal with big bills on a regular basis reaching into the thousands of dollars. Sometimes the parts we need have to be bought now whether I have the money in my checking account or not. Using a credit card will allow supplies we need to be bought when we need them even if the money is not yet into the account.
3. This was my husband’s idea! Are you surprised? I was surprised when he approached me with this endeavor. However, my husband is a smart man and we had a long talk about this. As a result of this conversation, we decided that having a credit card on hand at all times would be best for our business and family’s future!
We all know that the secret to success with a credit card comes with extreme financial responsibility. My credit card is with my husband’s credit card account and he will pay it once per month, with my assistance of course.
I really do not plan to use my credit card other than for the reasons listed above. This credit card will mainly be used for fuel, farming supplies, and emergencies and will be paid off completely each and every month.
How do you feel about credit cards?
Val - Corn, Beans, Pigs and Kids
Wednesday 13th of May 2015
It is very true that in order to build up your credit score you need to have a credit card. My husband has a low credit score even though he has great credit with the bank. It is just that credit scores to reflect your banking credit, which is primarily what farmers only have. I have a few credit cards - one general, one vacation and one store linked. I don't use them often but it is nice to have them available when needed.
Farm Fit Mama
Thursday 14th of May 2015
When I was signing on to purchase my new truck 2 and a half years ago, my credit score was so much lower than my husband's! He told me then it was because he used his credit card regularly and paid it off every month. It was a real eye opener for me!