It is a necessary evil. If and when you decide to buy a house, you will have to have a track record of good credit for a number of years. And with all the sub-prime mortgage loans going under, mortgage bankers are scrutinizing applications with a fine tooth comb.
If you have never had a credit card, get a secured card meaning you have to deposit the money first and then you will be able to access it. Make some small purchases, pay on time, and add some more money to you account. Once you have done this for at least a year, apply for a regular credit card. Dont worry about the size of the limit. It may only be for a few hundred dollars.
Continue to make small purchases and pay on time. You can even pay the minimum amount once in a while. Just dont make any late payments. Doing this will establish a pattern of on-time payments. Once you have created this history of making your payments on-time, you will find it easier to apply for that home loan.
Applying for credit used to mean asking your neighborhood banker for a loan. Now, with national credit cards and computerized applications, the day of personal evaluations may be over. Instead, computer...
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