KCLau's Money Tips Forum

[leon]

Hihi... i currently have no credit card cos never use and lazy apply lol...

I always hear abt the term 'credit rating' and how it is good to have a good credit rating.
Can someone give actual examples where it is necessary to have good credit rating?

If i will need it for future home loan... then i may need to get a credit card just to build up credit rating...

[KCLau]

I think credit rating is not related to whether you own a credit card or not.

Someone who always pay late and owe credit card debt has a bad credit rating. But those who never use credit card do not have a credit history to refer. It is not either bad or good. In fact, the rating is neutral.

Good credit rating is needed when you want to borrow money, and more money from banks. In order to borrow money easily, you just need to prove your income or/and assets.

Leon, I guess you will be doing fine even though you don't own or use any credit card.

[leon*]

Thanks for the reply; then i guess i wint be getting credit card, i think it will be another add confusion for the monitoring!

[KCLau]

Hi Leon,

Credit card is pretty useful though.
Refer my article about how to make money from credit card:
http://kclau.com/make-money-tips/how-to-make-money-from-your-credit-card/