You don’t have excellent credit

Listen up folks, payment history is not the be all and end all of your credit. It’s important, to be sure, but it has to also be about how much credit you have, how you’re using it, and how much you could use if you got a wild hair up your ass and went on a Vegas spree, courtesy of your trusting lendors.

 It’s about what your income looks like next to the credit you already are servicing.

 So do yourself a favor. Research what makes credit “good”. Stop spending above your means, and work out how to rid yourself of debt. You only have excellent credit if you don’t need it.

~ by creditcardboffin on June 9, 2007.