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Reply to "Anyone else not have any credit cards & why does it hurt my FICO score?"
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[quote=Anonymous]I have had credit cards with cashback programs for over 25 years. I charge as much as possible, get the cash back and pay off the balance every month. Not doing this is just throwing money away. I get between $400-900 per year back in cashback bonuses. You can also maximize this in various ways. For example Discover allows you to use your cashback bonus to purchase special gift cards, like a $50 gift card which you can purchase for $40 of bonus money. You then just use the giftcard at the vendor same as cash and you have made more money. I have earned over $20K in cashback bonuses over the years. If you want to improve your credit score, get one credit card, only use it for minimal purchases (say gas) and then pay it off every month. The credit history will give you that FICO bump that you read about.[/quote]
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