If you’re one of the fortunate ones who has managed to manage your money well, you may find that sometimes you do wish that you had done more to build your credit score. A near complete lack of a credit history can be quite a disadvantage.

But is it worth it to get a credit card and carry a small balance just to build your credit score?

Carrying a balance - no, not worth it.

Getting a credit card - yes, probably worth it.

The trick is to have it, use is and pay it off each and every month. You don’t have to use it a lot, just enough to show that you are responsible with credit. That’s all you really need to start building a credit history.

One very important thing to avoid is paying an annual fee on a credit card. Very few people really benefit from cards with annual fees. Some do, as they use it in a way that more than makes up for it, but if you’re keeping things to a minimum, there really is no point.

Having a credit score can help you in many ways. You may have saved up enough to buy a car without a credit history, but what about a house? Having a good credit score will help you get the best possible rates on your mortgage.

Similarly, a good credit score can help you get lower insurance rates and can even be relevant to landing a job. Some employers do check these things.

The easiest time to do this is when you are a student. Credit cards for students are quite easily available, as credit card companies know this is an important time to get new customers. But if you aren’t a student, don’t give up hope. You should still be able to get credit with minimal difficulty. You may get a high interest rate and a low credit line, but if you aren’t going to use it much, who cares?

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