Would Should You Do When PERFECT Credit Score

I’m in the military. People around the office ask me for for financial advice. They know I’m a “money guy” and word gets around that I like talking investing and real estate.

I warn people they won’t like my advice. They usually don’t.

This guy didn’t.

Recently a co-worker told me he’s got $20,000 burning a hole in his pocket, and what I think about investing in the British Pound. With the Brexit, it seems like a sure thing!

I told him this kind of speculation in currency isn’t for everyone. Even those who devote their lives to studying this are wrong more often then right. I warned him this would be a fun way to lose money quickly on something he doesn’t understand. It seemed like he took that to heart.

Guy: “Ok, I got a better idea! What about gold!?!?!?”

Me: Shit. (silently in my head)

I told him I have a different approach to investing. With an extra $20k and with no debt (awesome), consider fully funding retirement accounts first.

Guy: “O no, I still have debt!”

Me: How much?

Guy: $20,000 in credit cards.

Me: Pay off your credit cards. Then we’ll talk.

Guy: Won’t paying off my cards ruin my credit?

Me: WTF are you talking about?

Guy: A financial advisor told me to carry credit card debt to boost my credit score.

WHAT THE!!!!!!

This is a high-ranking, intelligent military member.

Who spreads this crap around? The idea of taking out debt on purpose to raise your credit score so you can qualify for more debt sounds stupid if you say it out loud a few times.

I remember in college how I was targeted by credit card companies that told me their cards would help build my credit. They set up booths on campus with attractive woman giving out gifts for signups.

Yes, they gave me some free shit when I signed up (frisbee), but I didn’t read the fine print, and paid annual fees and high interest.  I maxed them out and paid late fees a few times.  CREDIT ROCKS!!!!!