Build Wealth, Not Credit

BY ALLEN PRIEST

BUILD WEALTH, NOT CREDIT
The Top Line article, “Five Facts about Your Credit” ( JofA , Nov.05, page 20 ), stated “Keeping active is key.”

While continuing to use credit cards may keep your Fair, Isaac and Co. (FICO) score higher, it does nothing to address the real problem for most people. Credit scores are irrelevant if you can get out and stay out of debt. Keeping credit accounts open just to keep up a credit score is simply irresponsible. Pay off the accounts, close them and build wealth with your income.

No one gets rich borrowing on credit cards. Success in financial management does not lie in managing a FICO score. The challenge is managing money to win. And that is done only when you can keep some of it for yourself.

Allen Priest, CPA
Louisville, Kentucky

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.