No, that doesn't work in this day and age either, because the issuing bank will close the credit account for inactivity, and you'll take a hit for that too. Immediately paying off the card, closing the account, or hiding the card sounds like good advice, until you've actually experienced the hit of having credit accounts closed. My wife has had both her Sears and Lowes accounts closed by the issuing bank this year, and both were in good standing with a zero balance.

Still the hit to your credit score is very minor.

65 percent of your credit score comes from paying your bills on time and avoiding accessive debt.

15 percent comes from the frequency you open credit cards

10 percent comes from the age of your credit lines

So, paying your bills is the most important thing, and if you don't have a credit card it can hurt your credit. Now if you have a ton of credit cards already then its a bad idea to get another, but if you don't this could help build credit as well. It all comes down to the maturity of the person.

Can they pay off the credit card and not use it frivolously? Most people can't and thats the reason to not get a credit card.

Crikey you're right about that small print!

*On successfully applying for a Playstation credit card and subsequently purchase of a PS3 you  may experience periods of boredom, frustration at lack of games and regret that you didn't just go out and buy a Wii and Xbox360 like most sensible people did you idiot!

:0P

I have money saved. I have several Ks for college spending once I get there, and then alot more money saved to have a downpayment on a house. I also have some investment money, and some money for discretionary spending. The money in my spending account is about $900, but I have like $100 with me and I got some money for my bday that I depositied and could take out. Other than that, I doubt my parents will let me take out more, becuase the economy is starting to hurt us. I don't need a PS3 though- may be I should just play 360 games, then get a PS2 in a year or so, and play PS2 games? That would probably save money. I just want to play Little Big planet and Valkeryia chronicles and disgaea 3 and watch blu ray movies and play uncharted and other short games.

@hawkeye...you sound like you have it all figured out. I am sure that there is enough on the 360 to keep you occupied, but if you really want those games, then a ps3 isnt a bad idea. It doesnt sound like you are a frivolous spender...

Ahahahahahahahahaaa...

Thanks man for that fine print,I missed it. It was small,you know :)