Credit rant
12-20-2005, 05:59 PM
#21
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When my son wanted credit I told him how to do it. Go to your bank, talk to the man in charge and explain you would like to establish credit. My son took out a loan of $1000 that they put into a CD and my son paid like $60 per month until it was paid off. He now has 3 credit cards with great, low interest rates (that he is paying down) and has had a car loan plus another loan. He had good credit until his medical bills got him messed up.
If you are gonna do this, do it smart.
If you are gonna do this, do it smart.
12-20-2005, 06:18 PM
#22
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I agree... Be smart about this...
Credit was a hard thing for me to come by.... It took a good while to obtain the good credit I have today...
When I got my first car loan I made a 10% down payment on the car, the Bank I deal with( Great service throughout my loan/* so I switched to their bank ).... I ended up with a Car loan.... I paid ahead of schedule, and sometimes more than the required amount... I think I actually paid the car off 6 months early...
Before I bought the car I had a small loan from a bank, and a couple of credit cards... I used them wisely... Paid off the bank loan, and kept the card payed for... Down the road I got a little carried away... I had 6 cards to pay on... At that point I decided that I wasn't buying much of **&^ untill everything was paid for... It took me 3 years to get it all paid off.. I was never late with a payment... I actually closed a few accounts( Closing accounts when you are trying to buy a car or the like is not a good thing either )...
As my credit was really good that this point I was able to kill off the 21% cards and started applying for cards that were 6-9% interest, and got them all... I still have all of those cards and here it is 5 years later... I have 1 card that carries a balance...
After I paid for the cars, loan, and the credit cards I started putting money away, instead of spending it like I wanted to I threw it into savings.... I had decided that I wanted a Home on enough property so that if I spit across the way it wouldn't land on my neighbor( figure of speech sort of )....
I started looking into Mortgages and what I was willing to spend, and weather or not I could get approved... Everyone had pretty much said yes... At this point I had not applied for credit in a couple of years, paid everything off, and saves a nice sum of money...
I finally bit the bullet, and dealt with a local place that specialized in Home Mortgages... The ran a credit check and the Lender came back with a Yes while I was still sitting in the office... They said I had good credit and Liquid assets... Once they said yes, I made a down payment on the Property, got everything in motion, went to closing and paid the fees out of pocket so it wouldn't be added into the loan, and here it is way over a year later I still have Money in savings...
I'm not rich at all, but I have tried to be careful about what I spend money on and how..
I wanted an 00 SSEi that was mint, with almost no miles on it earlier this year, But I bit my tounge and decided that it was more important to hold onto that money as I now have a home, and if anything like the AC died I'd hate to have that on credit...
I do have good credit and I intend on keeping it that way...
Did I make any sense at all?
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Credit was a hard thing for me to come by.... It took a good while to obtain the good credit I have today...
When I got my first car loan I made a 10% down payment on the car, the Bank I deal with( Great service throughout my loan/* so I switched to their bank ).... I ended up with a Car loan.... I paid ahead of schedule, and sometimes more than the required amount... I think I actually paid the car off 6 months early...
Before I bought the car I had a small loan from a bank, and a couple of credit cards... I used them wisely... Paid off the bank loan, and kept the card payed for... Down the road I got a little carried away... I had 6 cards to pay on... At that point I decided that I wasn't buying much of **&^ untill everything was paid for... It took me 3 years to get it all paid off.. I was never late with a payment... I actually closed a few accounts( Closing accounts when you are trying to buy a car or the like is not a good thing either )...
As my credit was really good that this point I was able to kill off the 21% cards and started applying for cards that were 6-9% interest, and got them all... I still have all of those cards and here it is 5 years later... I have 1 card that carries a balance...
After I paid for the cars, loan, and the credit cards I started putting money away, instead of spending it like I wanted to I threw it into savings.... I had decided that I wanted a Home on enough property so that if I spit across the way it wouldn't land on my neighbor( figure of speech sort of )....
I started looking into Mortgages and what I was willing to spend, and weather or not I could get approved... Everyone had pretty much said yes... At this point I had not applied for credit in a couple of years, paid everything off, and saves a nice sum of money...
I finally bit the bullet, and dealt with a local place that specialized in Home Mortgages... The ran a credit check and the Lender came back with a Yes while I was still sitting in the office... They said I had good credit and Liquid assets... Once they said yes, I made a down payment on the Property, got everything in motion, went to closing and paid the fees out of pocket so it wouldn't be added into the loan, and here it is way over a year later I still have Money in savings...
I'm not rich at all, but I have tried to be careful about what I spend money on and how..
I wanted an 00 SSEi that was mint, with almost no miles on it earlier this year, But I bit my tounge and decided that it was more important to hold onto that money as I now have a home, and if anything like the AC died I'd hate to have that on credit...
I do have good credit and I intend on keeping it that way...
Did I make any sense at all?
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote
12-20-2005, 06:22 PM
#23
12-21-2005, 11:06 AM
#24
Senior Member
Posts like a Camaro
Originally Posted by vital49
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Myth: Debt is a tool and should be used to help create prosperity.
Truth: Debt is not a tool; it is a method to make banks wealthy, not you.
Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you're in debt then you're a slave, in the sense that you do not have the freedom to use your money to help change your family tree. According to a recent USA Today article about debt, 78 percent of baby boomers have mortgage debt, 59 percent have credit card debt, 56 percent have car payments.
It takes a lot of will, discipline, courage and help to slay the debt monster. But it can be done. Imagine how much you could put toward retirement if you just didn't have a stinking car payment? This is how the wealthy build their wealth. Debt is really dumb. Welcome to the real world! Start your Total Money Makeover Now.
Get more information on debt.
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