GMMAT

Evidence that "some" people have no business entering into a mortgage.....especially ill-advised as to whether they can afford it or not.

Nothing wrong with alcohol. Using your logic.....it shouldn't be produced.....because some people can't handle it. I strongly disagree. No biggie. Handled responsibly....there's nothing wrong with credit, credit cards.....or alcohol. Home mortgages are "A" way for responsible people to afford their homes. Responsible credit handling is an acquired skill.

Like I said.....I refuse to throw out the baby with the bath water. We can simply agree to disagree.

rybohunter

I finally have a pretty good job. I didn't overbuy my house, or vehicles. I pack my lunch instead of going out. I never carry a balance on my cards, even thought that is almost exclusively what I use to pay for things.

Gundeck

Cash or debit card. That is why I don't have the hottest bow or top of the line arrows. But, I still have as much fun and most on here. Actually, my son and I both got new bows for Xmas thanks to a bonus at work.

GMMAT

Guys there's NOTHING wrong with responsible credit.....and even carrying balances. Heck we financed our last vehicle purchase.....even though we didn't have to. My ($_____) works for me in better ways (in other places)than the interest rate we received on the vehicle.

It's also imperative that a credit history be built for you when there comes a time when you NEED to use it (say...for that home purchse...... or for things like boats, automobiles, investment properties, etc...). Cash is not ALWAYS the best payment method.

We have to get out of the mindset that credit is a dirty word. It's a valuable toolfor a fiscally responsible person.

When someone's offering you credit at a rate of 5%-8%.....they're doing you a favor in most instances. How much can you expect to receive (on return) for that money if you have it working for you somewhere else? Sometimes it's not even a fine line.

I will say that it's admirable that we have so many that think about this, though. Very admirable.

bawanajim

Some of the poorest people I know are the cheapest, They are to cheap to buy quality,they are to cheap to work their way up, junk cars that eat up weekend fishing time ,modular homes that will need rebuild ,windows & floors when the mortgage is half payed.

Think about what you buy and buy the things that make your life better,buy the things that will give you the best return, A nice home and property will increase your net worth and your most valuable possession ,time spent with loved ones.

Learn to earn more not to live less.

bawanajim

Or of course you could just marry a rich girl.

MGH_PA

Gonna agree with Jeff here. I have ONE credit card (Cabelas) that I got when I was 22 (now 23) to allow me to BUILD credit. I use it for gas purchases mostly, but some other things, and the card is paid off instantly by me. That along with my truck payments will hopefully build my credit score up enough so that in about a year and a half, I can hopefully get approved for a decent loan for my house and LAND. Here's the kicker. I experienced first hand the value of perfect credit. My sister and brother-in-law purchased 10 vacant acres to build on. They have been strung around for almost three months by the bank until they were finally approved. Both have credit scores of ~790, but because they were first time home buyers, any parcel greater than 5 acres generally is not awarded a loan to first time home buyers. The bank only awarded them the loan due to perfect credit, PLUS they needed a HUGE down payment. I now know this, and know that building my credit rating is a major priority. Credit cards are a great way of doing that.

GMMAT

Matt.....it would also (believe it or not) do you GOOD to leave a balance and pay it off on terms (on your CC). Doesn't make sense to many.....but it will build your credit score higher to carry a loan (or CC balance) to term.

brucelanthier

This is 100% true. They (creditors) want to know if you can make reliable payments over time.

EDIT: It is even recommended (if you are trying to build your credit score) to take out small loans, even if you have the cash, and make all of the payments to pay it off. One of the reasons long time property owners are usually a very good risk is that they have made reliable payments on their property over a long period of time.

bawanajim

Getting divorced can be a quick and easy way to really build up your credit score .