Zambroski Posted January 31, 2018 Share Posted January 31, 2018 ...one funny side note. I am now in a position where I am showing my daughter how to build credit because, in our society, it's now paramount to get and maintain good credit when you are starting out. Funny thing I've also realized is that the saying "cash is king" really doesn't apply anymore. Car dealerships/sled dealerships don't want you paying cash because they have incentives that make it better for them not to accept cash. The banking industry has done a real good job ensuring we are enslaved to "easy monthly payments" for the rest of our lives...and sometimes beyond. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 31, 2018 Share Posted January 31, 2018 2 minutes ago, DAVE said: Theres nothing wrong with doing the dont pay for 6 mths or yr thing imo....just pay the fucker off when its due. they are gambling you miss a payment and they can hit you for all the interest or don't pay it off and statistics will show that most often they aren't paid off within that period so they win. Quote Link to comment Share on other sites More sharing options...
Dave Posted January 31, 2018 Share Posted January 31, 2018 Just now, Angry ginger said: they are gambling you miss a payment and they can hit you for all the interest or don't pay it off and statistics will show that most often they aren't paid off within that period so they win. Sure...I know that. But its crazy not to take advantage of it regardless. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 31, 2018 Share Posted January 31, 2018 1 minute ago, Zambroski said: ...one funny side note. I am now in a position where I am showing my daughter how to build credit because, in our society, it's now paramount to get and maintain good credit when you are starting out. Funny thing I've also realized is that the saying "cash is king" really doesn't apply anymore. Car dealerships/sled dealerships don't want you paying cash because they have incentives that make it better for them not to accept cash. The banking industry has done a real good job ensuring we are enslaved to "easy monthly payments" for the rest of our lives...and sometimes beyond. the cost of the bank is built into everything you buy so paying cash makes zero sense, i'll take my rewards because i'm not getting a cash discount anywhere but the gas station and there i pay through the app and get my 10 cents a gallon off. 2 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 2 minutes ago, Angry ginger said: nothing wrong with being debt free and nothing wrong with leveraging an appreciating asset. Whatever floats peoples boats. But to refuse to have a credit score that costs nothing is IMO poor money management. Even if you don;t need it today you don't close the door. I'm not a big believer in debt and with the tax law changes and a topped out market i will prob pay my house off over the next 24 months. but I will still keep an open line of credit for the $50 maint fee just in case I need to tap that equity and I will continue to manage to an 800+ FICO That's it in a nutshell. Took me a lot of years of being a "Money Nazi", as my wife called me (and still does...I'm cheap as fuck!) but, the plan was realized. Well, it took some really good opportunities with a side of "right place/right time" also. I just don't wanna go backwards. I see both sides. And I see yours on the "keeping a credit score". But at a certain point, it's just work for no reason. I can get the best rates going with some easy to pull financial statements. But the real thing is...I really don't see any reason why I would want to toke out a loan again. Maybe to hedge risks on a business venture? But even then, I'll know my plan before I get the loan so I can plan accordingly. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 4 minutes ago, Angry ginger said: they are gambling you miss a payment and they can hit you for all the interest or don't pay it off and statistics will show that most often they aren't paid off within that period so they win. You have to pay attn. and do the math. The minimum due dosnt get it paid off in time. I bought a bedroom set last yr with the 0+0 . Was for 3 yrs . Paid it off that summer. Had the cash but why not take their free money. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 1 minute ago, Angry ginger said: the cost of the bank is built into everything you buy so paying cash makes zero sense, i'll take my rewards because i'm not getting a cash discount anywhere but the gas station and there i pay through the app and get my 10 cents a gallon off. We still use credit cards that give us our "rewards". 1-2%. We just pay it every month. Quote Link to comment Share on other sites More sharing options...
Dave Posted January 31, 2018 Share Posted January 31, 2018 1 minute ago, Zambroski said: That's it in a nutshell. Took me a lot of years of being a "Money Nazi", as my wife called me (and still does...I'm cheap as fuck!) but, the plan was realized. Well, it took some really good opportunities with a side of "right place/right time" also. I just don't wanna go backwards. I see both sides. And I see yours on the "keeping a credit score". But at a certain point, it's just work for no reason. I can get the best rates going with some easy to pull financial statements. But the real thing is...I really don't see any reason why I would want to toke out a loan again. Maybe to hedge risks on a business venture? But even then, I'll know my plan before I get the loan so I can plan accordingly. you cant be serious? Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 Just now, DAVE said: you cant be serious? What do you mean? Quote Link to comment Share on other sites More sharing options...
Dave Posted January 31, 2018 Share Posted January 31, 2018 Just now, Zambroski said: What do you mean? You said its work. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 One of the nice things about maintaining a score over 800 is besides a mortgage anything you apply for you are pretty much automaticly approved, and at the lowest rate offered. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted January 31, 2018 Share Posted January 31, 2018 3 minutes ago, Zambroski said: That's it in a nutshell. Took me a lot of years of being a "Money Nazi", as my wife called me (and still does...I'm cheap as fuck!) but, the plan was realized. Well, it took some really good opportunities with a side of "right place/right time" also. I just don't wanna go backwards. I see both sides. And I see yours on the "keeping a credit score". But at a certain point, it's just work for no reason. I can get the best rates going with some easy to pull financial statements. But the real thing is...I really don't see any reason why I would want to toke out a loan again. Maybe to hedge risks on a business venture? But even then, I'll know my plan before I get the loan so I can plan accordingly. I'm pretty sure they will ask for more than just a credit score for a serious loan. Quote Link to comment Share on other sites More sharing options...
Edmo Posted January 31, 2018 Share Posted January 31, 2018 I just hate having a bunch of payments. I’ve paid off zero interest loans early. We all have our quirks! Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted January 31, 2018 Share Posted January 31, 2018 3 minutes ago, Zambroski said: We still use credit cards that give us our "rewards". 1-2%. We just pay it every month. Is some advocating against this? Quote Link to comment Share on other sites More sharing options...
Dave Posted January 31, 2018 Share Posted January 31, 2018 Just now, Edmo said: I just hate having a bunch of payments. I’ve paid off zero interest loans early. We all have our quirks! Agreed! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 24 minutes ago, favoritos said: Funny story about not having credit history. Wifey liked to pay for everything without incurring any debt. She paid cash for her home and had no credit cards. This was all before I came along of course. Friends, coworkers, and myself, convinced her to at least apply for a credit card. Nothing too crazy, just enough to establish a credit history. We were working on a project at my house buying supplies. I told her that it would be a perfect time to establish some credit history and get the store discount by applying for a store card. She reluctantly agreed and filled out an application. They gave her a whopping $250.00 line of credit. It was a good laugh for all of us knowing her net worth and ability to pay bills. No history, no credit. The system does have flaws. Don't surprise me but local banks are different than huge CC companies. Quote Link to comment Share on other sites More sharing options...
Pete Posted January 31, 2018 Share Posted January 31, 2018 me and my wife have about $1.5 mil so far for retirement.. about $25,000 savings too 2 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 Just now, DAVE said: You said its work. Well, if I don't have credit and don't need/want it, why would I want to keep a credit score if I don't need it? That's like saying I should go buy a bunch of new dress shirts and have it cleaned and pressed once a month just in case. I mean...why not just wait until I see needing it? See, this is the shit I've been arguing with people for years. Dave Ramsey actually has some funny bits on it too. AG summed it up, it's whatever floats one's boat. But for the most part, most of the rebuttals I hear are people that have convinced themselves that they have minimized their exposure by managing their debt. And that's true, and good. But, I don't have debt to manage...and have no intention of getting it for the sake of having to manage it. Cuz.... One of the things I remember about Ramsey's speil is him saying how everyone is going to tell you how what you are doing is wrong. He's got a real nice Fed/Bank conspiracy theory speech that's pretty good. And it makes a lot of sense. Or Federal banking system has convinced everyone that "debt is good" and to not have it is bad. And everyone sells it that way. I've got friends that actually get mad at me about it. Fuck. It's bizarre. Them: "Why don't you buy a hampster?" Me: "I don't want a hampster." Them: "You should have a hampster." Me: "Why? I don't want to take care of it." Them: "But someday you may want one." Me: "But I don't want one now." Them: "You should, and you will want it later for sure!" Me: "Then I'll cross that bridge then." Them: "NO......GO GET A HAMPSTER NOW!!!!!!!!!!!!!!!!!!!!!!!!' I gotta admit....it's funny as fuck. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 Because you are going to have a credit score weather you want one or not . Its not your decision to make. So if you have to have one then why not have a good one. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 31, 2018 Share Posted January 31, 2018 30 minutes ago, Zambroski said: We still use credit cards that give us our "rewards". 1-2%. We just pay it every month. then I would guarantee thats being reported and if you have it on 2 cards and don;t go over 25% of the limit actually have a pretty good score. . Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 You can check your credit score here. It's free and secure. They will email you once a month or so, but not 10 a day like some sites. https://www.creditkarma.com/ Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 1 minute ago, steve from amherst said: Because you are going to have a credit score weather you want one or not . Its not your decision to make. So if you have to have one then why not have a good one. That's not true. This isn't a "bad credit score" vs. a "good credit score" debate. That's easy. Who the fuck wants a bad one? This is a "no credit" or "not sufficient data score" vs. good credit debate. I have assets and a financial portfolio, I'm not 18 and fresh out of the nest. I don't have a "300" score (or whatever the lowest is). That's BAD credit. Apparently, when mine is pulled, it verifies I've had credit but it was so long ago it isn't on reports any longer so a "Insufficient data" comes up. Now I don't know all the ins and outs of it all...because, I don't care...and admittedly, that felt weird at first. Until the laughing kicked in. Ramsey was fucking right! Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 31, 2018 Share Posted January 31, 2018 27 minutes ago, Edmo said: I just hate having a bunch of payments. I’ve paid off zero interest loans early. We all have our quirks! I have prob had 18 months of car loans for myself in the last 22 years and maybe 30 months on the wifes cars as I hate debt. i did the whole 0% int thing twice but thats because of the reward they were giving me on top of the interest rate so I took it an paid it off. Ended up with 700 in best buy vouchers and 10% off $8k in stuff i was buying at the home depot for taking their cards that have never been touched since. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 31, 2018 Share Posted January 31, 2018 3 minutes ago, Angry ginger said: then I would guarantee thats being reported and if you have it on 2 cards and don;t go over 25% of the limit actually have a pretty good score. . According to Dewflunky at Cap One, all that may show it an open ended line of credit but no actual rating unless I've held a consistant balance. But, I could easily call back and get a different answer. I had to get some new cards due to some fraud activity so I just inquired as to my recent ATT affair. The same happened when signing up for insurance. Nothing. But that lady told me they only pull the last three years? Beats me. It's been interesting not having it...and watching people try to understand why I don't. I am NOT a model citizen according to our banking industry. I know that for sure. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted January 31, 2018 Platinum Contributing Member Share Posted January 31, 2018 they prolly think that you are a drug dealer Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.