Finally, All CC's paid off

[alkemyst]

i don't need any more CC's.

Personally the more credit I have on hand the better my life security is.

You don't have to use it.

 

[Texashiker]

i do not need any CC's.

Fixed that for you.

Personally the more credit I have on hand the better my life security is.

Dont you mean the more cash you have on hand the better your security is?

 

[slightlyhuman]

Personally the more credit I have on hand the better my life security is.

You don't have to use it.

i have 3 CCs with a 0 balance. are you trying to sign me in on a CC bro?

 

[Corporate Thug]

Fixed that for you.

CCs are only bad if you're an idiot who doesn't know how to use them.

Dont you mean the more cash you have on hand the better your security is?

Credit is just as important as liquid assets.

 

[Texashiker]

Credit is just as important as liquid assets.

Credit is financial slavery.

Now the OP needs to close those slave accounts.

 

[Corporate Thug]

Credit is financial slavery.

Now the OP needs to close those slave accounts.

well, good luck buying a house or financing a car without being subjected to financial slavery.

 

[Vdubchaos]

Credit is financial slavery.

Now the OP needs to close those slave accounts.

I agree

Kind of like a recovery after a long relationship. For a year just don't use or associate yourself with anything CC.

In a year or 2 start using credit card rewards to YOUR advantage (if you feel comfortable enough).

Personally I don't give a shit about rewards and managing it causes me way too many headaches for me to say it's worth it, but I also know plenty of people that do enjoy it and make out well.

 

[Texashiker]

well, good luck buying a house or financing a car without being subjected to financial slavery.

I bought a house and a truck by taking a loan.

I also hated every minute of it and got both paid off as soon as possible.

 

[alkemyst]

i have 3 CCs with a 0 balance. are you trying to sign me in on a CC bro?

lol, without limits that is worthless and even more so if you are talking 17% rates.

Don't use bro, you aren't alpha enough.

 

[Corporate Thug]

I bought a house and a truck by taking a loan.

I also hated every minute of it and got both paid off as soon as possible.

How did you build your credit to get your loan?

 

[slightlyhuman]

lol, without limits that is worthless and even more so if you are talking 17% rates.

Don't use bro, you aren't alpha enough.

ok. anything else?

 

[Texashiker]

How did you build your credit to get your loan?

When you walk in and have more then 50% down in cash, its kinda difficult for the bank not to give you a loan.

Companies can fudge credit, talk about payments this and that.

One thing nobody disses is cold hard cash.

 

[JoeyP]

well, good luck buying a house or financing a car without being subjected to financial slavery.

Without revolving credit, one is better able to save and pay cash for that car.

I noticed we actually bought less when we had extra cash on hand from not having to pay a credit card bill or car loan every month. It's almost like "What do we do with this stuff?" Answer: save it for a project/trip/expense, pad the emergency fund, pay toward Roth IRA. Tough to do that with monthly payments happening.

 

[Corporate Thug]

When you walk in and have more then 50% down in cash, its kinda difficult for the bank not to give you a loan.

Companies can fudge credit, talk about payments this and that.

One thing nobody disses is cold hard cash.

Ok, what percent of homebuyers put 50% in cash? I'm willing to wager a small percentage. One of my buddies just bought his first home w/ his GF (soon to be fiance)...its a 1100 sq ft 2bd/2bath house in Sherman Oaks, CA (San Fernando Valley, Los Angeles - middle class). The purchase price was $440,000. Do you know a lot of first time homebuyers w/ $220k to put on a down payment?

 

[Texashiker]

Do you know a lot of first time homebuyers w/ $220k to put on a down payment?

Nope, I do not.

The purchase price was $440,000.

Its also a matter of buying what you can afford.

 

[Corporate Thug]

Without revolving credit, one is better able to save and pay cash for that car.

I noticed we actually bought less when we had extra cash on hand from not having to pay a credit card bill or car loan every month. It's almost like "What do we do with this stuff?" Answer: save it for a project/trip/expense, pad the emergency fund, pay toward Roth IRA. Tough to do that with monthly payments happening.

Again, that depends on whether you can rationally use your CC or not...if you don't have the discipline to properly use a CC and you are looking at it as a gift card, then maybe you should stay away from them.

Also, your post assumes you want to pay for a car in cash. For me, I'd rather have a car financed at 2.X% and use the cash for investing, etc.

 

[SandEagle]

a buddy of mine put in 40% when he bought his home during the frenzy. his home is worth less than he owes now. what a waste of money.

the real American Dream now is to be able to pay next month's mortgage.

 

[Corporate Thug]

Nope, I do not.




Its also a matter of buying what you can afford.

They can afford it just fine...that's why they got approved for the loan. They simply did not have 220k to put down (as most people don't) as a young couple (28/30 years old). It would probably take them another 10 years to save 50% down!

If it wasn't for their credit history, which they built mainly through the use of CCs, they would have never got the loan. That was my whole point - when used properly it's not only a benefit but often times an essential foundation to allow you to make the bigger financial commitments in life.

 

[Corporate Thug]

a buddy of mine put in 40% when he bought his home during the frenzy. his home is worth less than he owes now. what a waste of money.

the real American Dream now is to be able to pay next month's mortgage.

Bubbles burst, it's the nature of the beast. Another reason to put down the smallest down payment you can get away with.

 

[ponyo]

Ok, what percent of homebuyers put 50% in cash? I'm willing to wager a small percentage. One of my buddies just bought his first home w/ his GF (soon to be fiance)...its a 1100 sq ft 2bd/2bath house in Sherman Oaks, CA (San Fernando Valley, Los Angeles - middle class). The purchase price was $440,000. Do you know a lot of first time homebuyers w/ $220k to put on a down payment?

Last I read 33% of Americans are free men.

 

[OILFIELDTRASH]

Ok, what percent of homebuyers put 50% in cash? I'm willing to wager a small percentage. One of my buddies just bought his first home w/ his GF (soon to be fiance)...its a 1100 sq ft 2bd/2bath house in Sherman Oaks, CA (San Fernando Valley, Los Angeles - middle class). The purchase price was $440,000. Do you know a lot of first time homebuyers w/ $220k to put on a down payment?

Why do you guys insist on continuing to tell lies. AT forums has clearly shown that rent is dirt cheap in California. Anyone that pays over $1000 for a 4 bedroom house is doing it wrong.

 

[Corporate Thug]

Why do you guys insist on continuing to tell lies. AT forums has clearly shown that rent is dirt cheap in California. Anyone that pays over $1000 for a 4 bedroom house is doing it wrong.

I will stop.

 

[Corporate Thug]

Last I read 33% of Americans are free men.

I'm not even sure what that means. you mean non-homeowners? what about the rest?

Here is a recent(ish) article:

http://www.housingzone.com/industry...-top-5-lowest-mortgage-down-payments-us-state

The HIGHEST down payments are in the low teens (13%)

 

[JoeyP]

Again, that depends on whether you can rationally use your CC or not...if you don't have the discipline to properly use a CC and you are looking at it as a gift card, then maybe you should stay away from them.

Also, your post assumes you want to pay for a car in cash. For me, I'd rather have a car financed at 2.X% and use the cash for investing, etc.

Yes I want to pay cash for my next car. If we fall on financial hard times, the last thing we want is recurring bills beyond what is necessary: mortgage, food, utilities...no contracts.

 

[Fausto]

Nope, I do not.




Its also a matter of buying what you can afford.

...and most of us don't want to live in a trailer.