Rant -- The Credit system gets me sometimes

[HOWITIS]

Originally posted by: DAGTA

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS
your an idiot for caring. taking out credit of any kind causes nothing but trouble. the only time. ONLY TIME, to use credit is when buying a house, and if you have good payment histories on rent, savingings and a job you can get a good underwriter so why in the hell do you even care.




all fico does is tell creditors how likly your are to take out credit, and then to pay them. why would you want a high score?

A good credit score can mean the difference between a 3.9%APR car loan and a 18% APR car loan. Likewise, it can mean the difference between a 6% mortgage and a 9.5% mortgage.

if you cant afford to buy the car dont take out a loan. this is more accepted stupidity in america.

Great idea... but it doesn't work for most people. My car allows me to make a lot more money than I would if I either didn't have a car or I had an older and less dependable car.

That's just the way it is.

give me a break. if you only have 2-3k you can buy a car that will last you a few good years of beatings. my car cost me 4k 4 years ago. 40,000 miles later its still going strong. onyl things i have bought are new tires and a battery last month.

 

[spidey07]

Fair enough, I tried to warn you. You'll understand someday.

My money makes more money for me. I like it that way.

 

[HOWITIS]

also lets say that you bought a new car back when i got mine straight up for 4k. and your making 350$ a month car payment

you just spent 16800 on a car you dont even own which has lost half of its value by now. hell, you probably owe more on it than its even worth

 

[HOWITIS]

Originally posted by: HOWITIS
also lets say that you bought a new car back when i got mine straight up for 4k. and your making 350$ a month car payment

you just spent 16800 on a car you dont even own which has lost half of its value by now. hell, you probably owe more on it than its even worth

i have 16800 in the bank now to buy another car that i want..... WITH NO PAYMENTS OR interest

 

[DAGTA]

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS
your an idiot for caring. taking out credit of any kind causes nothing but trouble. the only time. ONLY TIME, to use credit is when buying a house, and if you have good payment histories on rent, savingings and a job you can get a good underwriter so why in the hell do you even care.




all fico does is tell creditors how likly your are to take out credit, and then to pay them. why would you want a high score?

A good credit score can mean the difference between a 3.9%APR car loan and a 18% APR car loan. Likewise, it can mean the difference between a 6% mortgage and a 9.5% mortgage.

if you cant afford to buy the car dont take out a loan. this is more accepted stupidity in america.

Great idea... but it doesn't work for most people. My car allows me to make a lot more money than I would if I either didn't have a car or I had an older and less dependable car.

That's just the way it is.

give me a break. if you only have 2-3k you can buy a car that will last you a few good years of beatings. my car cost me 4k 4 years ago. 40,000 miles later its still going strong. onyl things i have bought are new tires and a battery last month.

I work in Scottsdale, Arizona where many people are rich and several of them are snobs. I'm a contractor... they do judge me on my appearance, clothes, and the vehicle I drive. If I'm driving a beater, some of them will say, "Oh, he must not be a very good contractor since he can't afford a better car" and I will lose that potential client.

Yes, it really does work that way.

 

[spidey07]

Originally posted by: HOWITIS

Originally posted by: HOWITIS
also lets say that you bought a new car back when i got mine straight up for 4k. and your making 350$ a month car payment

you just spent 16800 on a car you dont even own which has lost half of its value by now. hell, you probably owe more on it than its even worth

i have 16800 in the bank now to buy another car that i want..... WITH NO PAYMENTS OR interest

that's money wasted right there.

run the numbers on purchasing a car on a 4 year loan assuming you have full cash for the purchase price. then include resale and assume a portfolio that makes at least 10%.

you'd be surprised.

 

[HOWITIS]

Originally posted by: DAGTA

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS
your an idiot for caring. taking out credit of any kind causes nothing but trouble. the only time. ONLY TIME, to use credit is when buying a house, and if you have good payment histories on rent, savingings and a job you can get a good underwriter so why in the hell do you even care.




all fico does is tell creditors how likly your are to take out credit, and then to pay them. why would you want a high score?

A good credit score can mean the difference between a 3.9%APR car loan and a 18% APR car loan. Likewise, it can mean the difference between a 6% mortgage and a 9.5% mortgage.

if you cant afford to buy the car dont take out a loan. this is more accepted stupidity in america.

Great idea... but it doesn't work for most people. My car allows me to make a lot more money than I would if I either didn't have a car or I had an older and less dependable car.

That's just the way it is.

give me a break. if you only have 2-3k you can buy a car that will last you a few good years of beatings. my car cost me 4k 4 years ago. 40,000 miles later its still going strong. onyl things i have bought are new tires and a battery last month.

I work in Scottsdale, Arizona where many people are rich and several of them are snobs. I'm a contractor... they do judge me on my appearance, clothes, and the vehicle I drive. If I'm driving a beater, some of them will say, "Oh, he must not be a very good contractor since he can't afford a better car" and I will lose that potential client.

Yes, it really does work that way.

if you had been living your life with no credit you wouldn't have any problem not driving a beater. it doesnt take long at all to build wealth when you owe no one.

 

[DAGTA]

Originally posted by: HOWITIS

if you had been living your life with no credit you wouldn't have any problem not driving a beater. it doesnt take long at all to build wealth when you owe no one.

You're not understanding me. Where I live, some of my clients would not hire me if I was driving a beater. That's lost work opportunity. Some clients see my car and think, "Well, he must know what he's doing since he has a new car" and that helps me get those clients that may otherwise be indecisive.

My first car was an older car that I did not take out a loan for. It served it's purpose for it's time. I MUST have a reliable car for my work and having something that looks nice helps (as I said above).

As for saving for the car, that was not an option. I've been on my own financially since the end of high school (and in many ways before that). No family help of any kind and had to move out at 18. As such, I've gone into debt for college.

Most people that get their adult life started without borrowing money in some way have had help from family. Not all of us are that fortunate.

 

[HOWITIS]

Originally posted by: DAGTA

Originally posted by: HOWITIS

if you had been living your life with no credit you wouldn't have any problem not driving a beater. it doesnt take long at all to build wealth when you owe no one.

You're not understanding me. Where I live, some of my clients would not hire me if I was driving a beater. That's lost work opportunity. Some clients see my car and think, "Well, he must know what he's doing since he has a new car" and that helps me get those clients that may otherwise be indecisive.

My first car was an older car that I did not take out a loan for. It served it's purpose for it's time. I MUST have a reliable car for my work and having something that looks nice helps (as I said above).

As for saving for the car, that was not an option. I've been on my own financially since the end of high school (and in many ways before that). No family help of any kind and had to move out at 18. As such, I've gone into debt for college.

Most people that get their adult life started without borrowing money in some way have had help from family. Not all of us are that fortunate.

i am posting against the american attitude of living in debt. i under stand those who take out student loans to go to college. i will never accept that you had to take a car loan. not all used cars are unreliable beaters. the only people who should ever buy a new car are those making at least 100k a year. if your not its crazy. you end up owing more than its worth.

 

[DAGTA]

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS

if you had been living your life with no credit you wouldn't have any problem not driving a beater. it doesnt take long at all to build wealth when you owe no one.

You're not understanding me. Where I live, some of my clients would not hire me if I was driving a beater. That's lost work opportunity. Some clients see my car and think, "Well, he must know what he's doing since he has a new car" and that helps me get those clients that may otherwise be indecisive.

My first car was an older car that I did not take out a loan for. It served it's purpose for it's time. I MUST have a reliable car for my work and having something that looks nice helps (as I said above).

As for saving for the car, that was not an option. I've been on my own financially since the end of high school (and in many ways before that). No family help of any kind and had to move out at 18. As such, I've gone into debt for college.

Most people that get their adult life started without borrowing money in some way have had help from family. Not all of us are that fortunate.

i am posting against the american attitude of living in debt. i under stand those who take out student loans to go to college. i will never accept that you had to take a car loan. not all used cars are unreliable beaters. the only people who should ever buy a new car are those making at least 100k a year. if your not its crazy. you end up owing more than its worth.

I don't intend ot live in debt. I agree, it's not a good attitude to be OK with being in debt. In fact, I hate it and am being very aggressive about paying my debt off as fast as possible.

As for the cars, my second car was a 1 year old car that I bought for a very good price. When I sold it, it was worth more than I owed on it (substantially) so I had cash leftover after selling it. The car I own now was 'used' with a total of 1250 miles on it. Because it was considered used, I bought it for $6,000 less than the 'new' car next to it with 700 miles on it. As such, I owe less than it's worth. I spent 6 months searching for this car before I bought it.

Again, I agree with the attitude of living debt free, but I realize there are times where some carefully managed debt can be useful. In my case, the car DOES benefit my work.

 

[HOWITIS]

Originally posted by: DAGTA

Originally posted by: HOWITIS

Originally posted by: DAGTA

Originally posted by: HOWITIS

if you had been living your life with no credit you wouldn't have any problem not driving a beater. it doesnt take long at all to build wealth when you owe no one.

You're not understanding me. Where I live, some of my clients would not hire me if I was driving a beater. That's lost work opportunity. Some clients see my car and think, "Well, he must know what he's doing since he has a new car" and that helps me get those clients that may otherwise be indecisive.

My first car was an older car that I did not take out a loan for. It served it's purpose for it's time. I MUST have a reliable car for my work and having something that looks nice helps (as I said above).

As for saving for the car, that was not an option. I've been on my own financially since the end of high school (and in many ways before that). No family help of any kind and had to move out at 18. As such, I've gone into debt for college.

Most people that get their adult life started without borrowing money in some way have had help from family. Not all of us are that fortunate.

i am posting against the american attitude of living in debt. i under stand those who take out student loans to go to college. i will never accept that you had to take a car loan. not all used cars are unreliable beaters. the only people who should ever buy a new car are those making at least 100k a year. if your not its crazy. you end up owing more than its worth.

I don't intend ot live in debt. I agree, it's not a good attitude to be OK with being in debt. In fact, I hate it and am being very aggressive about paying my debt off as fast as possible.

As for the cars, my second car was a 1 year old car that I bought for a very good price. When I sold it, it was worth more than I owed on it (substantially) so I had cash leftover after selling it. The car I own now was 'used' with a total of 1250 miles on it. Because it was considered used, I bought it for $6,000 less than the 'new' car next to it with 700 miles on it. As such, I owe less than it's worth. I spent 6 months searching for this car before I bought it.

Again, I agree with the attitude of living debt free, but I realize there are times where some carefully managed debt can be useful. In my case, the car DOES benefit my work.

at least you didnt by a car that lost 25% of its value when you drove it off the lot


i hope it works out for ya, as for me i hope to never owe for anything but a house. and keep a nice savings account for any problems that come up. my payments go to myself. my interest is paid by my bank to ME! how do you like that concept? thats how we used to live.

 

[DAGTA]

Originally posted by: HOWITIS
at least you didnt by a car that lost 25% of its value when you drove it off the lot


i hope it works out for ya, as for me i hope to never owe for anything but a house. and keep a nice savings account for any problems that come up. my payments go to myself. my interest is paid by my bank to ME! how do you like that concept? thats how we used to live.

I think that's great. I hope it does work out for you.

 

[Tom]

"Low interest rates and beating them through investing = wealth. "

Low interest rates and beating them through investing = 1929 stock market crash.

fixed.