Which cards to eliminate/lower limit to improve my score? (long-term goal: mortgage)

[Fausto]

What the FUCK does having a checking account have to do with having debt?

If you have a checking account, the alien invaders will be able to track you to your secure family compound. DUH.

 

[GotIssues]

Isn't that what you were suggesting in some of your post? Get a loan from a bank, invest it, and "hopefully" make money off of it?

No. Maybe you should learn to read. If you need to resort to twisting words to support your argument, you've wrong.

When the bank problems started back in 2008, CNN was interviewing a guy who had 3 mortgages. He flipped houses for a living. When the value of the housing market started to decrease, he was left with 3 homes he could not sell. He had no real job, but I imagine his credit was great so the banks kept loaning him more money.

Actually, it was very loose lending practices bordering on predatory which has roots 20 years ago.

Instead of letting those homes be on the market so a family could buy one, they were being snatched up by house flippers.

So? They essentially lost their small business.

Gotissues, now I understand why you picked that username, you seem to have some real life issues. Instead of slinging insults around, how about respecting the fact people live their life differently from you?

You can't keep going back to that insult well. Makes you looks uncreative and rather childish.

You present your opinions as the best, I've proven otherwise, you throw a fit and respond saying the same thing with no proof... again. Over, and over, and over. Broken record.

No, I do not have a checking account; nor do I plan on ever having a checking account.

Yeah, because that's how they track you. They can also track you through posting on internet forums, quite easily, in fact.

 

[Texashiker]

If you have a checking account, the alien invaders will be able to track you to your secure family compound. DUH.

I am from the "government tracks everything you do" group.

To simplify my life, my wife and I choose not to use a checking account. I have no checking statement that comes in at the end of the month, so I have nothing to balance. Not having to balance a checking account frees up my time to do other stuff.

No. Maybe you should learn to read. If you need to resort to twisting words to support your argument, you've wrong.
<snip>
Yeah, because that's how they track you. They can also track you through posting on internet forums, quite easily, in fact.

When you grow up and learn to respect a differing opinion, why dont you come back and post something worth reading.

 

[Train]

Dolla Dolla Bill, yall

http://www.comedycentral.com/videos/index.jhtml?videoId=11887&title=wu-tang-financial

 

[Texashiker]

I think I found gotissues mom and dad

http://www.comedycentral.com/videos...97446&title=uncensored---alien-paternity-test

 

[GotIssues]

I am from the "government tracks everything you do" group.

To simplify my life, my wife and I choose not to use a checking account. I have no checking statement that comes in at the end of the month, so I have nothing to balance. Not having to balance a checking account frees up my time to do other stuff.

You won't have a checking account because the government tracks you, but you log into the internet and post on forums?

You are either a hypocrit or retarded.

When you grow up and learn to respect a differing opinion, why dont you come back and post something worth reading.

We were having a discussion regarding the best means for the OP to obtain a mortgages. You gave the worst possible advice someone can give. I gave exact reasons why it was wrong with proof. You said "nuh-uh" and stuck your fingers in your ears. It is YOU who have a problem with differing opinions.

Seriously, don't act like a whiney child because you are wrong. Either give proof as to why your way is right or shut up and stop dispensing shit advice.

 

[Texashiker]

We were having a discussion regarding the best means for the OP to obtain a mortgages. You gave the worst possible advice someone can give. I gave exact reasons why it was wrong with proof. You said "nuh-uh" and stuck your fingers in your ears. It is YOU who have a problem with differing opinions.

Obtaining a mortgage is a short term goal. Once the mortgage has been obtained, then what?

Is your advice to the OP to live a lifestyle that could possibly open him and his family to going into credit card debt? Get a month behind on the house note, so just whip out the credit card and pay 1 note. Thats all he is going to pay right, just one note. Then the interest starts building on the card balance, then come the late fees.

Or, need some extra money for christmas, so pull out the credit card and buy some gifts. Its just a couple of purchases right? What could that possibly hurt?

My opinion, if someone is using credit cards to build a credit history, they are doing it wrong. That is a slippery slope and a fast track to the poor house.

My advice may not be the best, but its far from the worst.

 

[Fausto]

Obtaining a mortgage is a short term goal. Once the mortgage has been obtained, then what?

Is your advice to the OP to live a lifestyle that could possibly open him and his family to going into credit card debt? Get a month behind on the house note, so just whip out the credit card and pay 1 note. Thats all he is going to pay right, just one note. Then the interest starts building on the card balance, then come the late fees.

Or, need some extra money for christmas, so pull out the credit card and buy some gifts. Its just a couple of purchases right? What could that possibly hurt?

My opinion, if someone is using credit cards to build a credit history, they are doing it wrong. That is a slippery slope and a fast track to the poor house.

My advice may not be the best, but its far from the worst.

The problem with your "advice" is that it assumes anyone here would be happy with your standard of living. Yes, your life is uncomplicated, but you are essentially living the "living in a van down by the river" SNL sketch. Yes, you will not get into financial trouble following the Path of Texashiker, but you also won't ever build any real wealth. You'll just sit around pinching pennies so you can go get that big television for your doublewide in the middle of Nowhere, TX.

 

[Texashiker]

Yes, you will not get into financial trouble following the Path of Texashiker, but you also won't ever build any real wealth. You'll just sit around pinching pennies so you can go get that big television for your doublewide in the middle of Nowhere, TX.

Please do not speak in absolutes.

My wife and I are saving money to buy some land, on which we hope to put some rental houses. If we could buy 2 acres, that would be enough for 8 houses, charge $500 a month rent, for an income of $4,000 a month.

My wife and I live in a rural area. It is not uncommon to find "to be moved" homes for cheap. These are usually older homes that were built on blocks off the ground. Buy 1 to start with, fix it up myself, rent it out, use the rent money to buy the next home.

If nothing else, I could build two duplexs on the 1.75 acres I already own and charge rent from that. I would rather not build anything on the 1.75 acres, unless I have to.

 

[GotIssues]

Obtaining a mortgage is a short term goal. Once the mortgage has been obtained, then what?

Paying it each month. Getting out of renting is one of the larger and easier steps to a better and less "slave" style of life.

Is your advice to the OP to live a lifestyle that could possibly open him and his family to going into credit card debt? Get a month behind on the house note, so just whip out the credit card and pay 1 note. Thats all he is going to pay right, just one note. Then the interest starts building on the card balance, then come the late fees.

Here you go trying to bolster your argument by making things up, again. First off, you are trying to compare buying a house outside your means with renting inside your means. Of course you'll get into financial trouble if you buy a house you can't afford. Guess what? The same thing will happen if you rent an apartment outside your means.

Next, what do you think happens if you can't pay your rent? Do you think they come up to you, pat your back and say "It's ok, don't worry about rent this month"? No, they throw your ass on the street. Rental companies have zero reason to work with you. None. If you aren't paying, throw you in the street and bring in someone that does. Banks, on the other hand, do not want your house. They would rather at least TRY and work something out. They do not want to try and sell your house.

Or, need some extra money for christmas, so pull out the credit card and buy some gifts. Its just a couple of purchases right? What could that possibly hurt?

Again, you are just making shit up to bolster your argument. Where did I say to buy stuff you can't afford? Where? You can look, but you won't find a single instance of it.

My opinion, if someone is using credit cards to build a credit history, they are doing it wrong. That is a slippery slope and a fast track to the poor house.

The fast track to the poor house is the inability to manage your own finances, and that will be true regardless of how you pay for things.

My advice may not be the best, but its far from the worst.

True, it's not the worst advice. The worst advice would be to "buy everything now, to hell with the consequences." However, now you are backtracking and making shit up trying to save face. You still have yet to provide proof as to why your way is better than mine to back up your rantings and claims.

If you are going to try to lie and conive your way out of looking wrong, I will continue to have no respect for you or your paranoid dillusional opinions.

 

[the DRIZZLE]

Please do not speak in absolutes.

My wife and I are saving money to buy some land, on which we hope to put some rental houses. If we could buy 2 acres, that would be enough for 8 houses, charge $500 a month rent, for an income of $4,000 a month.

My wife and I live in a rural area. It is not uncommon to find "to be moved" homes for cheap. These are usually older homes that were built on blocks off the ground. Buy 1 to start with, fix it up myself, rent it out, use the rent money to buy the next home.

If nothing else, I could build two duplexs on the 1.75 acres I already own and charge rent from that. I would rather not build anything on the 1.75 acres, unless I have to.

The return on real estate is historically pretty low unless you use some leverage. Just make sure you are getting a decent return on your money before you put all of it in an illiquid asset.

 

[Fausto]

The return on real estate is historically pretty low unless you use some leverage. Just make sure you are getting a decent return on your money before you put all of it in an illiquid asset.

Not to mention he's going to save to pay cash for this brilliant scheme. Even assuming these homes are $30-40k, it will be years and years before he breaks even.

...and you have to keep them all rented, and deal with maintenance, etc, etc, etc. I want to be retired on the golf course, not running around all the time fixing toilets.

 

[Texashiker]

Here you go trying to bolster your argument by making things up, again.

No, I am not making things up, because credit card debt happens everyday.

It appears to me you are turning a blind eye to the facts. The fact is, credit cards open people up to overspending. Get behind on the electric bill just pull out the credit card, water bill, house note,,, and anything else that comes up.

My opinion, new home owners (especially young people) should eliminate any possible chance of them over spending and going into further debt.

The return on real estate is historically pretty low unless you use some leverage. Just make sure you are getting a decent return on your money before you put all of it in an illiquid asset.

Thank you.

I am trying to plan 20+ years in advance. Instead of relying on social security, my wife and I want multiple income streams. The rental property is just one project we are working on.

Not to mention he's going to save to pay cash for this brilliant scheme. Even assuming these homes are $30-40k, it will be years and years before he breaks even.

More like the homes cost in the $5,000 range.

 

[GotIssues]

Please do not speak in absolutes.

My wife and I are saving money to buy some land, on which we hope to put some rental houses. If we could buy 2 acres, that would be enough for 8 houses, charge $500 a month rent, for an income of $4,000 a month.

My wife and I live in a rural area. It is not uncommon to find "to be moved" homes for cheap. These are usually older homes that were built on blocks off the ground. Buy 1 to start with, fix it up myself, rent it out, use the rent money to buy the next home.

If nothing else, I could build two duplexs on the 1.75 acres I already own and charge rent from that. I would rather not build anything on the 1.75 acres, unless I have to.

So you hate the banks profiting off other people, but it's perfectly fine for you to do it?

 

[Texashiker]

So you hate the banks profiting off other people, but it's perfectly fine for you to do it?

You got it.

That is absoluty correct.

 

[NoCreativity]

Obtaining a mortgage is a short term goal. Once the mortgage has been obtained, then what?

Is your advice to the OP to live a lifestyle that could possibly open him and his family to going into credit card debt? Get a month behind on the house note, so just whip out the credit card and pay 1 note. Thats all he is going to pay right, just one note. Then the interest starts building on the card balance, then come the late fees.

Or, need some extra money for christmas, so pull out the credit card and buy some gifts. Its just a couple of purchases right? What could that possibly hurt?

My opinion, if someone is using credit cards to build a credit history, they are doing it wrong. That is a slippery slope and a fast track to the poor house.

My advice may not be the best, but its far from the worst.

Not true, the below is by far the worst advice in this thread.

Cancel all of your credit cards, run them through an industrial shredder, burn the chips from the shredder and send them straight to hell.

The best use of credit, is credit that is rarely used.

OP, assuming he is responsible with the cards, should not close them or he will most llikely take a hit on his credit. He should also stay away from opening a bunch of new cards as that will hurt the credit too. Pay off your balances and from here on only use the cards balance free.

 

[Fausto]

WTF kind of roach motel costs $5000? Show me a listing.

 

[Texashiker]

WTF kind of roach motel costs $5000? Show me a listing.

The average home in Detroit cost $6,000

http://www.businessweek.com/the_thread/hotproperty/archives/2009/03/the_median_home.html

From my local area, its the first listing on the page

http://www.peddlernet.com/peddlernet/homes.html

HOUSE FOR SALE to be moved: wood frame w/alum siding, 1,050 sq&#8217; $2,000./offer

Its called the American way - take something, fix it up and make a profit.

 

[GotIssues]

No, I am not making things up, because credit card debt happens everyday.

Again, with the selective quoting to ignore everything that blows the shit out of your arguments.

You are, in fact, making things up to try to help your argument. You are trying to say that if he gets a mortgage, it'll be one he can't afford and will go into massive debt because of it. Guess what? Renting or mortgage, he's going to have to pay. He can find a house mortgage for the same or similar as his rent and be just fine. Yes, if he's dumb enough to live outside his means, he'll go into debt, but the same is true regardless of if he has a mortgage or rents. He still has to live somewhere.

It appears to me you are turning a blind eye to the facts. The fact is, credit cards open people up to overspending. Get behind on the electric bill just pull out the credit card, water bill, house note,,, and anything else that comes up.

Seems to me that you have selective reading problems, just enough so that you misquote everything to make sure it's out of context. The fact that you've done it over and over shows that it's 100% intentional. You realize it equates to a flat out lie, right?

If you are falling behind on your bills, guess what? You are living outside your means. You are rigging examples to make you feel better about it. The fact is that if you can't live in your means, it doesn't matter if you have a CC or mortgage because you will still blow your money on stupid shit and get into a financial hole.

My opinion, new home owners (especially young people) should eliminate any possible chance of them over spending and going into further debt.

If you can't handle the responsiblity of a CC, don't have one. However, the majority of people can handle the responsibility and should use the system to their advantage.

I am trying to plan 20+ years in advance. Instead of relying on social security, my wife and I want multiple income streams. The rental property is just one project we are working on.

You can keep implying that I'm not planning for the future, but the fact is I'll be retired with a better income at a younger age than you, mainly because I'm smarter about my money than you.

 

[Train]

The average home in Detroit cost $6,000

http://www.businessweek.com/the_thread/hotproperty/archives/2009/03/the_median_home.html

From my local area, its the first listing on the page

http://www.peddlernet.com/peddlernet/homes.html


Its called the American way - take something, fix it up and make a profit.

I thought you were buying land to build 8 rental houses on?

How much do you think you can build each house for?

 

[Fausto]

Jesus. That is frankly depressing, but whatever floats your boat I suppose.

 

[Texashiker]

I thought you were buying land to build 8 rental houses on?

How much do you think you can build each house for?

Build homes, no.

Move and fix up, yes.

Why would I want to start from scratch, when I buy an older home, fix it up and get a head start?

Jesus. That is frankly depressing, but whatever floats your boat I suppose.

Guess I need to make a trip across town to take some pics of 2 older homes that were put together?

 

[Train]

Build homes, no.

Move and fix up, yes.

Why would I want to start from scratch, when I buy an older home, fix it up and get a head start?



Guess I need to make a trip across town to take some pics of 2 older homes that were put together?

My wife and I are saving money to buy some land, on which we hope to put some rental houses. If we could buy 2 acres, that would be enough for 8 houses

Sounds like build to me. Or are you planning on buying an 8 house lot? How much will that run you? And how long will it take you to save the cash?

Me thinks you should probably stay away from trying to rent properties, if you can't even manage a CC, managing a property will bury you.

You would be a slave to the taxes, and since you dislike the slave idea, just stay away. You'll be in far worse shape than if you had just maxed out a CC.

Really, do yourself a favor and do the math. Look up how much it actually costs to manage rental property. Look how hard it is to break even. And if you think you arent gambling, you are wrong. What are you going to do with vacancies? Even professional property managers rarely break above 90&#37; occupancy.

 

[Texashiker]

Sounds like build to me. Or are you planning on buying an 8 house lot? How much will that run you? And how long will it take you to save the cash?

Here is around 2 acres of wooded land for sale for $12,000, its just a few miles from my home.

http://www.trulia.com/property/3069545353--Hwy-63-W-Fm-1747-Jasper-TX-75951

My wife and I could have that saved up in maybe 1 year - 18 months.

Me thinks you should probably stay away from trying to rent properties, if you can't even manage a CC, managing a property will bury you.

There are only a few things in this world that have real value - gold, silver (precious metals) and land.

 

[Train]

So back to my previous question.. how much do you think you can build each house on this land for?