How do you accumulate credit? I would still think that's of some importance to you, especially down the road.
cost of living in CA is out of this earth. and what's the $550K get you. 3/2/2 with 1600 sq. feet? having a mortgage isn't bad so long as you don't take the entire term to pay it off - thereby paying like 5 times the original value in interest!!! we paid off our mortgage in < 5 yrs. I think it was.
I don't know, I think I will be able to save enough to buy the house I want flat out, it might take a bit but I will see. My problem is I'm not even sure when I have the money if I will want to buy were I want to live because of insurance against hurricanes. But it is true, about the house prices where I live the average house is 750k I think, right now I would need a loan to buy one. I don't know, I plan on paying cash for everything
Well, you could pay cash by renting, selling drugs, opening up companies like microsoft or living in the boonies after making some dough. Credit is necessary thing in my life. No debt, but credit ensures certain necessary things. If you use credit properly, you can get a lot of money out it.
For what, to invest in real estate? I may be relatively financially naive, but I think real estate might not be the thing to buy right now, for the first time since I moved down here the prices have stopped going up. There are a lot of houses sitting on the market right now
This is how you build credit... All the bills including cellphone. Get a credit card use it and pay back everything before they even charge you with interest rate. There is nothing wrong with a CC if you know how to manage it and dont think of it as a plastic but actual cash. Personaly i dont have a credit or if i do it would be kind of very low score or something, I have never checked or even got into the trouble of all this credit thing but i always get approved for almost anything i dont know why. Probably they look at your income or bank statements but i am not sure but you are right that one might need to have credit some day like in some emergency but there are certain things that you can build credit with out actually getting into debt.
Market investments, forex, and real estate (even now). Credit's gold. Generally you can do that all with cash, but hey...why not build credit, and take some risk.
this is just a sidebar but our friend had a hard time securing a home loan on account of NO credit rating...he never had a CC or anything like that...so when it came time they put him through the ringer... I think I am remembering that right. so to jaree's point, so long as you use the credit cards judiciously - you should be all set. you obviously DON'T want to max them out or carry a large balance, b/c you'll pay interest out the you know what!!
Everyone except my father has an extremely high credit score. I think I'm somewhere in the top 10%. Actually having a weird background, I know it's fairly easy to get and lose.
All the bank is looking for is you have either multiple credit cards you PAY on time, and that you take out loans you pay on time. That's it. Once people do that, they're considered the cream of the crop for banks. They're not a liability. --------------------------------------------------------------- You really don't have to spend a lot of money on those cards to garner credit.
exactly but in his case he didn't have a history - hadn't even started paying his student loans...chemical engineer to boot, so it's not like he wasn't getting a good payday!
For future reference, ferret, never mention your lack of credit history on the net. A savy person with ill-intend could do some rather bad things with that information. I'd reccomend just out of pure self-interest you check on your credit yearly...atleast, just to make sure others aren't misusing your information. I could get into the details, but it's best not to....
None to minimal debt. I have 3 credit cards which have been opened for more than 1 year. Chase, BofA Student, MBNA. $8,000, $4,000, $5,000 limits. Low outstanding balance, always paid more than minimum. Excellent credit is a plus. The higher credit limit you have, the better usually. They give you more flexibility and are more lenient with you. I think I'm going to cut off the MBNA and apply for an AmEx with 1 year no APR and the offer I've been given of 8% for cash advances. This should be fun.
I'd rather agree with those who pays cash for everything for your own needs, and take a debt if it pays you back.
I prefer to live according to the amount of the income I have. It’s nice to feel that you are not burdened with credits, which can’t be paid off easily.
I've got a £12k student loan from a few years ago at uni on 2% interest and my bank account earns 5% interest which makes a tidy profit for me. No need to pay off loans like that.
There are some credit cards that offer 0% balance transfer for x months. Let say: I charged $20k with Credit Card A Credit Card B offers 6 months 0% balance transfer (You need not pay a penny for 6 months when you transfer you debt from other credit card) I transfer my debt to credit card B And I have $20k in my bank earning interest for 6 months. Pure profit.