Anyone have any experience or ideas to fix my own credit?

[TimeForWasp]

.

[Postal_clone]

Pay your bills on time would be a good place to start

[kc rush]

Talk with Mr Flopnuts

[R8RFAN]

If you don't have cash, don't buy it.... Simple....

Screw credit, it is your enemy unless you need to buy a house on a 15 year mortgage.

[Saul Good]

"Repair your credit" is pretty vague. What are you trying to accomplish that requires better credit?

[Hog's Gone Fishin]

If you don't have cash, don't buy it.... Simple....

Screw credit, it is your enemy unless you need to buy a house on a 15 year mortgage.

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.

[mesmith31]

1.) Keep your existing lines of credit at 30% of their balance. So if you have a credit card at $10,000 limit, don't go over $3,000.

2.) When you pay stuff off, don't close the credit card. The length of time a credit line has been open is also an important factor.

3.) If you don't have credit yet, get a credit card. Start with a prepayed card from a credit union or a gas card, prepay $300 and use only 30% of that or less each month. Pay it off on time every month.

4.) If you have a family member with good credit, get added on to one of their exisiting credit cards as an authorized user. This should give you a quick bump as their credit becomes your credit.

5.) The type of credit you have is also important. Certain credit lines like real estate have more weight to them that things like a Nebraska Furniture Mart line.

6.) Judgments (like old unpaid cell phone bills, etc.) are like lead weights on a balloon. pay them off. Unless they are really old, like 4-5 years then paying them may make them start reporting again. You should probably pay them eventually too, but for the purpose of credit repair it may end up hurting more in the short term paying off the really old ones.

7.) Pay your bills....on time...every time.

Those are just some of the basics. Credit 'repair' companies usually do a combination of these activities. Credit repair is a matter of showing people you can manage money correctly. Keep your balances low, pay your bills, don't get judgments and if you do pay them off, handle large responsibilities like homeownership, etc. etc. etc.

[Lzen]

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.

Tell that to Dave Ramsey.

[Saul Good]

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.

This is wholly inaccurate.

[El Jefe]

If you don't have cash, don't buy it.... Simple....

Screw credit, it is your enemy unless you need to buy a house on a 15 year mortgage.

Your and idiot. Some simple rules to follow to build your credit.
1) Pay your bills on time
2) Pay off old bills
3)If you have CC debit you need to pay it off, attack the CC with the highest interest. If you don't have a CC get one, put small purchases on it each month and pay it off in full each month. This is how I built my credit, I never missed a CC payment and never carry a balance for over a month. I started doing this when I was 16, I am now 23 and my credit score is 782.

[Hoover]

I'm a Ramsey fan, but Hog Farmer is right.

I own my own business and I need access to credit. I use Ramsey's principles, but I also make sure I still use my credit cards to make sure I maintain my excellent credit rating. For the most part I pay everything off at the end of the month. I have some ) interest stuff that I let sit and instead pay off ofther debt first

[Iowanian]

Pay your bills, pay them on time. Pay off your bad debt, and don't rack up CC bills that are very close to your credit limit. It's really not rocket science.

Good debt is ok. I'm pretty much in line with Hoover in principle.

[Hog's Gone Fishin]

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

[Bugeater]

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.
I pay cash for everything and I have way more crap than I need.

[mesmith31]

There is good debt and bad debt. If you are going to take on new debt...find a way to get someone else to pay the debt. Debts to acquire assets (things that appreciate and value and/or cash flow) = good debt, when other people pay the debt service. Try saving up to buy a 30 unit apartment complex for cash.

[El Jefe]

This is wholly inaccurate.

I'm pretty familiar with DR, and I think even he realizes the importance of credit, you have to have good credit when making purchases like cars or houses. Let's be honest not everyone is capable of paying cash for purchases like that, so in these instances good credit goes a long way. I can honestly say I follow DR's guidelines pretty well, but I take advantage of CC's, I never carry a balance, and I get cashback rewards, and my credit score continues to go up.


*I do agree with R8ers in the statement saying if you don't have the cash to buy it, then you don't buy it. When you start playing with fake money you can get into a world of hurt.

[Sofa King]

stop buying stupid shit you don't need.

[Dayze]

that. not sure if you have decent credit and wanting to improve it; or if you have a lot of debt and are looking to pay off/get rid of it and improve your score.

since our foreclosure last year, we've paid off 2 credit cards, and i paid off my car last month.
this time next year, I should have my motorcycle sold, and probably another credit card gone.
by August of 2012, we shoudl only have 1 credit card left (hers); which, using all the money freed up from the other 'payments' should be paid off in 5-8 months. Looking at 100% debt free by end of 2012/early 2013.

at that point, I won't care what my credit score is. the only time I"ll pay attention to it is in probably 12 months leading up to buying anoter house in 7-10 years; on a 15 year note as R8Rrs said. then...back to not giving a F what my credit score is.


but...to answer your question; start by making your payments on time.
Get to the point where you have at least 12 months of on-time payments.
Pay attention to the amount of debt vs. credit limit on a card etc. I can’t remember the exact number, but you obviously want it low; like 20%. (that seems to ring a bell with me, but not sure)

If you’re having problems making monthly payments to your creditors, CALL THEM to see if they'll work with you. We're currently in 2 payment plans with credit card companies; they've dismissed a ton of interest and fees as long as we continue to make X payment each month for the agreed upon time. One plan lowers our interest rate incrementally as we make our way through the plan.

we spoke with several 'debt' repair places/consolidation etc...never got the impression that what they were offering was of any real benefit. Most of them stated they would take a monthly payment; pool the money and try to negotiate a lump sum payout to a creditor, then build up the money pool again/repeat etc. meanwhile, you're not making payments to any of the creditors, therefore incurring more fees - and depending on how long this goes on, it's possible to end up in a scenario where you're getting sued/garnished...even though you’re still in the ‘debt recovery program’; while the debt company has been getting all your money. Not to mention most of them had large 'fees' as part of their program etc.


The fees/interest on the unsecured stuff got so large we couldn’t afford the minimum, therefore more fees etc…
It got to the point where I told the credit companies “Look, I don’t have the money; I have $X, but I don’t have what you’re asking. If that isn’t good enough, then I’ll use it to pay someone else; you’ll get nothing. I’ll file for bankruptcy” etc.

Not long after that we got into a payment plan. It’s a little painful because of the monthly amount, but the amount they forgave in fees and interest is more than worth the temporary cash flow hit.



…sorry for the rant.
:D

[Bugeater]

There is good debt and bad debt. If you are going to take on new debt...find a way to get someone else to pay the debt. Debts to acquire assets (things that appreciate and value and/or cash flow) = good debt, when other people pay the debt service. Try saving up to buy a 30 unit apartment complex for cash.
I could be wrong, but I highly doubt the thread starter is looking to buy a 30 unit apt building.

[MOhillbilly]

pay with cash.

[El Jefe]

I'm a Ramsey fan, but Hog Farmer is right.

I own my own business and I need access to credit. I use Ramsey's principles, but I also make sure I still use my credit cards to make sure I maintain my excellent credit rating. For the most part I pay everything off at the end of the month. I have some ) interest stuff that I let sit and instead pay off ofther debt first

:clap:

[El Jefe]

stop buying stupid shit you don't need.

Taking your mom out to dinner is out of the question, I don't care how much it costs.

[Hog's Gone Fishin]

I pay cash for everything and I have way more crap than I need.

I not talking about shit from Walmart. When's the last time you bought a new car with cash.

[Bugeater]

I not talking about shit from Walmart. When's the last time you bought a new car with cash.
I don't buy 'new' cars, but I bought 3 vehicles last year and paid cash for them all.

[Hog's Gone Fishin]

Here's a little trick I'll share.

I bought 8 rental properties at different times over about 7 years that the previous owner financed 20% with a balloon payment at the end of 5 years.

When the balloon payment came due and I did not have the cash to pay it ,I would write a check on a 0% CC offer that I received. I get them almost weekly in the mail. That gave me another year or 18 months to pay it off without any interest.

My goal was always to let the tenants rent pay for the property without any cash outlay from my pocket.

[threebag]

I pay cash for everything and I have way more crap than I need.

THIS

[Saul Good]

I could be wrong, but I highly doubt the thread starter is looking to buy a 30 unit apt building.

That's what I was thinking. Hopefully he answers my question about what he is trying to accomplish, or this could get. Pretty silly.

I don't like the idea af debt at all, but I do have a mortgage (no other debt). I am 100% opposed to unsecured debt, as it is generally used on purchases that have, essentially, no value once purchased. I am about 99% opposed even to things like car loans. The idea of paying interest in order to purchase a rapidly depreciating assset is not a good one.

[Hog's Gone Fishin]

I don't buy 'new' cars, but I bought 3 vehicles last year and paid cash for them all.

If you hadn't bought $500 pieces of crap you wouldn't have had to buy 3 :D

[Bugeater]

If you hadn't bought $500 pieces of crap you wouldn't have had to buy 3 :D
How else am I going to ensure that I always have at least one that runs?

[Saulbadguy]

Tell that to Dave Ramsey.

LMAO

[Saul Good]

Here's a little trick I'll share.

I bought 8 rental properties at different times over about 7 years that the previous owner financed 20% with a balloon payment at the end of 5 years.

When the balloon payment came due and I did not have the cash to pay it ,I would write a check on a 0% CC offer that I received. I get them almost weekly in the mail. That gave me another year or 18 months to pay it off without any interest.

My goal was always to let the tenants rent pay for the property without any cash outlay from my pocket.
I hope that works out for you. Someone I used to work closely with lost a 7 figure net worth at age 35 doing almost the exact same thing on section 8 properties. What is worse is that he mentored a friend of mine. That friend left a high paying job to go into real estate the same way. He went broke, too.

It can work, but they were putting a lot of eggs in the baskets of renters. Almost by definition, renters are not the most reliable people from a cash flow standpoint.

[Earthling]

You ask about a small loan at your bank and tell them you will put the payment money in an escrow account that they can draw from. You put exactly the amount in that needs to be repaid. The repayment money is already in their hands and they will give you a "loan" against that money. (You can have them take all the escrow money to pay the loan in full) Its all free interest money for them. Your credit will reflect that you got a loan and repaid it. Do this as many times as necessary to establish better credit.

[Hog's Gone Fishin]

I hope that works out for you. Someone I used to work closely with lost a 7 figure net worth at age 35 doing almost the exact same thing on section 8 properties. What is worse is that he mentored a friend of mine. That friend left a high paying job to go into real estate the same way. He went broke, too.

It can work, but they were putting a lot of eggs in the baskets of renters. Almost by definition, renters are not the most reliable people from a cash flow standpoint.

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

[trndobrd]

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

So real estate is your primary source of income and the 'hog jerking' thing is just a passion?

[Saul Good]

You ask about a small loan at your bank and tell them you will put the payment money in an escrow account that they can draw from. You put exactly the amount in that needs to be repaid. The repayment money is already in their hands and they will give you a "loan" against that money. (You can have them take all the escrow money to pay the loan in full) Its all free interest money for them. Your credit will reflect that you got a loan and repaid it. Do this as many times as necessary to establish better credit.
It is frightening to see how bad some people's financial advice is.

[Earthling]

It is frightening to see how bad some people's financial advice is.

LMAO

[ROYC75]

I would like to repair my credit , but don't want to get scammed . Any clues?

Follow the Fed's rule, print more money and get China to buy the debt.

or

Use the Dave Ramsey rule !

[Saul Good]

First and foremost, you do not need to borrow money to improve your credit.

Pay your bills on time for a year and pay off any outstanding debt. If you can do that, your credit will be good enough to qualify you for whatever you need.

***Disclaimer: If you are trying to purchase a resort hotel or put a land contract on a major shopping center in Manhattan, you may need to do a little more. If this is the case, CP may not be the best counsel.

[chiefsnorth]

Do NOT use one of those services that say they can fix your credit. most of them rely on disputing everything on your report which you can do for yourself, free. But by and large they are scams. This system is engineered to be watertight. They way to have good credit is to manage your finances prudently and spend less than you earn. If you have racked up years of debt it might take years to pay off. There isnt any quick fix unless you can boost your income. You your choices might be to remain in debt he'll or spend time in debt purgatory... One is a lot better than the other because there is light at the end of the tunnel.

[Bill Lundberg]

Most people with bad credit have bad credit because they don't pay their damn bills and they have collections, chargeoffs, bankruptcy, foreclosure littering their credit report.

If that is you and they are real bills that you owe - you can't just pay someone to "fix" your credit, any company that tells you they can is likely lying. The only way to fix it is to start paying derogatory things off, have good open and active accounts that are paid on time and a long period of time for those things to drop off (5-7 years).

[mesmith31]

I could be wrong, but I highly doubt the thread starter is looking to buy a 30 unit apt building.

I already gave him a strategy for repairing his credit, but the argument that everything should be purchased for cash always is fine, but highly limiting. Being debt free is a great goal and more of America should strive for it. If you want grow wealth you either have to save until you can buy assets or prudently use leverage to acquire them and then pay them off if it makes sense.

Even if you can pay something off entirely it doesn't always make financial sense to do so. If you have $150,000 in the bank that you could use to pay off your mortgage and your interest rate is 4.5% and you could invest that money elsewhere it may make sense to hold on to your cash.

"Don't pay it down until you can pay it off". If you give the money to your mortgage company as opposed to setting it aside, they won't give it back to you if you get in a pinch. And if better opportunity comes along, you also aren't liquid.

[Hootie]

Taking your mom out to dinner is out of the question, I don't care how much it costs.

he doesn't care...you're a virgin

[The Franchise]

I'll be starting to get out of debt in January of 2011......hopefully it goes well.

[2112]

do you mean consolidating your debt?

[TimeForWasp]

"Repair your credit" is pretty vague. What are you trying to accomplish that requires better credit?

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

[2112]

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

call equafax or the other 2 companies. you're allowed 1 free credit report per year. and they will mail it to you.

[Kerberos]

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

I'm glad you clarified this. I thought you were renting out Hog sperm and was thinking to myself. WTF?

[DJ's left nut]

If you don't have cash, don't buy it.... Simple....

Screw credit, it is your enemy unless you need to buy a house on a 15 year mortgage.

Another Dave Ramsey fucktard.

Are there really that many gullible people in this country?

[Bill Lundberg]

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

Go to annualcreditreport.com and get your free one right away. It will make you pay for the scores, but if you want to know what's on there it will show you.

If what you say is true, its an easy fix. Payoff the derog if it's truly yours. Then you need to get a credit card and use it from time to time and pay it off in full each month. Hell even if it's just a tank of gas, use it every month and pay it off every month. Don't use more than 30% of your limit.

Opening it may hurt your score initially for a month or two, but the longer you have it open and active with a good payment history the better your score will be.

[DJ's left nut]

Do NOT use one of those services that say they can fix your credit. most of them rely on disputing everything on your report which you can do for yourself, free. But by and large they are scams. This system is engineered to be watertight. They way to have good credit is to manage your finances prudently and spend less than you earn. If you have racked up years of debt it might take years to pay off. There isnt any quick fix unless you can boost your income. You your choices might be to remain in debt he'll or spend time in debt purgatory... One is a lot better than the other because there is light at the end of the tunnel.

THIS!!!!

Credit Counseling Services are amazingly useless.

We have them come stumbling through our office on occasion to represent some of our defendants and I'll flat tell them to pound sand. They don't have any sort of ability to keep a judgment from being taken against you and they generally aren't bright enough to advise you how to avoid it.

It comes down to them negotiating the same payment terms that you could do, but charging you a shitload of money to do it.

Never ever engage a CCS. For every one decent one, there are dozens that are either incompetent or fly by night operations that will leave you far worse than you started.

[Saul Good]

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.
You can get your report for free once a year each from (going from memory on the names) trans- union, equifax, and experion. You won't get a score, just a report.

Assuming that you have a few bills in your name, you should be fine if you clear up any outstanding issues and keep your nose clean for a year.

I have no debt other than my mortgage, and 2 of my scores were in the 790s and one was over 800. (I just closed on a new mortgage last week.) I don't even own a credit card.

There really isn't a need to go through gymnastics to improve your score. You'll just wind up costing yourself money and headaches that way.

I'm not a big real estate guy, but I have dabbled a bit. To me, it wasn't worth the hassle of being a landlord for a single property. If you get a bad tenant or no tenant, you are going to have to feed cash into the investment property. There is a lot of money to be had if you know what you're doing, though. The key is to make your money at the buy.

Good luck

[Saul Good]

Another Dave Ramsey ****tard.

Are there really that many gullible people in this country?If memory serves, that ****tard has a paid-for house.

I'm 32, I have no debt other than my house, and my net worth is growing exponentially faster than it would be if I had debt.

[Bill Lundberg]

Assuming that you have a few bills in your name, you should be fine if you clear up any outstanding issues and keep your nose clean for a year.



You may already know this, but just to clarify. Just having bills in your name does nothing for your credit score unless they report the payment history to the credit bureaus. Most of your everyday utility bills don't report unless you've been sent to collections.

[DJ's left nut]

If memory serces, that ****tard has a paid-for house.

I'm 32, I have no debt other than my house, and my net worth is growing exponentially faster than it would be if I had debt.

Who, Ramsey? If so, it's off the backs of people that buy that nonsense, primarily people who lack the responsibility to manage their money in a far more effective manner.

If you can get a car at .9%, do it. Do it and don't think twice. Finance it for 5 years if you can. Then take the $30k you saved by borrowing on the car and invest it. Even a nominal return is going to be a hell of a lot better than the .9% you're paying out on the loan.

CoMo was offering a .05% loan over 10 years on any furnaces that qualified for the energy star tax credit. Ours was about to crap itself (and with the basement finished, it was no longer strong enough anyway). Ramsey's 'no credit' approach would have had me me living in a cold house while I save my pennies and end up losing this cheap loan, as well as the federal tax credit.

Why the hell would I do that when I can take the loan out and invest my liquidity in pretty much anything and get a far better return than .05%?

Why pay cash for things when you can invest the money and get an actual return on it that far outstrips your interest payments?

The man has some ideas that aren't all bad, but he overplays his hand and makes it entirely too simple.

[Saul Good]

You may already know this, but just to clarify. Just having bills in your name does nothing for your credit score unless they report the payment history to the credit bureaus. Most of your everyday utility bills don't report unless you've been sent to collections.Public utilities don't, but I believe that cable, cell providers, etc. do.

[Bill Lundberg]

Public utilities don't, but I believe that cable, cell providers, etc. do.

no, they do not

[Saul Good]

Who, Ramsey? If so, it's off the backs of people that buy that nonsense, primarily people who lack the responsibility to manage their money in a far more effective manner.

If you can get a car at .9%, do it. Do it and don't think twice. Finance it for 5 years if you can. Then take the $30k you saved by borrowing on the car and invest it. Even a nominal return is going to be a hell of a lot better than the .9% you're paying out on the loan.

CoMo was offering a .05% loan over 10 years on any furnaces that qualified for the energy star tax credit. Ours was about to crap itself (and with the basement finished, it was no longer strong enough anyway). Ramsey's 'no credit' approach would have had me me living in a cold house while I save my pennies and end up losing this cheap loan, as well as the federal tax credit.

Why the hell would I do that when I can take the loan out and invest my liquidity in pretty much anything and get a far better return than .05%?

Why pay cash for things when you can invest the money and get an actual return on it that far outstrips your interest payments?

The man has some ideas that aren't all bad, but he overplays his hand and makes it entirely too simple.
I was referring to r8er fan having a paid off house. I think it was him who had a thread about it a while back.

As far as Ramsey's plan goes, you would have already had cash on hand to buy a furnace when yours went out. I really don't mean this as a swipe, but if you don't have a few thousand dollars to buy a furnace for cash, your savvy leveraging of debt hasn't amounted to much.

I don't have a problem with people trying to make a spread on OPM (I have a Finance degree, after all). I just see that as being a lot of effort for minimal benefit.

A $5000 loan earning a 5% spread comes to $20 a month, and therearent many 5% spreads free of risk laying around today.

[Saul Good]

no, they do notinteresting

[R8RFAN]

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.

yo Idiot, I own my house, my cars and a boat and a atv and a big ass motorcycle and I am debt free ....

I have 0 credit because I don't borrow money IDIOT!

[R8RFAN]

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

Heres a novel idea IDIOT!

Why don't you make the money first then buy what you want....


IDIOT

[R8RFAN]

I not talking about shit from Walmart. When's the last time you bought a new car with cash.
Don't buy a new car IDIOT, if you have to finance a car you can't afford it IDIOT!

[R8RFAN]

I'm a Ramsey fan, but Hog Farmer is right.

I own my own business and I need access to credit. I use Ramsey's principles, but I also make sure I still use my credit cards to make sure I maintain my excellent credit rating. For the most part I pay everything off at the end of the month. I have some ) interest stuff that I let sit and instead pay off ofther debt first

If you pay it all off when it comes in thats not borrowing... Obviously you can do that because you are not an ignorant fool that wants to be a slave to the lender the rest of his life...

Good for you :clap:

[Saul Good]

no, they do notI looked into this, and some do. AT&T does. Sprint and Verizon do not.

If you have normal bills, between youe utilities, cable, phone, insurance, mortgage , etc., you are on the map somewhere.

[R8RFAN]

that. not sure if you have decent credit and wanting to improve it; or if you have a lot of debt and are looking to pay off/get rid of it and improve your score.

since our foreclosure last year, we've paid off 2 credit cards, and i paid off my car last month.
this time next year, I should have my motorcycle sold, and probably another credit card gone.
by August of 2012, we shoudl only have 1 credit card left (hers); which, using all the money freed up from the other 'payments' should be paid off in 5-8 months. Looking at 100% debt free by end of 2012/early 2013.

at that point, I won't care what my credit score is. the only time I"ll pay attention to it is in probably 12 months leading up to buying anoter house in 7-10 years; on a 15 year note as R8Rrs said. then...back to not giving a F what my credit score is.


but...to answer your question; start by making your payments on time.
Get to the point where you have at least 12 months of on-time payments.
Pay attention to the amount of debt vs. credit limit on a card etc. I can’t remember the exact number, but you obviously want it low; like 20%. (that seems to ring a bell with me, but not sure)

If you’re having problems making monthly payments to your creditors, CALL THEM to see if they'll work with you. We're currently in 2 payment plans with credit card companies; they've dismissed a ton of interest and fees as long as we continue to make X payment each month for the agreed upon time. One plan lowers our interest rate incrementally as we make our way through the plan.

we spoke with several 'debt' repair places/consolidation etc...never got the impression that what they were offering was of any real benefit. Most of them stated they would take a monthly payment; pool the money and try to negotiate a lump sum payout to a creditor, then build up the money pool again/repeat etc. meanwhile, you're not making payments to any of the creditors, therefore incurring more fees - and depending on how long this goes on, it's possible to end up in a scenario where you're getting sued/garnished...even though you’re still in the ‘debt recovery program’; while the debt company has been getting all your money. Not to mention most of them had large 'fees' as part of their program etc.


The fees/interest on the unsecured stuff got so large we couldn’t afford the minimum, therefore more fees etc…
It got to the point where I told the credit companies “Look, I don’t have the money; I have $X, but I don’t have what you’re asking. If that isn’t good enough, then I’ll use it to pay someone else; you’ll get nothing. I’ll file for bankruptcy” etc.

Not long after that we got into a payment plan. It’s a little painful because of the monthly amount, but the amount they forgave in fees and interest is more than worth the temporary cash flow hit.



…sorry for the rant.
:D
only thing I disagree with is the part about calling the creditors to get them to work with him...

If he is already up to his ass in debt, why does he want to improve his credit? to get further up to his ass in debt? So when he dies he leaves a couple hundred thousand out of his kids/wife insurance money they have to have to live on since he is no longer there?

The absolute only thing in this world that I would finance is a home that was a 15 yr note with a maximum payment of 25% of the take home pay a month....

[R8RFAN]

I'm pretty familiar with DR, and I think even he realizes the importance of credit, you have to have good credit when making purchases like cars or houses. Let's be honest not everyone is capable of paying cash for purchases like that, so in these instances good credit goes a long way. I can honestly say I follow DR's guidelines pretty well, but I take advantage of CC's, I never carry a balance, and I get cashback rewards, and my credit score continues to go up.


*I do agree with R8ers in the statement saying if you don't have the cash to buy it, then you don't buy it. When you start playing with fake money you can get into a world of hurt.


I use perkstreet.com I buy everything with my perkstreet visa card, pay all my bills with it, and for every 50 bucks I spend with it they give me 1 dollar back , it is a debit card only
1% if you have a balance of 1-4999 dollars 2% if over 5K
No fees no gimmicks

spend a thousand on bills a month? 20 bucks comes back to you

Credit card companies are scum of the earth and will destroy a mans family faster than anything.

[Saulbadguy]

Heres a novel idea IDIOT!

Why don't you make the money first then buy what you want....


IDIOT

You're a fucking idiot. What if you do have the money to buy it, but choose to be handsomely rewarded by using a credit card? You can receive free flights, hotels, and various other perks just by using a credit card instead of cash.

[Bill Lundberg]

I looked into this, and some do. AT&T does. Sprint and Verizon do not.

If you have normal bills, between youe utilities, cable, phone, insurance, mortgage , etc., you are on the map somewhere.

That's not true. I look at nearly 2000 credit reports a year, and cell phone companies, insurance companies, etc. DO NOT REPORT. Sometimes They will if you ask them to, but it doesn't just happen.

[chiefsnorth]

That's not true. I look at nearly 2000 credit reports a year, and cell phone companies, insurance companies, etc. DO NOT REPORT. Sometimes They will if you ask them to, but it doesn't just happen.

Comcast does.

[R8RFAN]

Another Dave Ramsey ****tard.

Are there really that many gullible people in this country?

Dude, if you don't like being debt free you can always go back into debt, they will take you back...

I figured it out way before I learned about Dave, he just says it better than I do...

Anyhoo, last I checked, the mans money makeover book is like 10 bucks, is that gullible...

Heres whats great about being debt free

Not much going on today at work, they call me and say do you want the day off? I say sure..

I am 44, I work about 3 days a week right now, fish when I want basically , don't have to worry about any mailbox surprises ... just got to keep the lights on , Sunday Ticket/ Internet and beer in the fridge.

Go to the beach for the weekend anytime I want... Don't worry bout how the hell I am gonna pay for it because I have the cabbage on the hip (or the perkstreet card)

Debt Free is nice and the only way to be debt free is get off that credit drug... it's like heroin.

Yall have fun arguing why it's good to be in debt, I love this shit LMAO

[grandllama]

I'm not going to read the whole thread but go to www.creditboards.com and read the credit forum. Read the credit forum until your eyes bleed. Everything you need to know is in that forum. Look for the why chat guides and details on the jack attack. Then once you are clean, don't let it happen again. :-)

[R8RFAN]

You're a ****ing idiot. What if you do have the money to buy it, but choose to be handsomely rewarded by using a credit card? You can receive free flights, hotels, and various other perks just by using a credit card instead of cash.

dude you are paying 20% on a credit card, you ain't getting shit free, are you that stupid?

Are you gonna pay that card off in full when the bill comes in?

[Bill Lundberg]

Never seen it, but I don't think we have comcast here.

[Saul Good]

You're a ****ing idiot. What if you do have the money to buy it, but choose to be handsomely rewarded by using a credit card? You can receive free flights, hotels, and various other perks just by using a credit card instead of cash.If you want to hunt for lost pennies, there is nothing wrong with that, but I've seen a lot more people bankrupted by credit card debt than people that got rich off the deals.

[Chief Henry]

Pay your bills, pay them on time. Pay off your bad debt, and don't rack up CC bills that are very close to your credit limit. It's really not rocket science.

Good debt is ok. I'm pretty much in line with Hoover in principle.



Just to add to Hoover and Iowanian - Get 2nd job if you have to to pay off your debt. Go out and BUST YOUR A S S to pay off your debt.

[R8RFAN]

If you are carrying a lifetime balance on a CC you are basically letting them loan you 100 dollars and you are paying them back 1000

Why don't you credit nuts come down here to NC and give me the title to your camaro and I will loan you 150 bucks and you pay me back 1000

I will take that action all day

[Saulbadguy]

dude you are paying 20% on a credit card, you ain't getting shit free, are you that stupid?

Are you gonna pay that card off in full when the bill comes in?

No shit, sherlock. Pay off the bill every month, no 20%+ interest charges.

[R8RFAN]

No shit, sherlock. Pay off the bill every month, no 20%+ interest charges.

You DumbFK how many times have I said in these threads that if you carry 0 balance it's ok?

You are not even borrowing you dumbass... are you that stupid man?

[R8RFAN]

IF YOU BORROW FOR A LIFESTYLE YOU WILL NEVER HAVE SHIT

[Saulbadguy]

If you want to hunt for lost pennies, there is nothing wrong with that, but I've seen a lot more people bankrupted by credit card debt than people that got rich off the deals.

I wouldn't call several thousand dollars worth of free perks per year "lost pennies", but whatever. If you aren't a dumbass, credit cards can be a valuable tool.

[R8RFAN]

IF YOU HAVE A WOMAN WHO THINKS SHE IS A PRINCESS YOU WILL LIVE A LONG BROKE LIFE

[R8RFAN]

IF YOU THINK YOU DESERVE IT BECAUSE YOU WORK EVERYDAY, YOU WILL LIVE A LONG BROKE LIFE

[Saulbadguy]

You DumbFK how many times have I said in these threads that if you carry 0 balance it's ok?

You are not even borrowing you dumbass... are you that stupid man?

You say carrying a 0 balance is ok, but then say that credit cards are the "enemy".

[Saulbadguy]

If you are a Raiders fan, you will most likely be incarcerated. And broke.

[R8RFAN]

You say carrying a 0 balance is ok, but then say that credit cards are the "enemy".

They are the enemy and scum of the earth to 90% of the population, you are not their target, they hate you, they hate people who pay it all off and get the perks , but for every one of people like you there are 10k who carry a balance and thats where they pay for all those perks

Credit cards are not designed for the rich, they are targeted to the poor, just like the lottery, just like check cashing places, or rental centers that rent poor people furniture and stuff, they are parasite predators that ruin families

[R8RFAN]

If you are a Raiders fan, you will most likely be incarcerated. And broke.

Yea and you are probably a meth head and your sister sells her ass for it....


How are those sterotypes working out for ya anyway?

[ReynardMuldrake]

They are the enemy and scum of the earth to 90% of the population, you are not their target, they hate you, they hate people who pay it all off and get the perks , but for every one of people like you there are 10k who carry a balance and thats where they pay for all those perks

Credit cards are not designed for the rich, they are targeted to the poor, just like the lottery, just like check cashing places, or rental centers that rent poor people furniture and stuff, they are parasite predators that ruin families

I don't understand the mentality of spending on credit. I hate owing people money. If not for owning a house [and a car] I personally would have zero debt.

[R8RFAN]

I don't understand the mentality of spending on credit. I hate owing people money. If not for owning a house [and a car] I personally would have zero debt.

And if you keep it that way you will live a very comfortable life.....

I don't even buy new cars, I find good deals on cars a few years old with low miles and buy them cash...

Piss on car payments.. but... if you are rich and have the money to buy a new car cash, go for it, you earned it

[ChiTown]

I would like to repair my credit , but don't want to get scammed . Any clues?

Lower your lifestyle, pay off all your bills, only buy shit you absolutely need. Then, establish credit again, only charge what you can pay off every month, and don't use your credit like Antoine Walker in a Vegas Casino

[chiefsnorth]

Never seen it, but I don't think we have comcast here.

Not going to post my credit report here, but they have an inquiry on there coinciding with the date my service began. I have no other inquiries in >2 years

[TimeForWasp]

Pay your bills on time would be a good place to start

Thanks, I would have never guessed that one. :banghead:

[DaFace]

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

[Bill Lundberg]

Not going to post my credit report here, but they have an inquiry on there coinciding with the date my service began. I have no other inquiries in >2 years

Right. They will check your credit before giving you an account, nearly everyone does nowadays. However, they do NOT report your monthly payment history which is the most important thing for a good score.

[chiefsnorth]

Right. They will check your credit before giving you an account, nearly everyone does nowadays. However, they do NOT report your monthly payment history which is the most important thing for a good score.

I thought we were talking about inquiries, my apologies. Got myself lost in all the banter.

[Bill Lundberg]

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

Well said

[MahiMike]

that. not sure if you have decent credit and wanting to improve it; or if you have a lot of debt and are looking to pay off/get rid of it and improve your score.

since our foreclosure last year, we've paid off 2 credit cards, and i paid off my car last month.
this time next year, I should have my motorcycle sold, and probably another credit card gone.
by August of 2012, we shoudl only have 1 credit card left (hers); which, using all the money freed up from the other 'payments' should be paid off in 5-8 months. Looking at 100% debt free by end of 2012/early 2013.

at that point, I won't care what my credit score is. the only time I"ll pay attention to it is in probably 12 months leading up to buying anoter house in 7-10 years; on a 15 year note as R8Rrs said. then...back to not giving a F what my credit score is.


but...to answer your question; start by making your payments on time.
Get to the point where you have at least 12 months of on-time payments.
Pay attention to the amount of debt vs. credit limit on a card etc. I can’t remember the exact number, but you obviously want it low; like 20%. (that seems to ring a bell with me, but not sure)

If you’re having problems making monthly payments to your creditors, CALL THEM to see if they'll work with you. We're currently in 2 payment plans with credit card companies; they've dismissed a ton of interest and fees as long as we continue to make X payment each month for the agreed upon time. One plan lowers our interest rate incrementally as we make our way through the plan.

we spoke with several 'debt' repair places/consolidation etc...never got the impression that what they were offering was of any real benefit. Most of them stated they would take a monthly payment; pool the money and try to negotiate a lump sum payout to a creditor, then build up the money pool again/repeat etc. meanwhile, you're not making payments to any of the creditors, therefore incurring more fees - and depending on how long this goes on, it's possible to end up in a scenario where you're getting sued/garnished...even though you’re still in the ‘debt recovery program’; while the debt company has been getting all your money. Not to mention most of them had large 'fees' as part of their program etc.


The fees/interest on the unsecured stuff got so large we couldn’t afford the minimum, therefore more fees etc…
It got to the point where I told the credit companies “Look, I don’t have the money; I have $X, but I don’t have what you’re asking. If that isn’t good enough, then I’ll use it to pay someone else; you’ll get nothing. I’ll file for bankruptcy” etc.

Not long after that we got into a payment plan. It’s a little painful because of the monthly amount, but the amount they forgave in fees and interest is more than worth the temporary cash flow hit.



…sorry for the rant.
:D

Nice job. I think this was the post he was looking for. All the sarcastic ones just haven't experienced tough times - yet.

[Dayze]

[QUOTE=R8ers;7245015]only thing I disagree with is the part about calling the creditors to get them to work with him...

QUOTE]

yeah; I was coming from the standpoint (what we went through) where we couldn't make the huge 'minimum' any longer;; lost my job and months of not being able make the minimum left us with a huge minimum. so the fees kept racking up, and they weren't working with us.horrible cycle. when we finally called them and told them a 'take it or leave it scenario' they finally worked with us; waiving thousands in fees/interest etc. We weren't using the cards at all (haven't used one in over a year) but the minimum was killing us after incurring all the fees etc.

it was a horrible situation; it's getting better slowly but man....never again.
we weren't really even in 'that' much debt; but we lost 65% of our income for 7 months and when I got another gig at a 42% less pay...uggh. it adds up fast. despite years of paying on time etc, but man....they want their money no matter what (duh...but it just re-emphasized it ).

never again.

[Hog's Gone Fishin]

yo Idiot, I own my house, my cars and a boat and a atv and a big ass motorcycle and I am debt free ....

I have 0 credit because I don't borrow money IDIOT!



Thats because you sell drugs. We're talkin legal stuff here.

[Saul Good]

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.
By and large, those who use credit to their advantage are called lenders.

[ReynardMuldrake]

And if you keep it that way you will live a very comfortable life.....

I don't even buy new cars, I find good deals on cars a few years old with low miles and buy them cash...

Piss on car payments.. but... if you are rich and have the money to buy a new car cash, go for it, you earned it

I bought it new, not financially smart but oh well. The house is on a 10-year mortgage and we're ahead of schedule paying it off. Not rich yet but saving everything I can for retirement...

[R8RFAN]

QUOTE]

yeah; I was coming from the standpoint (what we went through) where we couldn't make the huge 'minimum' any longer;; lost my job and months of not being able make the minimum left us with a huge minimum. so the fees kept racking up, and they weren't working with us.horrible cycle. when we finally called them and told them a 'take it or leave it scenario' they finally worked with us; waiving thousands in fees/interest etc. We weren't using the cards at all (haven't used one in over a year) but the minimum was killing us after incurring all the fees etc.

it was a horrible situation; it's getting better slowly but man....never again.
we weren't really even in 'that' much debt; but we lost 65% of our income for 7 months and when I got another gig at a 42% less pay...uggh. it adds up fast. despite years of paying on time etc, but man....they want their money no matter what (duh...but it just re-emphasized it ).

never again.
Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot

I bought it new, not financially smart but oh well. The house is on a 10-year mortgage and we're ahead of schedule paying it off. Not rich yet but saving everything I can for retirement...

Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on:clap:

[R8RFAN]

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.


Tell yourself whatever you have to to justify borrowing for a lifestyle, if thats your gig, more power to ya..

[Dayze]

Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot


Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on:clap:


precisely. ;)

[Sassy Squatch]

Kansas City Credit Services.

Cost 300 $ to do it over a year, but it was well worth it. Went from 17 Neg accounts to 5.

[ReynardMuldrake]

Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot



Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on:clap:

Lucky enough to have found a girl that thinks the way I do. We're both planning to retire by 55.

Could be a lot worse.

[R8RFAN]

I am not gonna get political but the whole damn reason this country is in the mess it is now can all be traced back to too damn many people getting to many things they could not afford.... and buying it with credit....

[Saul Good]

Kansas City Credit Services.

Cost 300 $ to do it over a year, but it was well worth it. Went from 17 Neg accounts to 5.

Honest question, how do you get 17 negative accounts? I can't even fathom that.

[Bill Lundberg]

Honest question, how do you get 17 negative accounts? I can't even fathom that.

One bad medical incident without insurance will do the trick rather quickly.

[Hootie]

How do you guys feel about those payday loan sites? I did one at CashNetUSA one time...put in a discount code...and got $525 the next day and had to make 9 $70 payments over the course of 4 months or so...

I know it's like wasting $100 but I thought it was a pretty ok deal at the time when I was in the need of some cash up front.

[DeezNutz]

How do you guys feel about those payday loan sites? I did one at CashNetUSA one time...put in a discount code...and got $525 the next day and had to make 9 $70 payments over the course of 4 months or so...

I know it's like wasting $100 but I thought it was a pretty ok deal at the time when I was in the need of some cash up front.

Extraordinarily dangerous because the interest rates are generally astronomical, and these "services" often attract customers who are not fiscally responsible in the first place.

If you're in a bind and can use it responsibly, I guess. But these places present a slippery slope for far too many.

[R8RFAN]

How do you guys feel about those payday loan sites? I did one at CashNetUSA one time...put in a discount code...and got $525 the next day and had to make 9 $70 payments over the course of 4 months or so...

I know it's like wasting $100 but I thought it was a pretty ok deal at the time when I was in the need of some cash up front.

I think it is loan sharking and the rat bastards should be arrested for taking advantage of poor people.

[R8RFAN]

Hopefully you realize that it only takes a mere moment and all that becomes nothing more than the paper it is written on.
Not if you put your priorities first and properly insure yourself instead of spending the money on a car or house you can't afford.

You can buy alot of insurance for small amonts of money when you are young and healthy

[Saul Good]

Hopefully you realize that it only takes a mere moment and all that becomes nothing more than the paper it is written on.

Not sure what you mean...

[jd1020]

Pretty simple. Pay your bills and dont buy shit you cant afford just because you can put it on a card.

[R8RFAN]

I guess I will repeat the same thing to you I did to Saul....it takes but a moment for all the to mean nothing.


read previous post

Keep justifying buying shit with any excuse you want and you you be a broke ass all your life...

[Saul Good]

A lot of people have given decent advice.....just some of it is a little outdated especially in light of the recent credit crunch/instability.

And some have given terrible advice. The guy I quoted suggested that this guy take out a loan that he didn't need and put the money to repay the loan into an escrow account as a way to repair credit.

[Saul Good]

it takes but a moment for all the to mean nothing.

How long did it take you to type that post that meant nothing?

[Saul Good]

How do you guys feel about those payday loan sites? I did one at CashNetUSA one time...put in a discount code...and got $525 the next day and had to make 9 $70 payments over the course of 4 months or so...

I know it's like wasting $100 but I thought it was a pretty ok deal at the time when I was in the need of some cash up front.

Those are the biggest ripoff ever. It's right there with renting furniture and playing Keno.

[Gadzooks]

I guess I will repeat the same thing to you I did to Saul....it takes but a moment for all the to mean nothing.

Is that just a dooms day statement? Do you have anything palpable to bring to the conversation?

[R8RFAN]

And some have given terrible advice. The guy I quoted suggested that this guy take out a loan that he didn't need and put the money to repay the loan into an escrow account as a way to repair credit.

Don't worry Saul, we all know the debt fairy will sweep down, take care of all the bills he leaves for his family if he dies.

[R8RFAN]

Not unless you are registered to do business in the state... :)

I am.........

[Gadzooks]

Those are the biggest ripoff ever. It's right there with renting furniture and playing Keno.

I agree with Deez Nutz. It's for people in an immediate bind.
However, I hope there is no situation in my life where I'm in a bind to the point where I have to rent furniture.

[Saul Good]

Don't worry Saul, we all know the debt fairy will sweep down, take care of all the bills he leaves for his family if he dies.

I've never met anyone who was over the age of 25 and debt free who was worried about their lack of debt.

[Saul Good]

I agree with Deez Nutz. It's for people in an immediate bind.

I guess, but you don't find yourself in one of those places unless you've made some poor decisions leading up to that point.

[R8RFAN]

I agree with Deez Nutz. It's for people in an immediate bind.
However, I hope there is no situation in my life where I'm in a bind to the point where I have to rent furniture.


I would sell something first.......
Scumbag Parasitic Predatory Lending....

There a special place in hell for these people.

[Gadzooks]

I guess, but you don't find yourself in one of those places unless you've made some poor decisions leading up to that point.

Very true, thankfully, I haven't, but in my younger days this service may have been helpful.
To get into a slippery slope with these guys is pretty much the lowest rung on the ladder.

[DeezNutz]

I guess, but you don't find yourself in one of those places unless you've made some poor decisions leading up to that point.

It's a vicious cycle. I can imagine an emergency situation, but if you're a fiscally sound person, there are probably a million different avenues you could pursue.

Predatory lending at its best.

[Saul Good]

Very true, thankfully, I haven't, but in my younger days this service may have been helpful.
To get into a slippery slope with these guys is pretty much the lowest rung on the ladder.

I would bet that more than 75% of people who use a payday lender eventually file for bankruptcy.

[Saul Good]

It's a vicious cycle. I can imagine an emergency situation, but if you're a fiscally sound person, there are probably a million different avenues you could pursue.

Predatory lending at its best.

Micjones had a thread a couple of years back about a friend of his who got screwed by one of these places. I think it was a title loan deal. It was a pretty interesting thread.

[Saul Good]

I've got 35 years in the Credit industry (consumer and commercial)....I've seen it all.

I've watched people who hand out angry advice end up just like the TV Evangelist who preaches against immorality....living in the middle of the same sin they preach against.

When I come on here and see people preach about living only on cash and insulting others who don't/can't I think of one client who sounded just like you. After years of railing against credit card use/borrowing on credit and assailing those who do, he ended up filing bankruptcy.

Then the guy was a hypocrite. His advice was sound, but he didn't follow it. If you don't borrow money, you don't go bankrupt. It's pretty simple.

I suppose that you could do something that caused you to have an enormous judgment awarded against you, but that's like saying that it's a good idea to play the lottery because 1 out of 50,000,000 win.

[DaFace]

Interesting how little you know....you assume alot, especially the part where you believe I have anything greater than "good" debt.

Please be careful with your assumptions, because all it is doing is making you look the fool.

I'll break my intended silence to just tell you this is a losing battle. R8ers is convinced that all credit is evil and that those of us who are making better money by using good debt to let us make more money elsewhere all idiots. He seems to think that racking up credit card debt is the same as taking out a home loan. Don't waste too much brainpower on it.

[Saul Good]

Interesting how little you know....you assume alot, especially the part where you believe I have anything greater than "good" debt.

Please be careful with your assumptions, because all it is doing is making you look the fool.

I can't tell if you are intentionally speaking in riddles or if you just have very poor sentence structure. I have to re-read all of your posts, and I still can't figure out what you mean half the time.

[Saul Good]

I'll break my intended silence to just tell you this is a losing battle. R8ers is convinced that all credit is evil and that those of us who are making better money by using good debt to let us make more money elsewhere all idiots. He seems to think that racking up credit card debt is the same as taking out a home loan. Don't waste too much brainpower on it.

I won't speak for him, but I don't think that all debt is evil. I would say that 90+% of people would be best served not to borrow money for anything beyond a mortgage. Some people are able to use leverage to their advantage in the long run. Significantly more people THINK they can only to learn the hard way.

[Saul Good]

Let me help you....Saul and R8ers.....

You can have all the cash/assets on your personal ledger with no personal debt and it only takes one catastrophic event to completely wipe you out.

Maybe a bad investment....a car accident that is your fault, with injuries to others that your insurance won't cover....your spouse/child has a major life threatening illness....your spouse child is a special needs child that isn't covered in any great depth by insurance.

I've seen people with lot's of assets be rich one day and crying the next.

What's your point? Should I just weigh 500 pounds because healthy people die every day?

You can't protect yourself 100%, but you can sure sway the odds in your favor.

[Saul Good]

Actually since you choose to get into insults...let me oblige.

It's not my sentence structure, but your complete lack of comprehension skill sets that prevent you from understanding.

I wasn't trying to be insulting. It was just an honest observation. If it's my lack of comprehension skills that make posts like these seem like gibberish, my bad.

Interesting how little you know....you assume alot, especially the part where you believe I have anything greater than "good" debt.

I guess I will repeat the same thing to you I did to Saul....it takes but a moment for all the to mean nothing.

[Saul Good]

Now you see the point I am trying to make....too many people who hand out advice are hypocrites....it's just like being internet bullies. No one knows if you are 6'6" when you are typing behind the keyboard, when in fact you are only 5'6".

Most people who hand out financial advice need to follow it themselves.

I still don't see the point. If r8ers really has $50,000 of unsecured debt, his advice is still sound.

[Gadzooks]

And that we can agree on....I want the odds in my favor. But you can't protect yourself completely and insulting people who have less options than we do isn't helping anyone. And gloating about your grand financial position only makes one look foolish.

I guess I am, in light of the fragility of life I have experienced this year, being a bit more understanding of others and their plights.

I hope things get better for you, Dsnyfn, you seem a bit world-weary.
I think the advice has been good so far despite the showiness.

[Saul Good]

And that we can agree on....I want the odds in my favor. But you can't protect yourself completely and insulting people who have less options than we do isn't helping anyone. And gloating about your grand financial position only makes one look foolish.

He wasn't lobbing the salvos. People were calling him an idiot for suggesting that people get out of debt. One even went so far as to say that the thread starter wouldn't be able to buy a 30 unit apartment without debt. That may be true, but I don't think this guy is a step away from buying a strip mall. I think he's more likely trying to qualify for a prime mortgage.

[Titty Meat]

Sauls the last person who should tell you about credit he doesn't even have a job.

[Saul Good]

Sauls the last person who should tell you about credit he doesn't even have a job.

Is it hard to type while flexing your fat, stubby arms?

[Saul Good]

I will be the first to admit that 2010 has been a very challenging year for me and thus the appearances. My view of the world has dramatically changed this year with events that have shaken me....thus the change to a new screen handle that better represents where I want to be, than the old one that was not (mmaddog)

Whatever the challenges have been, I hope things get better.

[Titty Meat]

I maybe fat but you're broke thats why you have to play Athletic Department/Politician online.

[Titty Meat]

I will be the first to admit that 2010 has been a very challenging year for me and thus the appearances. My view of the world has dramatically changed this year with events that have shaken me....thus the change to a new screen handle that better represents where I want to be, than the old one that was not (mmaddog)

Sorry to hear that i've gone through a lot this year as well. 2011 will be a new year for you and it's always best to make bad situation into a good one.

[R8RFAN]

I love this thread...

I want some of you to tell me how to justify borrowing money is better than saving up and buying with cash....

I want some more of you to tell me how that credit card you value so much is changing your life for the good.....

I don't have any debt ZERO NADA NONE everything is paid for, every last penny of my paycheck goes into the bank.

Credit is to let broke people buy shit they can't afford to impress other people...

My credit score is 0 and I can get a loan if I wanted it with a 0 credit score far easier than others can with a 700...

Why?
Debt to income ratio + Bank account

[Saul Good]

I maybe fat but you're broke thats why you have to play Athletic Department/Politician online.

Not to spoil your party, but I've worked at the same company for almost 5 years, and my financial situation has never been better. In the 2 years since I've been debt free, my net worth has increased precipitously. Don't worry about me, hercullays. Worry about heart disease and diabetes.

[R8RFAN]

I will be the first to admit that 2010 has been a very challenging year for me and thus the appearances. My view of the world has dramatically changed this year with events that have shaken me....thus the change to a new screen handle that better represents where I want to be, than the old one that was not (mmaddog)

I hope that things get better for you.

[Titty Meat]

Not to spoil your party, but I've worked at the same company for almost 5 years, and my financial situation has never been better. In the 2 years since I've been debt free, my net worth has increased precipitously. Don't worry about me, hercullays. Worry about heart disease and diabetes.

Heh as seriously as you take this website you should worry about yours.

[R8RFAN]

Not to spoil your party, but I've worked at the same company for almost 5 years, and my financial situation has never been better. In the 2 years since I've been debt free, my net worth has increased precipitously. Don't worry about me, hercullays. Worry about heart disease and diabetes.

You have a troll following you too? LMAO

[Titty Meat]

Saul is clearly has Schizophrenia. One day he was a politician the next he worked for the Husker Athletic Department, now he's had the same job for 5 years despite being on here for more than 5 hrs a day.

[Saul Good]

You have a troll following you too? LMAO

Is yours a fat midget who posts pictures of himself in a basketball jersey flexing his pudgy little arms, too?

[Saul Good]

Saul is clearly has Schizophrenia. One day he was a politician the next he worked for the Husker Athletic Department, now he's had the same job for 5 years despite being on here for more than 5 hrs a day.

billay: 12,300 posts since 2007

saul: 8,700 posts since 2005

You were saying?

[Bob Dole]

Without wading through what is apparently a thread full of bickering, the two most important things that helped Bob Dole climb out of the hole he was put in after his divorce were online bill pay and (at that point) Microsoft Money. (Presently, Bob Dole would recommend signing up with mint.com and creditsesame.com ).

Get a handle on where your money is going, adjust your spending accordingly, and use what you learn from that to pay down your debt and pay your bills on time.

[R8RFAN]

Is yours a fat midget who posts pictures of himself in a basketball jersey flexing his pudgy little arms, too?

No , he he is gone now I think, he use to crawl under houses and install Directv and live of the X's Social Security

[Titty Meat]

billay: 12,300 posts since 2007

saul: 8,700 posts since 2005

You were saying?

Means nothing you are on here for hours everyday, I don't even post on here everyday. Lets see a pic of you Saul oh wait you don't have a job you can't afford a camera.

[R8RFAN]

Means nothing you are on here for hours everyday, I don't even post on here everyday. Lets see a pic of you Saul oh wait you don't have a job you can't afford a camera.

I think he want's your man juice Saul

[Saul Good]

I think he want's your man juice Saul

I would imagine that he's got a lot of pent-up sexual energy seeing as he can't reach his own pudgy little pecker.

[Titty Meat]

Broke doesn't pay the bills Saul.

[Saul Good]

I think he want's your man juice Saul

He's a stalker. Now he's sending me visitor messages. I have never sent him so much as a rep.

[Bob Dole]

Do you 3 need your own private room?

[R8RFAN]

Do you 3 need your own private room?


Not me bob, if I were going to be gay, I would probably go after a stud like you

[Bob Dole]

Not me bob, if I were going to be gay, I would probably go after a stud like you

Understandable.

Carry on.

[Titty Meat]

Do you 3 need your own private room?

Saul can't afford one.



Sorry Bob I won't post in this thread anymore but yea I agreed with Raiders I'd bang ya.

[Over-Head]

Understandable.

Carry on.LMAO

[Over-Head]

Saul can't afford one.



Sorry Bob I won't post in this thread anymore but yea I agreed with Raiders I'd bang ya.:hmmm:LMAO

[TimeForWasp]

Without wading through what is apparently a thread full of bickering, the two most important things that helped Bob Dole climb out of the hole he was put in after his divorce were online bill pay and (at that point) Microsoft Money. (Presently, Bob Dole would recommend signing up with mint.com and creditsesame.com ).

Get a handle on where your money is going, adjust your spending accordingly, and use what you learn from that to pay down your debt and pay your bills on time.

is mint.com and credtsesame really free? no catches? how do they make money??

[Saul Good]

is mint.com and credtsesame really free? no catches? how do they make money??

Mint is totally free. There may be a more advanced version that requires a purchase, but the basic version is free. I have it, but I don't use it. Heard great things about it, and I really should give it more of a chance than I have. I've got 6 bank accounts at 3 banks plus an Ameritrade account, and it is a lot to keep my arms around.

[Saul Good]

Does anybody know if mint lets you control a sportsbook account as well?

[joesomebody]

Some good stuff here. I haven't used a credit card since March 13th 2009. I'm well on my way to paying them off, it will still take some time, but I'm getting there.

I graduate from Mizzou this Saturday. My part time job will be enough to pay the bills, but I can't wait until I find something that will allow me to finally start getting ahead.

I own both my vehicles. One is paid off, and the other I paid cash for.

My grandparents are quite wealthy and use credit cards for the perks, but I agree that the majority of the world get's suckered in by perks and ends up losing their ass(ets).

[DaFace]

OK, I just thought of (what I feel is) a great analogy for why I get so irritated at R8ers and the like who are so anti-debt, so I figured I'd drop back by.

Credit...is like alcohol. (Hear me out.)

Like credit, alcohol gets some types of people into real trouble. However, for a vast majority of people, alcohol (and credit) can be used quite responsibly to produce a positive result.

When a conversation like this comes up, it's like a high school student telling his parents that his friends are drinking and asking for their advice. The parents have two broad categories of options: 1) tell him that drinking is evil and that he should never, ever do it OR 2) teach him how to drink responsibly (moderation, having a designated driver, etc.). It's certainly debatable which of these approaches will yield the best result, but I think a majority of people around here at least would agree that option 1 is doomed to fail. Option 2 has a much better chance of having positive effects in the long run.

So, when a thread like this comes up, there are really two responses. Yell and scream about how evil credit is, or teach people how to use it responsibly. I prefer the latter approach and believe that 1) credit is great if you know how to use it (and no, I'm not implying that it's a good idea to carry a balance on a credit card) and 2) telling people that it's evil isn't going to help them, and they're still going to end up using it anyway.

And prude parents who continue to think that alcohol is evil annoy the hell out of me.

The end.

[R8RFAN]

I see you left out Saul, he hates credit as much as I do but he is a Chiefs fan so let him slide....thats ok
Dude I could care less how you spend your money or money that you don't have, thats your option but when you say credit is good or make money on using credit, I am gonna call you on the carpet for it...

Credit is for those who don't need it.... If you are using credit because you have no money, then you need to either make more money or change your lifestyle...

The problem is people want instant gratification and instead of waiting until they can afford it, they have to have it now.

Daface, I don't know how old you are but you seem young to me by your rebellious tone but when you rebel with credit, the only people harmed is the one using it and their families..
I have neighbors that have twice the house I have twice the cars I have and make less than half what I do... They are up to their asses in debt, if you like that feeling, then by all means stay in your present lifestyle.
2) telling people that it's evil isn't going to help them, and they're still going to end up using it anyway.
No skin off my teeth, I care for the people and wish they would not go in debt but they are smarter than some 44 yr old Raiders fan in NC, what can you do?
I am completely comfortable in my skin and I don't believe in coddling or hand holding full grown men so put the big girl panties on when you talk to me, think of me as that dude in the Gieco commercial talking to the guy on the couch (just not as old)
Not a soul in my family ever had anything, My Mom stayed in debt all her life, My dad never made over 6 bucks an hour his whole life (died in 81) My sisters always spent every dime they made and were always looking for more.... The sad part is, people up to their ass in debt think they have it good. Life is not good until you kick those that are stealing your families security to the curb...
I am so blunt about this issue for 1 reason, I want to see people take complete control of their money and make their own choice in who is worthy of receiving the money they work for.


Anyhoo, Merry Christmas

[Hog's Gone Fishin]

LMAO

[Rukdafaidas]

I love this thread...

I want some of you to tell me how to justify borrowing money is better than saving up and buying with cash....

It depends on what you're borrowing money for. If you're using a credit card to buy everyday purchases or stuff you don't need, it's bad.

If you're borrowing money to buy a business or an asset that can be used to gain value, borrowing money can be a good thing.
Nearly every one of the richest people on earth got to where they are by borrowing money. Donald Trump has a lot more money than you or I, but I bet he has many, many loans outstanding right now.


I want some more of you to tell me how that credit card you value so much is changing your life for the good.....

Who has said that? I don't think anyone is arguing that normal credit card debt is a good thing.


I don't have any debt ZERO NADA NONE everything is paid for, every last penny of my paycheck goes into the bank.

Good for you. You're content where you are. You'll never be in Forbes, but that isn't your goal.


Credit is to let broke people buy shit they can't afford to impress other people...

My credit score is 0 and I can get a loan if I wanted it with a 0 credit score far easier than others can with a 700...

Why?
Debt to income ratio + Bank account

Not always.

[R8RFAN]

If you're borrowing money to buy a business or an asset that can be used to gain value, borrowing money can be a good thing.
Nearly every one of the richest people on earth got to where they are by borrowing money. Donald Trump has a lot more money than you or I, but I bet he has many, many loans outstanding right now.

Credit is intended for the rich, not for the broke
Who has said that? I don't think anyone is arguing that normal credit card debt is a good thing.
Then what are we talking about?
Good for you. You're content where you are. You'll never be in Forbes, but that isn't your goal.

Maybe not but I have a in the neighborhood of a million on paper now with 0 debt.
So you can keep your Forbes

Not always.

Too vague , splain it for us dumb Raider fans
That tells me nothing....

[Hog's Gone Fishin]

Genious LMAO

[Rukdafaidas]

Credit is to let broke people buy shit they can't afford to impress other people...


I responded with a not always, just like you did here.

Credit is intended for the rich, not for the broke

[R8RFAN]

Genious LMAO
its spelled Genius, IdiotLMAO

[R8RFAN]

I responded with a not always, just like you did here.
Go in to detail so I can respond to you, I love a debate....

[Earthling]

It depends on what you're borrowing money for. If you're using a credit card to buy everyday purchases or stuff you don't need, it's bad.

Not always. I use my credit card almost exclusively for everday purchases. But, I pay the entire ballance off each month. All I have these days is the utility bills. :D

[Saul Good]

OK, I just thought of (what I feel is) a great analogy for why I get so irritated at R8ers and the like who are so anti-debt, so I figured I'd drop back by.

Credit...is like alcohol. (Hear me out.)

Like credit, alcohol gets some types of people into real trouble. However, for a vast majority of people, alcohol (and credit) can be used quite responsibly to produce a positive result.

When a conversation like this comes up, it's like a high school student telling his parents that his friends are drinking and asking for their advice. The parents have two broad categories of options: 1) tell him that drinking is evil and that he should never, ever do it OR 2) teach him how to drink responsibly (moderation, having a designated driver, etc.). It's certainly debatable which of these approaches will yield the best result, but I think a majority of people around here at least would agree that option 1 is doomed to fail. Option 2 has a much better chance of having positive effects in the long run.

So, when a thread like this comes up, there are really two responses. Yell and scream about how evil credit is, or teach people how to use it responsibly. I prefer the latter approach and believe that 1) credit is great if you know how to use it (and no, I'm not implying that it's a good idea to carry a balance on a credit card) and 2) telling people that it's evil isn't going to help them, and they're still going to end up using it anyway.

And prude parents who continue to think that alcohol is evil annoy the hell out of me.

The end.
I get the analogy. Maybe we can agree on this concept: people should learn to live completely free of debt before they start trying to harness the power of leverage and OPM.

[Saul Good]

It depends on what you're borrowing money for. If you're using a credit card to buy everyday purchases or stuff you don't need, it's bad.

If you're borrowing money to buy a business or an asset that can be used to gain value, borrowing money can be a good thing.
Nearly every one of the richest people on earth got to where they are by borrowing money. Donald Trump has a lot more money than you or I, but I bet he has many, many loans outstanding right now.



Who has said that? I don't think anyone is arguing that normal credit card debt is a good thing.



Good for you. You're content where you are. You'll never be in Forbes, but that isn't your goal.



Not always.

Warren Buffet operates his businesses with cash. I think you will agree that he has done pretty well for himself.

[Saul Good]

I would compare debt to guns. Both can be used as tools by people who really know what they are doing, but when people who don't understand how they work start messing around with them, it doesn't end well.

[Rukdafaidas]

Go in to detail so I can respond to you, I love a debate....
I was responding to your statement that credit is for broke people by saying that it's not always just for broke people.
Then you turned around and said credit is for rich people.:D

[Rukdafaidas]

Warren Buffet operates his businesses with cash. I think you will agree that he has done pretty well for himself.

Not exactly, they'll use loans to their advantage. Which is what a few of us are trying to say here. You CAN use loans to your advantage. You just have to be smart about it.

http://www.investortrip.com/why-is-warren-buffett-selling-moodys-stock-shares/


Berkshire uses it impressive credit rating to borrow money at the best rates while other companies struggle to find financing.

Berkshire created money out of thin air by borrowing tons of money at cheap rates then turning around to loaning it out to companies who were extremely desperate for short term financing. In fact, Buffett loaned money to General Electric, Goldman Sachs, and Tiffany Co. to name a few. If you step on Buffett’s cash cow, then he will sell your ass down the river.

[R8RFAN]

I was responding to your statement that credit is for broke people by saying that it's not always just for broke people.
Then you turned around and said credit is for rich people.:D

Ok what I am trying to explain is that the credit system will benefit the rich man because of the tax advantages within moderation, there is no denying that and the rich man have people hired to advise him when he will gain financially... The poor man living on a budget does not capitalize from borrowing money they don't have...

I could re mortgage my house, put a couple hundred thousand more in my bank account and pay a house payment every month too.

Would you take something that is paid off and refinance it just to have money in the bank?

Would you borrow money just to put it in the bank ? Of course not, you are losing money...

To those that use a credit card all month and pay it off or leave about 10 bucks on it a month, thats fine, you are responsible with money...


To those with a 5-10k balance, just enough money going into the checking account to pay the bills a month and a mortgage thats eating about half your income a month...

You will fail, I hope you don't but odds are you will and when the house of cards fall, alot of time the marriage does too.

This is how Life should work..

1- Get a job and maintain it & buy a reliable USED car cash
2-save money & Never get a credit card
3- Be 100% debt free before you decide the next step
4- buy a house when you have 20% or more to put down cash, payments under 25% of TAKE HOME PAY a month on a 15 yr Mortgage You should have enough money also to live for 3-6 months in case you break a leg or something above this 20%
Don't worry about a credit score, when you have cash it talks.
5- Work and save more money pay that house off in 5 or so by doubling those payments.

By this time you will have a ton of cash to buy whatever you want within reason with cash money.

Live within your means for life & spend less than you make...

[Simply Red]

There are programs out there.

[R8RFAN]

Interesting that you lecture here.

It's good to see you have taken a better direction than your family members, which means that you learned from their mistakes. It wasn't like you woke up at age 10 with the idea.

But, and this is the only problem I have with Dave Ramsey, sitting on a high horse and lecturing people does nothing to change them. These days we as a society have decided that the only way to make a point is to embarass people instead of encouraging them. In essence, it makes us feel better to belittle the person and show them our superior position, than it does to help them with encouragement and wisdom. I agree that sometimes "tough love" is needed, but it should be the exception not the rule.

Sorry man, if you are too easy with people on this subject they go out an make a decision that hurts them possibly for the rest of their life...

I tell it like it is, a man can take the advice or he can leave it, as I said, a man being poor does nothing to my wallet nor am I charging for the opinion...
The advice is free, take it or leave it.