Originally Posted by Hog Farmer (Post 7244400)

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

Originally Posted by Hoover (Post 7244366)

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

Originally Posted by Bill Lundberg (Post 7244938)

no, they do not

Originally Posted by Dayze (Post 7244382)

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

Originally Posted by kcchiefsfanGoJC (Post 7244379)

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.

Originally Posted by R8ers (Post 7244992)

Heres a novel idea IDIOT!

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


IDIOT

Originally Posted by Saul Good (Post 7245004)

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.

Originally Posted by Bill Lundberg (Post 7245032)

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.

Originally Posted by DJ's left nut (Post 7244898)

Another Dave Ramsey ****tard.

Are there really that many gullible people in this country?

Originally Posted by Saulbadguy (Post 7245029)

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.

Originally Posted by Saulbadguy (Post 7245029)

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.

Originally Posted by Iowanian (Post 7244371)

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.