who cares? the only thing a good credit rating is good for is to get
into debt.
if you don't have the money -- don't buy it!
I learned that the hard way. Just now recovering. wrote a check for
the last of my student loans last week, bought an Odyssey with a check
this week.
one remaining credit card is sitting pretty at 0% interest until April,
I'll have it paid off long before then.
We'll own our house outright in 5 years. (bought it a year and a half
ago)
My first credit card was in college -- $500 limit. I went out and
bought a digital camera for almost $400. A few months later I got a
$10K limit Discover Plutonium card. (or something like that) A new
Powerbook, iPod and a few vacations later I had $9K on it. Graduated
college, got a teaching job making $33K a year and went out and bought
a $24,000 jetta (TDI wagon -- loved it!)
I didn't know any better. My parents never had consumer debt and never
taught me anything about it. All I knew is I got free t-shirts for
filling out credit card applications outside the dining hall.
Met the redhead, and at the time had a $15K car loan (with $518
monthly payments) had $8500 on a credit card and a $5000 student loan
balance. Signed a contract on a house, sold the Jetta (for $2K
more than I owed -- gas prices were high and TDIs were scarce) and
started driving $800 cars. cut up the credit cards and ended up saving
$15K to put down on this house.
My wife and I are both school teachers in our third year of teaching.
It's a good income, but not anywhere near six figures.
Spend less than you make. Have an emergency fund (a la Dave Ramsey)
and pay more than minimum payments and don't use plastic.
Hopefully that inspires someone out there.
-Sealover
83 300D
84 300D future parts car
77 300D present parts car (free to good home, FOB York PA)
95 Odyssey EX
98 Breeze (wife's)
91 Aerostar XLT ($500 obo)
76 CB750F
On Sunday, July 10, 2005, at 02:56 PM, Mitch Haley wrote:
"Kaleb C. Striplin" wrote:
Seriously, here is what you do. Go down to your back and give them
$400, tell them you want a secured visa and a secured mastercard.
You need to do this at a bank which reports secured cards as unsecured
cards.
A $300 or $400 secured credit card is just proof that nobody is willing
to really loan you money.
And loans under $1000 don't do much for your scores, bigger tradelines
are
better. I'd try to find a credit union that reports as unsecured,
deposit
$2000-5000, take out a share backed installment loan on it. (should
only
cost you 1% or so over what they pay you on the savings account) Now
take your loan proceeds, open another savings account, and take out
a secured Visa card. Charge a tank of gas on the visa every month,
and pay it off each month. You now have a medium sized installment
loan,
plus a decent sized revolving credit account, with low utilization on
the revolving account. (having a $4900 balance on a $5000 credit card
is not good for your credit score, it makes you look overextended)
Ideally you should have at least one installment loan and two or
three revolving credit accounts, but the above should give you a
score in the 700+ range after the accounts have gained some age.
(oh, yeah, it really helps to have old revolving credit lines,
over 20 years old is good. Maybe you can get a relative to add you
as an authorized user on a credit card that's a few decades old and
has no late payments in the last two years)
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