Money Talk, Bad credit & being on the road

Or, just save your money and don't use credit cards at all.
Just use cash.

 

Financing a couch or fridge or microwave or whatever over 12 months is another good thing to do. Even though it seems counter intuitive since the cost is not huge like a car. The benefit of good credit is a lower % later when you buy big ticket items, house or car.

They really should make basic financial decisions a mandatory course in school. I am convinced the largest expense for most folks is unnecessary interest. By which I mean poor credit and buying a car at 14%. Or letting a balance ride on a credit card perpetually rather than using a line of credit and some better discipline moving forward.

There is a big comfort in having a large amount of credit available, if needed. I have never understood how so many people float through life with no way to quickly come up with even say $3,000 if the car suddenly needs a transmission and won't go another mile and they need that to get to work. The sad part: I believe the number most folks couldn't come up with in an emergency is much smaller than that. For some reason I think it's $400. Crazy to me.

 

The borrower is slave to the lender. Its been true and will remain true through all time.

 

I went so long without a credit card or loan that my credit score went to zero.
I had to get 2 secured credit cards to build my credit score.
And now the fools can start posting how everyone should pay cash for their homes and cars and what not.

 

There's necessary debt. Like a mortgage. Or you can pay rent. Or live at home until you save enough to pay cash for a house. If that suits your social agenda....more power to you. There's stupid debt too. Or should I say....expensive ways to use your money. Payday advance is a big one. Check cashing as well. FACTORING lol.... If you actually stop and figure out the % all of these actually cost versus other financial solutions.. you will realize it's an extremely profitable business. Only a few things are more lucrative. Gambling is even higher...but nobody reading this will be a casino owner anyway.

 

Credit score you want either really good high number or zero. Wierd how that works.

 

You can get a home loan even if you have a zero credit score. The bank just has to manually underwrite the loan which really is no big deal.

 

I was getting a fuel receipt at a T/A in Ohio last week and overheard a driver haggling over the price of a replacement tire.

He said he had enough cash to either buy a tire or put fuel in the truck. I didn’t hang around to hear what the outcome was.

I understand falling on hard times, but I also see too many people set themselves up for failure then wonder why they can’t ever get ahead.

 

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I’m in the process of building a house right now on land I paid cash for. I put up a nice “shed” a few years ago. All without a loan and

I couldn’t get a loan to help with the cost of the house without a credit score. And I’m dealing with regional and local banks.