Oops, wasn't referring to you.
HAHA! didn't have any Idea you were pointing at me.
"Can" is subjective. It is much harder to get a loan without established good credit. If it you can get even a fraction of a percentage lower interest rate on your mortgage, it will save you thousands in the long run; so establishing credit on a low cost short term loan can be well worth it.
Now make no mistake, I am not one to preach we should all just run out and gather up loans and credit card debt. Just that preaching "debt is the devil" can be short sighted financially.
What we should be teaching kids - both in school and at home - is responsibility. Not everyone will just be able to buy everything they want.
And sorry if I offended you by not being more respectful of the holy one. LOL!
What I'm offended by is that schools don't teach kids life skills.
How to write a check, how credit companies can ruin your life, or make it better.
They have to understand that a credit card or check only covers what money you have.
On the other side of the equation, the parents of those kids should be doing the same thing. We don't need gubberment schools taking over our kids minds, but, how do we teach those kids that you have to live within their means?
If you incur $200K+ in student loan debt, how can you ever get out from under it? Some will, but the SLD in this country is huge.
It is 7 to 11 years from the last reporting. The trick for them is that they can sell the debt over and over and over again, keeping it fresh. You need to contact the bureaus and discuss it directly with them.
This.
Auto and home insurance also factor in credit history to determine your rates. Based on your score, they can determine the likelihood that you will file a claim versus use other means (such as a credit card) to pay for something that would otherwise be covered. Many people with enough available credit to cover small incidents will probably consider the impact that a claim will have on their insurance rates more than someone whose only means to pay for an unforeseen incident is though the insurer.
Paying off a card each month will build credit without incurring finance charges. Some of them come with extra benefits, too... but don't try to "chase points".
And in the event of a compromise, a credit card is much safer than a debit card.
Student loan debt is huge. In fact it appears, according to some schools, that parents should be willing to sacrifice every dollar in assets to qualify for student loans.
In reality, many parents would be better off buying their kids a 150K house, a 15K car and giving them 50K in cash rather than funding a college education in some locales......
Amazing...
In reality, many parents would be better off buying their kids a 150K house, a 15K car and giving them 50K in cash rather than funding a college education in some locales......
Amazing...
I'm in the process of cleaning up my credit report, and it's almost totally done. Only thing is the lovely student loans I took out to attend college. Down to the last 6K on those. We're trying to build/buy a house this year, so we're cleaning up every small credit issue. I've found numerous false claims on my credit. It appears my identity was stolen in my early 20s. Most likely by my own father. I've had to file disputes on those items, and provide proof that I wasn't liable. We don't use credit cards, and pay mostly cash for every thing we buy. Hopefully the mortage writer will take that into account lol.
"Can" is not subjective--you either can or you can't. You said "to get approved for a home loan requires credit," which is demonstrably incorrect.
That last statement is only true if you assume that a mortgage lender who can do manual underwriting will not have competitive rates. That seems like an unwarranted assumption.
I'm not sure why you'd assume that I'm offended by your erroneous statements; your opinion of him is your issue, not mine. I don't think you're a jerk, I just think what you said was incorrect...
Same here. My view on college has changed dramatically after incurring a rather small amount of SLD by comparison.
QFT. I could not agree with this more.
BAD credit and NO credit are 2 entirely different things. I have a high credit score because I was good at being in debt all those years, it means nothing more. I am debt free now other than my mortgage (2 years left on the mortgage) and my credit score will go away once thats paid off. I dont care about a credit score as long as its not bad credit from a slow pay or bankruptcy. By the way, no debt free person ever had to file chapter 13...just sayin.
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