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The Water Cooler
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Any credit gurus here?
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<blockquote data-quote="NikatKimber" data-source="post: 2712435" data-attributes="member: 423"><p>I like some of what Dave Ramsey teaches - the fiscal responsibility part - but the dismissal of having and keeping good credit is not wise, IMO. </p><p></p><p>Renting until you can pay cash for a house is idiotic in most circumstances, and to get approved for a home loan requires credit.</p><p></p><p>I did the calcs when I was about 20, and realized that getting a loan on a motorcycle ($2500), and getting a credit card, and paying both on time would not only get me approved, but save me tens of thousands due to qualifying for a lower interest rate on a mortgage. 9.9% on the bike loan cost me ~$200 in interest, I paid less than that over two years in credit card interest - almost never carried a balance. Getting a 1% lower interest rate on a house what some of my friends were getting was way worth it.</p></blockquote><p></p>
[QUOTE="NikatKimber, post: 2712435, member: 423"] I like some of what Dave Ramsey teaches - the fiscal responsibility part - but the dismissal of having and keeping good credit is not wise, IMO. Renting until you can pay cash for a house is idiotic in most circumstances, and to get approved for a home loan requires credit. I did the calcs when I was about 20, and realized that getting a loan on a motorcycle ($2500), and getting a credit card, and paying both on time would not only get me approved, but save me tens of thousands due to qualifying for a lower interest rate on a mortgage. 9.9% on the bike loan cost me ~$200 in interest, I paid less than that over two years in credit card interest - almost never carried a balance. Getting a 1% lower interest rate on a house what some of my friends were getting was way worth it. [/QUOTE]
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