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The Water Cooler
General Discussion
Any credit gurus here?
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<blockquote data-quote="NikatKimber" data-source="post: 2712606" data-attributes="member: 423"><p>You "can" win the lottery.</p><p></p><p>"can" get a mortgage loan without credit =! "can" buy potato chips at walmart</p><p></p><p>Getting the mortgage inherently establishes credit. Why not establish good credit prior to getting the mortgage?</p><p></p><p>Also, as far as "competitive rates" I mean that if it takes more work, and finding lenders who can manually underwrite the loans, that limits the market. A limited market equals less competition. Maybe you can equal or beat rates without credit, but it takes very little difference in a home loan to equal large amounts of interest in the long run. Spending a small amount in interest (small short term loan) to establish credit can mathematically be superior to avoiding credit entirely prior to getting a home loan.</p><p></p><p></p><p></p><p>That was mostly in jest, since you jumped in to correct my statements about him. Hence the "LOL!".</p><p></p><p>"credit is the devil" and avoiding credit altogether is treating a symptom, not the cause. The cause is fiscal irresponsibility.</p></blockquote><p></p>
[QUOTE="NikatKimber, post: 2712606, member: 423"] You "can" win the lottery. "can" get a mortgage loan without credit =! "can" buy potato chips at walmart Getting the mortgage inherently establishes credit. Why not establish good credit prior to getting the mortgage? Also, as far as "competitive rates" I mean that if it takes more work, and finding lenders who can manually underwrite the loans, that limits the market. A limited market equals less competition. Maybe you can equal or beat rates without credit, but it takes very little difference in a home loan to equal large amounts of interest in the long run. Spending a small amount in interest (small short term loan) to establish credit can mathematically be superior to avoiding credit entirely prior to getting a home loan. That was mostly in jest, since you jumped in to correct my statements about him. Hence the "LOL!". "credit is the devil" and avoiding credit altogether is treating a symptom, not the cause. The cause is fiscal irresponsibility. [/QUOTE]
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