Here's where I have arrived. I won't be on here the rest of the night because the home PC has crashed. Past reaction? I would have been in best buy credit waving a piece of plastic. No research, give me the latest and greatest. Cost? Dude, I got a Platinum Visa. Now? 1st looking at repair on the old one. (4 year old Dell). If that's not viable, look into what suits my needs at the most reasonable cost. If I have to pull that trigger, I now come into best buy with cash in pocket, and make a financially sound buy.

 

And that's not something you need to waste money and time reading this guy's book to realize or figure out I would hope.

CASH IS KING! Remember where you read that.

 

Obviously if you can pay cash for a house that is the better option.

How?

 

Better credit score = better interest rate on a home. Like it or not a credit card or credit accounts is something that is factored into the credit score.

Better credit score = better interest rate on a home. Like it or not a credit card or credit accounts is something that is factored into the credit score.

 

 

What if buying a home is not a factor?

What if buying a home is not a factor?

 

For the majority of people it is though.

What if buying a home is not a factor?

 

Some employers check your credit score as well before hiring you. Having a good credit score doesn't just help with buying a house. Most people want to be homeowners at some point.

What if buying a home is not a factor?

 

How about insurance? Your credit score greatly affects your rate. With the company I work for, if you have a qualifying credit score you can get discounts as well as additional coverages that are not available to everyone.

How many kids fresh out of college are going to have 20% down to put on a house? 5% maybe and if they do chances are they got it from mom and dad.

 

Then you wait until you have it, what's the hurry. Plus it not a smart move to buy a house without the 20% down payment. It will cost you more because of the PMI you have to carry. And that won't matter how good your credit is.

Then you wait until you have it, what's the hurry. Plus it not a smart move to buy a house without the 20% down payment. It will cost you more because of the PMI you have to carry. And that won't matter how good your credit is.

 

I didn't do that I was just saying. :lol: A lot of people can't wait to move out of mom and dads house.

That's just simply 100% false. One of my good friends recently got married, and neither had ever had a credit card or a car loan, etc. Had $30K+ to use as a downpayment and couldn't get a loan anywhere. Had to settle for an apartment, one went out and bought a new car, the other got a credit card, both at the bank's suggestions so they could build credit.

 

It isn't 100% false. It is 100% fact. If your friends couldn't get approved with $30K then there was another reason. How much were they trying to get financed for? Do the research, you can get the loan especially with that kind of down payment.

 

Again, you guys are missing the point. I don't think anyone is saying credit is the devil or that Dave is selling a miracle fix. You and Hammer are obviously intelligent enough to not do stupid stuff with your money. Guess what, there are alot of people out there that aren't. And that is who Dave is targeting. You probably wouldn't get much out of his book although it is an interesting read but plenty would and do.

I didn't do that I was just saying. :lol: A lot of people can't wait to move out of mom and dads house.

 

I didn't mean to imply you did, you meant in general.

It isn't 100% false. It is 100% fact. If your friends couldn't get approved with $30K then there was another reason. How much were they trying to get financed for? Do the research, you can get the loan especially with that kind of down payment.

 

Again, you guys are missing the point. I don't think anyone is saying credit is the devil or that Dave is selling a miracle fix. You and Hammer are obviously intelligent enough to not do stupid stuff with your money. Guess what, there are alot of people out there that aren't. And that is who Dave is targeting. You probably wouldn't get much out of his book although it is an interesting read but plenty would and do.

 

The $30K was closer to 25% of the total costs, and the exact reasoning all 3 banks they tried to go through gave was that they had no credit history.

 

I understand that, I just think it says a lot about those people and not in a very positive way. JMO

It isn't 100% false. It is 100% fact. If your friends couldn't get approved with $30K then there was another reason. How much were they trying to get financed for? Do the research, you can get the loan especially with that kind of down payment.

 

Again, you guys are missing the point. I don't think anyone is saying credit is the devil or that Dave is selling a miracle fix. You and Hammer are obviously intelligent enough to not do stupid stuff with your money. Guess what, there are alot of people out there that aren't. And that is who Dave is targeting. You probably wouldn't get much out of his book although it is an interesting read but plenty would and do.

 

Just because they have 30% down doesn't mean they are guaranteed to get a loan, I would like to know what the banks reason was behind that. They could have no credit which is worse than bad credit. From what he said it sounds like that was the case.

 

Edit... Just saw your post. Example #1 on why having a credit card CAN be a good thing.

 

I semi-interested to read the book just to see how he lays it all out there. Is it very long?

If the company is that worried about what type of car you drive they should furnish you the car. Otherwise you don't have to have a $20,000. Actually there aren't too many if any examples of it being a good idea to drop $20,000 on a car period.

 

Real world here, Woodsider. Most companies seem to be getting away from company cars especially if you're in sales.

OK...so, I bought my '94 Honda Civic for $1500.

I had a new starter put in in January=$200

I plan to have the steering rack replaced shortly ~$700

I will have a window repaired-~$125

I will have the exhaust repaired-~$700

It has 244K miles on it, but no more than I drive it, it's probably take me another year to two to hit 250K, at which point I'll get a new motor.

 

So, all told, by the end of the year I will have spent ~$1725 on my '94 car, and it will STILL keep running. If I decide to go ahead and get the new motor next year before it gets to 250K, I still won't have spent more than $3600 on my car in two years. I can't possibly imagine a scenario that makes it a more logical choice for me to buy a new car instead of fixing the one I have.

 

I bought a new van in 2002. Paid it off in 3 years. My wife still drives it.

I would still be driving another car that was paid off but my child was involved in an accident that totaled the car. So my car got passed down which is why I have a car loan now. I'm tight with my money so I don't advocate everyone having a loan. It's just necessary in some cases and moreso that DR seems to believe.

 

I fully believe in the "how much does it cost to fix it vs replace it" thinking.