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(ABC Local)   Hey, ladies, Ric Romero has some hot tips to help you bounce back from bankruptcy: "Most of all, you'll need a little patience. Most lenders look at a two-year credit history before saying yes to big financing, like a house or car"   (abclocal.go.com) divider line 19
    More: Obvious, Ric Romero, credit reports, MMI, bankruptcy, loans, financing, Rose Kolla  
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2351 clicks; posted to Main » on 02 Dec 2012 at 5:00 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-02 05:09:46 PM  
2 votes:

dustman81: [talesuntangled.files.wordpress.com image 310x400]

Read this and you'll find out why the FICO score is a scam. Don't worry about your credit score. Pay cash and live below your means. 

When it comes to buying a house, rent and save your money. Pay your rent early or on time. Find a mortgage lender that uses manual underwriting. Get a 15-year, fixed rate and put down as much as you can.


You shouldn't need a book/cult to realize that you don't need credit if you pay cash for everything.
2012-12-02 05:08:43 PM  
2 votes:
Hey, ladies, Ric Romero has some hot tips to help you bounce back from bankruptcy:
daphnecaruanagalizia.com
2012-12-02 10:55:11 PM  
1 votes:

FizixJunkee: dustman81:

Please explain how that's a liability?

When you lose a job, get sick or have some other unforeseen event happen. Then you get to deal with sky high interest rates, fees on top of fees, debt collectors calling at all hours and getting to know the local process server when he hands you the summons that your card company is suing you.


That's only true if you don't have savings. We're one of those couples with about ~$65,000 in available credit on our credit cards---we never carry a balance, though, so we don't pay a penny of interest---but we also have enough cash in the bank to live on for at least three years (longer if we moved in with parents). A short blip of unemployment, for example, isn't going to impact us or suddenly cause us to spiral into a debt black hole.


You are in the minority. Most people live paycheck to paycheck. Once they make a mistake, the card companies will eat them alive.
2012-12-02 10:04:31 PM  
1 votes:

dustman81:
When it comes to buying a house, rent and save your money. Pay your rent early or on time. Find a mortgage lender that uses manual underwriting. Get a 15-year, fixed rate and put down as much as you can.


What if renting isn't saving you money?
2012-12-02 09:36:54 PM  
1 votes:

dustman81: When it comes to buying a house, rent and save your money. Pay your rent early or on time. Find a mortgage lender that uses manual underwriting. Get a 15-year, fixed rate and put down as much as you can.


If only real-life were as simple as the above.

Real world stuff: Marriage, birth of a child, death of a loved one, job loss, starting a business, natural disaster, divorce, relocation, illness, job loss,etc...

You never know what lurks around the corner. And if you live long enough, you will experience many of these life altering events. Having lots of credit doesn't guarantee success. Not having good credit makes recovery MANY TIMES more difficult.
2012-12-02 07:39:55 PM  
1 votes:

dustman81: The FICO score isn't based on how financially successful you are. It's based on how often you borrow money and pay it back.


So a score that shows how responsible you are paying back your debt is used by banks to determine if you should get a line of credit? You don't say! What a scam!
2012-12-02 07:28:30 PM  
1 votes:

ZeroPly: dustman81: [talesuntangled.files.wordpress.com image 310x400]

Read this and you'll find out why the FICO score is a scam. Don't worry about your credit score. Pay cash and live below your means. 

When it comes to buying a house, rent and save your money. Pay your rent early or on time. Find a mortgage lender that uses manual underwriting. Get a 15-year, fixed rate and put down as much as you can.


Yes, this works fantabulous until you're applying for a job where they check your credit history. Hmm... this guy doesn't have any. Let's just move on to applicant #218...

Also, good luck renting that car while on vacation when your credit history looks like a 12 year old's...


This.

While I understand that avoiding the use of credit when possible is a good thing, in practice you need at least some credit history and a halfway decent FICO score in modern society.

Background checks for jobs will often require it, especially if the job in any way involves money or financial decisions. That can include being a cashier at a store, or working in a call center if it in any way involves customer accounts, so that's not just "good" jobs requiring it either. I've got an acquaintance who's basically unemployed because his totally farked up credit history has meant a lot of places have looked him over.

Background checks for apartments will often require it. I had a good friend who had extreme difficulty finding an apartment because she had no credit history. The only places that would rent to her were dives in bad neighborhoods. No "respectable" apartment complex around here will rent to you with no credit or bad credit.

Buying a car. Unless you plan on paying cash for old beaters, or dealing with shady "buy here pay here" lots, you'll need credit.

You don't need to live on credit to have a credit history.

Get a basic credit card. Doesn't have to be elaborate. If you've got no credit history, but you've got a job, you should be able to get one with a $500 or so line of credit from a credit union or a major bank. Be sure to get one without an annual fee, no point in paying money just to have a credit card. Make sure you've got the money to pay it off, but buy some things with it occasionally, like do your Christmas shopping with it or put the occasional dinner and a movie with the Mrs. on it, and promptly pay it off after the bill posts.

Secured cards are for people with trashed credit history. I had no credit record, and no income, and I still got $500 cards from my local credit union and Capital One, just for being a human being with a valid SSN. Of course, that was about 5 years ago.
2012-12-02 07:21:18 PM  
1 votes:

dustman81: Exactly. I don't agree with his Republican propaganda, but the points he makes about attitudes about money do make sense.


You know there are like a million books like this, some even by people who aren't reprehensible.
2012-12-02 07:11:48 PM  
1 votes:
FTFA : They played by all the rules, but are in an economic free-fall.

When you borrow money and can't pay it back, then you do not qualify as "played by all the rules".
2012-12-02 07:08:18 PM  
1 votes:

Gyrfalcon: You do realize that a credit card is a liability, right?

Only if there's a balance on it.


Correct.
2012-12-02 07:03:05 PM  
1 votes:

dustman81: All this shows is that most Americans believe the "build your credit" myth. "I need to go into debt to build my credit, so I can go further into debt."


You have to have cards, not debt. Having cards with low or no balance is better than having cards with a high balance.
2012-12-02 06:59:24 PM  
1 votes:

dustman81: Telos: dustman81: Telos: discount sushi: FICO is a scam in that your score is tied to having access to and using credit.

Slight correction, it's actually a little more complex. Having access to and NOT using your credit builds your rating too. I don't remember the specifics, but part of your score is how much credit you have available compared to how much you're using. So having a credit card and rarely or never using it would build your score.

All this shows is that most Americans believe the "build your credit" myth. "I need to go into debt to build my credit, so I can go further into debt."

You do realize that having a credit card is not the same as being in debt, right?

You do realize that a credit card is a liability, right?


Only if there's a balance on it.
2012-12-02 06:51:44 PM  
1 votes:

dustman81: Telos: discount sushi: FICO is a scam in that your score is tied to having access to and using credit.

Slight correction, it's actually a little more complex. Having access to and NOT using your credit builds your rating too. I don't remember the specifics, but part of your score is how much credit you have available compared to how much you're using. So having a credit card and rarely or never using it would build your score.

All this shows is that most Americans believe the "build your credit" myth. "I need to go into debt to build my credit, so I can go further into debt."


You do realize that having a credit card is not the same as being in debt, right?
2012-12-02 06:06:24 PM  
1 votes:

BlackDebbie: So why not just do something like either of those scenarios? Yes, the FICO score may be a "Scam" in your opinion but if you live here, just make the ever so small token gesture to play by the rules of the system you are a part of. I just wonder if anyone feels there's any compelling reason to refuse to participate in building an active credit history.


The only winning move is not to play. The game is rigged in the bank's favor. How do you think banks are able to build skyscapers and buy themselves bailouts?

ZeroPly: Yes, this works fantabulous until you're applying for a job where they check your credit history. Hmm... this guy doesn't have any. Let's just move on to applicant #218...


Do you want to work an employer who is so lazy in their hiring process they don't even bother to check as to why you don't have a credit score?
2012-12-02 05:54:15 PM  
1 votes:

dustman81: [talesuntangled.files.wordpress.com image 310x400]

Read this and you'll find out why the FICO score is a scam. Don't worry about your credit score. Pay cash and live below your means. 

When it comes to buying a house, rent and save your money. Pay your rent early or on time. Find a mortgage lender that uses manual underwriting. Get a 15-year, fixed rate and put down as much as you can.



Yes, this works fantabulous until you're applying for a job where they check your credit history. Hmm... this guy doesn't have any. Let's just move on to applicant #218...

Also, good luck renting that car while on vacation when your credit history looks like a 12 year old's...
2012-12-02 05:37:07 PM  
1 votes:

dustman81: The FICO score isn't based on how financially successful you are. It's based on how often you borrow money and pay it back. Someone who has very little savings, but borrows money and pays it back over and over again will have a higher FICO score than someone who has savings and doesn't borrow money.

The FICO score and credit are so ingrained into the American culture that those who don't use credit are considered weird.


Just curious, how does that make it a scam?
2012-12-02 05:33:21 PM  
1 votes:
I do not admire the attitude of some women. Typically, they find security through having money, yet don't feel they need to do much to earn it.

So, anybody know where I can buy some deep fried ice cubes? My GF just sent me out for some.
2012-12-02 05:31:21 PM  
1 votes:
The answer is obvious
i651.photobucket.com

1. Borrow money from your parents
2. Sell some of your beloved stocks
3. Eat a lot of pasta and tuna fish
2012-12-02 05:08:05 PM  
1 votes:
I'm having a hard time feeling sorry for the woman with two mortgages and kids in private school.
 
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