[T-Lee. 30]

Originally Posted by supermachone save up cash, i took out a loan for my GT and now i owe more than what its worth instant gratification is a huge problem in our society today save your money brother, sure you can build up credit, but if you always pay cash, what good is a credit score? if you can't pay for it up front, you can't afford it, thats the mentality i have now if you have a big down payment and can easily budget the payments within your means, thats ok, but i still don't think thats what you should do what happens when you lose your job and can't pay for that awesome deal you got? if you buy a 10,000 dollar car, paid half down, the bank can take it away and make double what its worth to somebody else the safe and responsible card is to save and pay cash for everything, no body can take it away

You have to build credit through financing things no matter what. And if you dont its a good possibility that you Want get approved for a large loan for something like a house. Me and you covered this subject awhile back when i stated what I just said to you also there are many ppl in this very thread that have stated the same thing "it pays off to build credit" take it for what its worth we all have choices in life that will affect us one way or the other in the longrun.

Its not always about "instant gratification" some ppl just understand the importance behind building credit and having a record of having financial responsibility and some ppl dont get that. The lendors get it even if the individual doesnt. And im not saying go out and get up to your eyebrows in debt either there are ways of being smart about it I guess and some ppl do over reach and dig a hole for themselves. Like a thread I seen about a guy making $8.50 and hour and asking if he should try and get a brand new mustang. not smart to even consider imo.

[Nightmare69]

I financed mine after a good down payment to help my credit some more. I have had 3 car notes and 1 personal loan through my bank, paid off everything early and still paying on my stang. Hopefully that will help me even more when Im ready to buy a home.

[supermachone]

Originally Posted by Rockwell29 You have to build credit through financing things no matter what. And if you dont its a good possibility that you Want get approved for a large loan for something like a house. Me and you covered this subject awhile back when i stated what I just said to you also there are many ppl in this very thread that have stated the same thing "it pays off to build credit" take it for what its worth we all have choices in life that will affect us one way or the other in the longrun. Its not always about "instant gratification" some ppl just understand the importance behind building credit and having a record of having financial responsibility and some ppl dont get that. The lendors get it even if the individual doesnt. And im not saying go out and get up to your eyebrows in debt either there are ways of being smart about it I guess and some ppl do over reach and dig a hole for themselves. Like a thread I seen about a guy making $8.50 and hour and asking if he should try and get a brand new mustang. not smart to even consider imo.

a bank is going to recognize a good investment, they are going to factor how much you make, how much you put down, and how long you want the loan

at that point the credit score goes out the window (if you have cash in hand)

if you have a lot down, make the right amount of money, and take out a short term loan, their risk of investment goes down substantially

the problem is when people have little to zero down, want a long term loan, and dont make that much money

a bank wants to see cash, they don't want to see nothing, you could have a good credit score but not make any money or show that you cant save money

but when the government steps in and says "you have to approve these loans" its screws the bank over, and it only provokes irresponsibility in people wanting money

if you pay cash for everything, credit doesnt mean shit

of course a bank wants you to get a loan, thats how they make money

if you want to build credit, save your money, put it in your savings account, show the bank you have the money in your savings account but you want a loan to build your credit

that is the most secure way to handle a loan

put 1,000 dollars in your savings account, take out a loan for 1,000 dollars, and pay it off with your savings account monthly

that is responsible

[03_StangGuy]

I financed my car. Didnt have the cash to buy it and I neede somethin substantial to build credit.

[T-Lee. 30]

Originally Posted by supermachone a bank is going to recognize a good investment, they are going to factor how much you make, how much you put down, and how long you want the loan at that point the credit score goes out the window (if you have cash in hand) if you have a lot down, make the right amount of money, and take out a short term loan, their risk of investment goes down substantially the problem is when people have little to zero down, want a long term loan, and dont make that much money a bank wants to see cash, they don't want to see nothing, you could have a good credit score but not make any money or show that you cant save money but when the government steps in and says "you have to approve these loans" its screws the bank over, and it only provokes irresponsibility in people wanting money if you pay cash for everything, credit doesnt mean shit of course a bank wants you to get a loan, thats how they make money if you want to build credit, save your money, put it in your savings account, show the bank you have the money in your savings account but you want a loan to build your credit that is the most secure way to handle a loan put 1,000 dollars in your savings account, take out a loan for 1,000 dollars, and pay it off with your savings account monthly that is responsible

Ok Super do what you do!

[Nightmare69]

Credit is everything when it comes to buying a home, unless you have 200k in your wallet and going to use to buy the said house. They run your credit score to get a cell phone now a days, so having good credit and getting established with a bank is very important.

With my credit score I can go out and buy a new 50k truck and get financing for it, even though there is no way I could afford to make the payments I still could get it, that came from my loan officers mouth. He told me I could finance alot more than I could afford thanks to my credit score.

[supermachone]

to me thats an irresponsible approach to build credit

you dont have to buy a 10,000 thousand dollar car to build your credit

you can save 1,000 dollars, put it in your savings, get a loan for a 1,000 dollars and pay it off with your savings account

thats how you build credit

[T-Lee. 30]

Originally Posted by Nightmare69 Credit is everything when it comes to buying a home, unless you have 200k in your wallet and going to use to buy the said house. They run your credit score to get a cell phone now a days, so having good credit and getting established with a bank is very important. With my credit score I can go out and buy a new 50k truck and get financing for it, even though there is no way I could afford to make the payments I still could get it, that came from my loan officers mouth. He told me I could finance alot more than I could afford thanks to my credit score.

Some ppl understand that!

[supermachone]

Originally Posted by Rockwell29 Ok Super do what you do!

you're not understanding how to build credit

you dont have to go out and buy a 30,000 dollar car to build credit

put 200, 500, 1000 dollars away in your savings

got take out a loan against the money you have in your savings and build credit that way

too many people think they have to bury themselves in debt to achieve good credit

you don't have to live outside of your means to build credit

a very common mistake here in this country and the reason instant gratification is a problem

[T-Lee. 30]

Originally Posted by supermachone to me thats an irresponsible approach to build credit you dont have to buy a 10,000 thousand dollar car to build your credit you can save 1,000 dollars, put it in your savings, get a loan for a 1,000 dollars and pay it off with your savings account thats how you build credit

About Financial Responsibility | eHow.com

[Nightmare69]

Originally Posted by supermachone you're not understanding how to build credit you dont have to go out and buy a 30,000 dollar car to build credit put 200, 500, 1000 dollars away in your savings got take out a loan against the money you have in your savings and build credit that way too many people think they have to bury themselves in debt to achieve good credit you don't have to live outside of your means to build credit a very common mistake here in this country and the reason instant gratification is a problem

I tell you how I built mine to nearly 800 last time I checked. When I was 18 I got a credit card, charged 150 bucks on it, paid the minimum for a year then paid it off, did that a few times and it got me enough credit to buy my first mustang.

[supermachone]

lol that link proves what I said

don't take on more debt than you can handle

your job isnt security

money in your savings account is security

if you take out a loan that you don't have the money for but budget into your income may be ok, but what happens when your budget changes?

[T-Lee. 30]

Originally Posted by supermachone you're not understanding how to build credit you dont have to go out and buy a 30,000 dollar car to build credit put 200, 500, 1000 dollars away in your savings got take out a loan against the money you have in your savings and build credit that way too many people think they have to bury themselves in debt to achieve good credit you don't have to live outside of your means to build credit a very common mistake here in this country and the reason instant gratification is a problem

Where did I say go out and get a $30,000 car or go out and live outside of your means? when and where did i say that? My parents started talking to me and teaching me about building credit when i was like 13 so i started when i was 17. 13 years ago Im aware of how to build credit based off your statements im not sure you do even though numerous ppl in this very thread has said how to build credit.

In closing Ive been through this with you before on this subject and you have your ways and i have mine. But personally i dont think just buying everything str8 out for years and years builds credit. To each is own. Im not going to go in circles about this with you like I said already "Do what you do"!

[supermachone]

Originally Posted by Nightmare69 I tell you how I built mine to nearly 800 last time I checked. When I was 18 I got a credit card, charged 150 bucks on it, paid the minimum for a year then paid it off, did that a few times and it got me enough credit to buy my first mustang.

because you didnt max out the card, you stayed within your means

you spent 150 bucks, and you saved 150 bucks to make sure you could pay it off

[supermachone]

Originally Posted by Rockwell29 Where did I say go out and get a $30,000 car or go out and live outside of your means? when and where did i say that? My parents started talking to me and teaching me about building credit when i was like 13 so i started when i was 17. 13 years ago Im aware of how to build credit based off your statements im not sure you do even though numerous ppl in this very thread has said how to build credit.

so are you telling me that putting money in your savings account, taking out a loan against that money, and paying it off to build credit is a bad idea?

lol wow

[T-Lee. 30]

Originally Posted by supermachone so are you telling me that putting money in your savings account, taking out a loan against that money, and paying it off to build credit is a bad idea? lol wow

ok Super! EDIT: this means im done going in circles with you!

[supermachone]

answer my question

how is taking out a loan against money you have in savings to build your credit a bad idea?

wouldnt you agree thats a lot safer than taking out money you don't have to build credit that you are budgeting into your income?

sure it may add up math wise, but what happens when your budget gets screwed like getting fired or something?

its a simple question

[T-Lee. 30]

Originally Posted by supermachone answer my question how is taking out a loan against money you have in savings to build your credit a bad idea? wouldnt you agree thats a lot safer than taking out money you don't have to build credit that you are budgeting into your income? sure it may add up math wise, but what happens when your budget gets screwed like getting fired or something? its a simple question

I never argued AGAINST financing to build credit. If i did argue AGAINST finanacing to build credit show me where I did. Like i said from the start in order to build credit you will need to finance things and pay on it responsibly. And simply paying cash for Everything and financing Nothing doesnt build credit. That was my point if that somehow got past you. There is a simple answer to your simple question!

[jbenevides89]

Everyone now a days pulls your credit. when you go to get a new cell phone the first thing they do is pull your credit. if you dont have any or its bad they want a 400 dollar deposit. paying cash and all is nice but if your not activly paying on something your credit will drop. a lot of companies dont care what you have in the bank they want to know your income. when i was trying to get a loan for my car i had 12k in my savings acct and the bank i have that with wouldnt touch me for a loan. its rediculous really.

[ChrisJ]

I financed mine...

I got took when I was at Biloxi, MS and paid $13K for a 98 Dodge Avenger in 2003...I didnt know the car would drop 10K within a year...I was upside down $9K when I traded it in on my mustang...I paid the mustang off...Sold it...Put $2K down on the TL and financed $20K...We also have financed a 2006 SRT Jeep GC traded that in on a 2006 Jeep Commander limited traded that in on a 2007 Jeep GC Limited, Traded that in on a 2008 EB Expedition...We currently owe $10K less then what NADA bluebook is on the car and thats how I like it...My TL still goes for about $28K...I dont have a problem getting loans...

Also remember guys credit plays a role in your car insurance, getting jobs, getting clearances, and so much more...The credit system can make or break you...The #1 reason for getting a security clearance terminated is due to financial irresponsibility...The same stats are starting to be true for getting jobs...

All loans are held at least 13 months and all loans positively impacted credit score...