The importance of credit history...

[dkbmxer002]

i have meh credit, i own both my cars free and clear, no credit card debt and i don't own a house yet.

[george graves]

Call Dave Ramsey. See what he thinks.

I thought that guy was respectable. No?

Who's the other one? That short haired, man-hating bitch?

[MR E30 325is]

People who dont believe in having a good credit score have a lot of growing up to do.

In a simplified version, it is how people judge you. A creditor isnt going to care if you are a nice guy, or that you have a loving wife and two happy kids when you apply for a loan. If your score is in the dumps, good luck. Because that is how they judge you.

Like zxert already said, it will save you thousands and thousands in the future. Planning ahead takes some work, and while you feel you are losing out on money now, I promise that you will understand how it helps when you get older.

[Jonny Cash]

People who dont believe in having a good credit score have a lot of growing up to do.

Its more of a cop out than it is them thinking its not important. I can say this because in my early 20's I said; "what good is credit, I own my cars and already have a home loan blah blah"
Over time,- whether I was going to take advantage of a good standing or not - I felt that it was time to stop being close minded (aka retarded) and build upon my credit. And thank god I have my fiance there with me to keep me in line. Whether I take advantage of having good credit or not, who knows, but at least I know if my life decides to take a different route the option to build my business, or make different investments is there. The whole fuck the world attitude is cool if you live out on a farm and smoke weed all day, i guess. But not in my world, unfortunatley.

(29yo with a very similar scenario as OP)

[Bene]

The importance of credit is obviously debatable.


But let's all agree one thing

DO NOT TAKE FINANCIAL ADVICE FROM SALES PEOPLE. or people who themselves have debt issues.

[KirkerBezerker]

Do it for you country...you wanna help get this economy going again? let go of the purse strings and start spending!

Quit posting. Your a fraud.

[javi415]

see sig

[bimmerteck]

People who dont believe in having a good credit score have a lot of growing up to do.

In a simplified version, it is how people judge you. A creditor isnt going to care if you are a nice guy, or that you have a loving wife and two happy kids when you apply for a loan. If your score is in the dumps, good luck. Because that is how they judge you.

Like zxert already said, it will save you thousands and thousands in the future. Planning ahead takes some work, and while you feel you are losing out on money now, I promise that you will understand how it helps when you get older.

Credit score is irrelevant if you don't need to ask creditors for loans, b/c you live within your means.;)

[Ryan Stewart]

Credit score is irrelevant if you don't need to ask creditors for loans, b/c you live within your means.;)

Unfortunately I dont have $280k in cash to drop on a house at the moment so if I wanted to own I would have to take out a loan. Hell, I still dont have $160k to drop on a shit-hole or a condo so I would still have to take out a loan. I probably could get the Impreza on cash though.

I'm curious, how much cash did you drop to buy where you are living outright?

[twistednut]

Your credit score affects much more than the ability to borrow money. How much you pay for insurance is directly affected by your credit score. You don't have to put deposits down for utilities. Future employers have the right to check your credit score if the job pays a certain salary. Who would you hire, someone who has a 580 score or a 780?

[george graves]

^The 580 guy. People with perfect credit scores boring, overly anal, and all around pain-in-the-ass to be around all day long.

[Bimmerista]

Why does it matter what their credit score is when it comes to hiring? Just because a person has a lower score, it makes them a horrible person?

[george graves]

Because HR people are the worst form of life on the planet.

[bimmerteck]

Unfortunately I dont have $280k in cash to drop on a house at the moment so if I wanted to own I would have to take out a loan. Hell, I still dont have $160k to drop on a shit-hole or a condo so I would still have to take out a loan. I probably could get the Impreza on cash though.

I'm curious, how much cash did you drop to buy where you are living outright?

I brought 60% down to the table at our last closing and had 3 lenders competing to loan to me. We own our beach house outright and are about 5 years from being payed off on our townhome. All 4 cars owned outright no other debt.

[Charlie]

With the recent rash of questions from the BMW crowd on forums about "should I buy this?" or "I just got offered a $20K line of credit, I think i'm going to invest in my 20 year old car". I have to ask what everyone thinks this credit history is? About myself: 29, married, with a child, 1 car owned $15k, other car is company car, house is mortgaged with 20 yr, refinanced from 30 year, wife has 6k in school debt, no cc debt. 15k in savings in all forms. No external help financially from family. So no you know all about me. WTF does every young person obsess about building credit history? Credit is a bad thing okay. The only good thing about credit IMO is being able to buy a house. Family grows much faster than savings does and most can pay for it. Here is the shocker: with 5% down payment or more and the total cost being less than 4 times your yearly income your mortgage would likely be the same cost as mine. DISCUSS! :hitler:

So, when did you declare bankruptcy and join the ramsey cult?

Credit is a tool, it's nice to have the flexibility. I'd much rather have a good score and the ability to get a 25k LOC should I need it vs being "all cash" and only being able to land a 500 dollar secured card.

Financing a vehicle at .9% or even 0% interest like most places offer now is a no brainer compared to blowing out 20-30k of liquid assets. Rewards cards make purchases secure and beneficial, paying off a balance each month is hard, and if you're a little tight or making a bit of a stretch one month, you just float it into the next. This is a good thing.

Do you think businesses run on straight cash?

-Charlie