ways to build credit..

[punkr6]

No I'm saying if you couldn't afford to make the necessary payments and it was such a burden that now you pay cash youused it wrong.

I charge $15000-20000 on my business credit card for product which has a 5% apr.

If I paid cash I would tie up my liquidity and have to live off credit all for what ? $750? ($15000*1.05). That if I take a year to pay it off. I usually pay it off in 2-3 months.

But the difference is now I have a record and get extended lines of credit , paying cash for everything good luck with financing.

I guess you guys think if you have enough cash you can get financing with a big enough down payment. That's just dumb IMO. The median family income is $55000 a year. After mortgage, car payment, insurance, groceries , utilities, etc there isn't much left over. So you can forget a $20000-30000 down payment on a house or $10000-15000 down on a car etc.

Not going to happen.

Instead if they live smartly on a budget and don't go crazy they can pay a little interest and finance what they want and have extra money to put into other assets.

This notion of never using credit is wrong. Sorry fellas

were obviously not going to agree, and I don't wanna get into a pissing match with anyone, so I'm gonna leave on this note.....Good Day and God Bless...

[HatchHero]

Im obliviously trying to help people on this site build themselves so they wont struggle in life and get the things they want. IM trying to steer these people in the right direction so they can get loans stimulate the economy and get us out of this recession. do you understand? IT starts with gettin loans and paying them back. SMACKEDINATL has no right talking sh!t like that. i almost positive he is not living the high life. maybe on drugs but the american dream. simply retarded

[punkr6]

thats cool man just dont go around saying Im living a broke life when Im not and Im obliviously trying to help people on this site build themselves so they wont struggle in life and get the things they want. IM trying to steer these people in the right direction so they can get loans stimulate the economy and get us out of this recession. do you understand? IT starts with gettin loans and paying them back

do your thing bro.

[Vteckidd]

were obviously not going to agree, and I don't wanna get into a pissing match with anyone, so I'm gonna leave on this note.....Good Day and God Bless...

Different things work for different people. I use what little credit I have as best as possible. I'm $237 In debt right now lol.

When I was 18 I got 3 credit cards. $1000,1500,1800. I was a drunk and had no job and a full time student. I racked up huge bills and just didn't think it was a big deal to never pay them. I defaulted on all of them and it took me 10 years to clear it all up.

I never knew how much it would haunt me as bad as it has. But luckily I negotiated with the debt holders and paid them off and got it off my credit report. I went from a 550 credit score to a 706. I got a secured credit card 2 years ago and that really helped.

Now I have a capital one credit card with $1000 limit and a chase manhattan card with $3000. I also have a business line of credit.

All Xmas gifts I paid cash, most car mods are paid in cash etc

so I've been on both side ls of the aisle

[TheChosenOne]

YO! Omar hit it on the head with this thread! I have been panicking, trying to figure out ways to increase my "good credit" without running the risk of stacking up more "bad credit". All the advice and info in this thread is what I've been looking for! Real talk. My dad dipped out, and my mom has a "hands off" approach, so this "Money Management/Credit Info" means the world to me. It can be overwhelming sometimes, but when it's laid out in front of me, with an example from a peer, it seems much more doable. :boobies:

GREAT INFO! IA NEEDS MORE OF THIS!!

[HatchHero]

YO! Omar hit it on the head with this thread! I have been panicking, trying to figure out ways to increase my "good credit" without running the risk of stacking up more "bad credit". All the advice and info in this thread is what I've been looking for! Real talk. My dad dipped out, and my mom has a "hands off" approach, so this "Money Management/Credit Info" means the world to me. It can be overwhelming sometimes, but when it's laid out in front of me, with an example from a peer, it seems much more doable. :boobies:

GREAT INFO! IA NEEDS MORE OF THIS!!

thanks homie