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Old 05-19-2017, 02:29 PM   #1
Christianhuff
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Been paying off debt, just financed our piece of land, and have been trying to get the credit score up for the construction loan since we paid a lot more for land than we wanted to. Man it paid off, we turn in the plans for the construction loan today...They better approve it!
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Old 05-19-2017, 02:42 PM   #2
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Old 05-19-2017, 02:58 PM   #3
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Good one!
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Old 05-19-2017, 03:03 PM   #4
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Mines only in the 750s because apparently I pay things off too quick��

My avg length is 2yrs or less
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Old 05-19-2017, 03:07 PM   #5
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That's awesome!!!
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Old 05-19-2017, 03:14 PM   #6
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That's a good score. I'm sure you'll get it approved. I'm in the high 700s, 760s i think.
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Old 05-19-2017, 03:33 PM   #7
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Been paying off debt, just financed our piece of land, and have been trying to get the credit score up for the construction loan since we paid a lot more for land than we wanted to. Man it paid off, we turn in the plans for the construction loan today...They better approve it!


I'm a little jealous.....actually a lot jealous.


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Old 05-19-2017, 03:35 PM   #8
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I'm a little jealous.....actually a lot jealous.


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Yeah me too!
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Old 05-19-2017, 03:43 PM   #9
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That's awesome!! Congratulations!!

I can't seem to get mine above 770, then again I tend to pay everything off within a year or two of having it besides the current house and that'll be done in less than 5.
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Old 05-19-2017, 03:43 PM   #10
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Good score!

We paid off everything years ago and only carry CC debt to the end of the month then pay the few we use off.

It certainly does help your CC score...good job.
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Old 05-19-2017, 05:11 PM   #11
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Mines only in the 750s because apparently I pay things off too quick��

My avg length is 2yrs or less
That's the problem with my getting anywhere near 800. Only credit older than 2 yrs is one credit card and been that way for the past 10 years. You get docked for "short" credit history even though there are tons of paid off credit lines.
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Old 05-19-2017, 08:17 PM   #12
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My home has been paid for over 5 years and I pay my credit card bill off in full every month. My score had been 820 to 840 for over a year.
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Old 05-19-2017, 08:26 PM   #13
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Mines only in the 750s because apparently I pay things off too quick��

My avg length is 2yrs or less
They don't make money off of folks who pay off quicker. Therefore you get dinged

My wife and I got hit a few months back for paying one off early. Aggravated me to say the least
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Old 05-19-2017, 08:27 PM   #14
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Great job. We are in the same boat and makes getting approval easy.

Just put an offer on 5 acres and a house today actually
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Old 05-19-2017, 09:26 PM   #15
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Yep a great credit score is a "I love debt" score.

What a racket.


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Old 05-19-2017, 09:30 PM   #16
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Yep a great credit score is a "I love debt" score.

What a racket.


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I don't believe so. We have our vehicles but that's about it and we'll abouvr 800onnall three. Pay things off in time and keep up with Bills. Sure you gotta take some debt but if you're responsible with it then it's not a bad thing.
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Old 05-19-2017, 09:56 PM   #17
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I don't believe so. We have our vehicles but that's about it and we'll abouvr 800onnall three. Pay things off in time and keep up with Bills. Sure you gotta take some debt but if you're responsible with it then it's not a bad thing.


IMO debt is bad, period. Any time you owe someone else money it's a bad thing.

And to your point, have you always had car payments?


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Old 05-19-2017, 10:07 PM   #18
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Yep a great credit score is a "I love debt" score.

What a racket.


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Agreed!!!!! Paid off all my CC debt and closed some unwanted department store cards. My scored dropped 100 points! We pay off the two cards we have and still my score barely moves. Total freaking scam!!!!! They want you in debt! Well **** on them!!!
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Old 05-19-2017, 10:13 PM   #19
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Have my mortgage, a new land note and a few credit cards. I mainly use the discover for bills, fuel, etc and it's paid off monthly. I also have a Lowe's card for the 5% discount on products and a spare MasterCard in case discover is lost/won't scan.

I have had the mortgage for 1 year, land note was signed a few weeks ago.

That's all the credit I have and I have a FICO score of 794. It's not hard to get a good credit score.


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Old 05-19-2017, 10:34 PM   #20
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Debt is never a bad thing as long as you don't have too much. Credit scores aren't the only factors that matter to a bank when it comes to loans


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Old 05-19-2017, 10:46 PM   #21
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IMO debt is bad, period. Any time you owe someone else money it's a bad thing.

And to your point, have you always had car payments?


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Also doesn't make sense to pay for big expenses in cash if you make more interest than they charge you for a loan. No way I buy a vehicle or something like that in cash when I can finance it all under 3% and avg 8%+ on investments. CC are also great if your good with them. We put every expense on ours, accumulate all those points and pay in full every month. Same as cash in that instance but with a discount
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Old 05-19-2017, 10:58 PM   #22
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Agreed!!!!! Paid off all my CC debt and closed some unwanted department store cards. My scored dropped 100 points! We pay off the two cards we have and still my score barely moves. Total freaking scam!!!!! They want you in debt! Well **** on them!!!
You shouldn't of closed those department store cards. Should of left them open and cut the cards.
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Old 05-19-2017, 11:12 PM   #23
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IMO debt is bad, period. Any time you owe someone else money it's a bad thing.

And to your point, have you always had car payments?


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That's like saying guns are bad, period. Guns are a tool. Debt can be a tool. Some people use either one inappropriately.
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Old 05-19-2017, 11:22 PM   #24
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What would Dave Ramsey say about debt? a tool or bad? serious question


edit... I decided to google the answer myself.

Just one man's opinion
https://www.daveramsey.com/blog/the-truth-about-debt

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Old 05-19-2017, 11:39 PM   #25
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IMO debt is bad, period. Any time you owe someone else money it's a bad thing.


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My dad always told me "if you have to finance it, you can't afford it". My wife and I financed part of a little 80 acre place because we wanted to start on our "own" land and both of our dads about flipped their lids. Paid <1,100 an acre to the old neighbor lady and had a good down payment, but still financed the balance....

I have to agree with them that giving money to the bank is losing money, no matter how you slice it. Financing a bunch of stuff is, by definition, living above your means.
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Old 05-20-2017, 01:22 AM   #26
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What would Dave Ramsey say about debt? a tool or bad? serious question


edit... I decided to google the answer myself.

Just one man's opinion
https://www.daveramsey.com/blog/the-truth-about-debt

I'm not a Dave Ramsey fan. He helps folks who can't do it on their own. I'm 27. We owe on a 1 year old house and a new to us Tahoe. I owe a little on a truck I just bought but paid mostly cash. No credit cards. Nothing else. I don't know a single person my age who has paid cash for a house. And very few for a new car. My credit is good enough that I get great rates and it doesn't cost me a ton to finance. I financed 10k on that truck at 1.6%. Over the life of the loan it will cost me $340 to borrow $10,000. You have any idea what that 10k would make in 4 years in a good investment? Lol. I'm going to pay it off within a year. Because I don't like owing money. But it's cheap to borrow when your credit is good and you can take care of business. I have enough liquid cash to pay it off at any given time if needed. Tahoe will be next. Then the house.
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Old 05-20-2017, 03:22 AM   #27
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I'm not a Dave Ramsey fan. He helps folks who can't do it on their own. I'm 27. We owe on a 1 year old house and a new to us Tahoe. I owe a little on a truck I just bought but paid mostly cash. No credit cards. Nothing else. I don't know a single person my age who has paid cash for a house. And very few for a new car. My credit is good enough that I get great rates and it doesn't cost me a ton to finance. I financed 10k on that truck at 1.6%. Over the life of the loan it will cost me $340 to borrow $10,000. You have any idea what that 10k would make in 4 years in a good investment? Lol. I'm going to pay it off within a year. Because I don't like owing money. But it's cheap to borrow when your credit is good and you can take care of business. I have enough liquid cash to pay it off at any given time if needed. Tahoe will be next. Then the house.
I get it. I do the same thing as you. My truck is 1.375 percent for 6 years and I chose to not pay cash, but finance due to the very reason you stated. I am paying my truck off in 3 and not carry the term of 6.

I don't follow Dave Ramsey, hence I had to google what his thoughts on it are. However, I do think financing is a problem of our society. It is a keep up with the 'Joneses" mentality and with interest rates so cheap, it is hard to argue. Far too many people get overextended because it is affordable. Then they lose their job unexpectedly due to layoffs (ex oil/gas industry). So then they have all these toys they were able to afford but cant at the moment due to loss of income. So I say there is something in not relying on credit and paying only for what you can for at the moment.

What is the average amount in the USA a person or couple has in the bank for savings at any moment? 5k? 10k? 50K? 100k? From what I read a few months ago from ONE source, it is less than 10k liquid cash in hand to pull from.

http://www.cnbc.com/2016/10/03/how-m...-accounts.html

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Old 05-20-2017, 07:34 AM   #28
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You shouldn't of closed those department store cards. Should of left them open and cut the cards.

I had no need for them so I closed them. Penalized for being financially responsible. Mortgage, car note, and two credit cards should be enough. I won't get in over my head again.
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Old 05-20-2017, 08:33 AM   #29
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That's like saying guns are bad, period. Guns are a tool. Debt can be a tool. Some people use either one inappropriately.
You hit the nail on the head there.

Some people can't seem to manage credit cards well. To me they're a tool to get rewards. I don't manufacture my spending to get rewards, just buy what I budget with my CCs when I can.

Credit score doesn't equal debt score as many are saying.

Shot term loans aren't a good way to build your score. Revolving credit lines are.

I have a few credit cards and store cards. Who shops at lowes? Why not get 5% off everything you buy??? Who shops at gender neutral bathroom target? Why not get 5% off everything you buy?

Who buys groceries? Why not get 6% cash back on your grocery bill? Who buys gasoline? Why not get 3% back on that too?

I could go on. It's just a matter of being responsible.

Congrats to the OP for the good score. I like seeing an 8 as my first number too, just took a little while to get there.
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Old 05-20-2017, 08:35 AM   #30
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My dad always told me "if you have to finance it, you can't afford it". My wife and I financed part of a little 80 acre place because we wanted to start on our "own" land and both of our dads about flipped their lids. Paid <1,100 an acre to the old neighbor lady and had a good down payment, but still financed the balance....

I have to agree with them that giving money to the bank is losing money, no matter how you slice it. Financing a bunch of stuff is, by definition, living above your means.
The way your forefathers thought will kill our current economy.
How long would it take for someone to save to pay cash for a $300k (or more) house?

How many farms would go under because they can't afford to pay $500k cash for the tractors and combines they need to run?
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Old 05-20-2017, 08:38 AM   #31
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The way your forefathers thought will kill our current economy.
How long would it take for someone to save to pay cash for a $300k (or more) house?

How many farms would go under because they can't afford to pay $500k cash for the tractors and combines they need to run?
If our society wasn't living in debt, and people were responsible.... houses wouldn't cost 300k. People live well beyond their means everyday. It's the main reason why a loaded 3/4 ton truck costs 70k.
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Old 05-20-2017, 08:43 AM   #32
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If our society wasn't living in debt, and people were responsible.... houses wouldn't cost 300k. People live well beyond their means everyday. It's the main reason why a loaded 3/4 ton truck costs 70k.
That's what I mean by "killing the economy".
If the ceiling on home sales would be $300k then many TBHrs would be out of work.

I think you and others are conflating financing items/living in debt with being financially irresponsible.
There is much grey area in there.
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Old 05-20-2017, 08:49 AM   #33
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You hit the nail on the head there.



Some people can't seem to manage credit cards well. To me they're a tool to get rewards. I don't manufacture my spending to get rewards, just buy what I budget with my CCs when I can.



Credit score doesn't equal debt score as many are saying.



Shot term loans aren't a good way to build your score. Revolving credit lines are.



I have a few credit cards and store cards. Who shops at lowes? Why not get 5% off everything you buy??? Who shops at gender neutral bathroom target? Why not get 5% off everything you buy?



Who buys groceries? Why not get 6% cash back on your grocery bill? Who buys gasoline? Why not get 3% back on that too?



I could go on. It's just a matter of being responsible.



Congrats to the OP for the good score. I like seeing an 8 as my first number too, just took a little while to get there.


The scenario you present with credit cards isn't debt.


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Old 05-20-2017, 09:03 AM   #34
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The way your forefathers thought will kill our current economy.

How long would it take for someone to save to pay cash for a $300k (or more) house?



How many farms would go under because they can't afford to pay $500k cash for the tractors and combines they need to run?


As illustrated in another post if people would live within their means things wouldn't have to be financed.

All I can tell you is the only debt I have currently is my land payment and I'm paying that off as quickly as I possibly can to build my house. I could easily go get a mortgage to build it today but I refuse to carry that much debt.


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Old 05-20-2017, 10:24 AM   #35
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The scenario you present with credit cards isn't debt.


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Ask Dave Ramsey...
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Old 05-20-2017, 10:29 AM   #36
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I had no need for them so I closed them. Penalized for being financially responsible. Mortgage, car note, and two credit cards should be enough. I won't get in over my head again.
You totally missed the point. Its not about what you need when it comes to creditors. You having a zero balance or low balance on a card shows that you're responsible borrower. If you were in the loan business would you give money to a person who had nothing moving on their credit line? I didn't say anything about you using it. Nothing wrong with having a line of credit open and just cutting the card.
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Old 05-20-2017, 10:31 AM   #37
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Ask Dave Ramsey...


Ok I follow Dave Ramsey's principles. I used them to pay off six figures of debt in less than 3 years. But guess what.... I own ONE credit card. Mainly because I do a LOT of online shopping and I was tired of having my debit card hacked. Yeah I got all my money back but it was a hassle.

I, like you do use my CC to pay for stuff that I do in a daily basis anyway as well as pay many bills and I also gain points for that. But that measly amount of $$ I'm "rewarded" did not weigh in on my reason for getting the card.

I pay it off weekly so in essence i treat it similar to a debit card. If I don't have the cash in the bank to pay for it, I don't buy it.


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Old 05-20-2017, 10:56 AM   #38
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I prefer David Balch's principles over Dave Ramsey. There is no "one right way" to handle debt/credit cards, as it is based on individual risk tolerance, discipline, and spending habits.

In MY opinion, when you start incurring interest by financing things you don't NEED...that is when it becomes a slippery slope. However, financing a reasonably priced vehicle at a lower rate than the return you would receive, by investing that cash elsewhere, is not a poor financial decision.

Some people are disciplined with debt, while others are reckless with cash. Just depends on the person.
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Old 05-20-2017, 12:54 PM   #39
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Just have your wife apply for the loan....BAM! Loan approved!
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