Friday, October 4, 2013

credit scores ???

  • By-Face book
  • Huichun-Jessica Williams I am a new immigrant to the States. I grew up paying cash. I don't have any credit scores at all because I don't have any credit card. It's not easy when you come to this country without much belonging and try to rent an apartment. After living with my in laws for 1.5 years, God provided a place that requires no credit score check and the landlord allows me to clean the building to lower our rent!:) Still trying to find an used car and buy it by cash so we can get to work after we move into our own place. Paying cash still feels so much better than using a card.
    • Renee Matthews Buy a good used Honda Accord, Cheap parts & easy to work on. Not to mention they last way over 300,000 miles
    • Huichun-Jessica Williams Thank you for your advice!
    • Kristin Ross Myers God will always. take care of you.keep. trusting him god bless
    • Huichun-Jessica Williams Thank you, Kristin! God bless you, too! I wonder if Dave would have a topic about what he would do to start his new life in the States if he was an new immigrant:)
    • Ann Mint Or buy a used Toyota both are good cars and if you are a handy type person buy a car manual for your make year and model that way you can make most repairs your self.
    • Huichun-Jessica Williams Oh wow! Never thought of that! Buying a car manual!! I am a crafty person but I might try to learn how to repair cars. That's a great idea, Ann. I have never owned a car and had always driven a scooter or walked from point A to point B in Taiwan. Just got my USA driver's license a few months ago after living here for almost 1.5 years. Thank you again!
    • Eric von Allmen Welcome!! I have my own opinions on the Honda Accord as i bought a "Good used one" kept all service records,took care of it doing everything i was supposed to do and then some and blew a piston and piston rod in 165K,so be careful as there are good and bad ones in every sector,ive seen GMs go 250K as its taken care of..
    • Eric von Allmen Welcome to the states!!!! God bless you! and i wish you all the luck,love and health!!!!!
    • Huichun-Jessica Williams Thank you so so much, Eric!!! God bless you, too!
    • Kerry Shaffer Fowler Car manuals can be found on eBay; some are inexpensive!
    • Nicole Georgios Day Spa Welcome to the States!!! You need to learn the new way of living if you want to be part of US and still you can charge ,build your credit and pay off every month so you can keep your good financial habits!
    • Mustafa Fattah you r a good woman
    • Huichun-Jessica Williams Thank you for your advice, Nicole. I will try my best to practice what I've learned from Dave:) Also I will bring what is good from Taiwan to the States and help US become even better:)
    • Kelly Harper I was born here and not having credit can be tough. It does take some extra planning to do some things but generally the road blocks can be gotten around. It sure beats worrying yourself sick owing everybody for everything! We paid off our credit cards 12 years ago we have a mortgage but that's it and I can't wait to get rid out that. You will be much happier without debt believe me. Blessings to you and your family
    • Huichun-Jessica Williams Kerry, eBay is amazing!
    • Anne Heskett Huichun YOUR SMART! I use my credit card and then turn around and pay it off I have no debt other then my car. I also have a safety fund which has helped when times were hard like right now.
    • Huichun-Jessica Williams Kelly, I know. I had no debt until I married my husband(knowing he has student loans). It felt great to be debt free! We are working hard to pay off his student loans! I am so glad that my husband and I are on the same page and we are resisting getting into more debts together!
    • Huichun-Jessica Williams Anne (Heskett), thank you for your kind words:) We are doing things the hard way but it's worth the effort!
    • Pattie Foss-byrd Paying with cash is the best-I have built up my credit score by getting a secured credit card with wells fargo-no charge for it if I repay the money I spent with the card by transferring from my checking or savings account-
    • Pattie Foss-byrd In buying a good used car-Have a mechanic ASE friend check out the car before you buy- Check all under the hood before the test drive- drive the car fast, slow, lots of turns, braking, make sure the engine has gotten at operating temperature-- let it cool down-take something to do--then check all the under the hood items(oil, water, brake fld., etc.)-- lesson learned by me- the valve gasket was gone on the car--This person had changed the water in the radiator so it was clear, the oil was like oil should be --all when cold----after running till hot----NO
    • Pattie Foss-byrd NOW we see the problem--oil in the radiator fld. and water in the engine oil. Bought as is -no warranty-no money back from original owner.
    • Pattie Foss-byrd Build your own place- on your own land-Check out Texas Tiny Homes. Nameste--Blessings.
    • Tracy Bankston Smith Excellent job and congratulations!!!! You Rock!!!
    • Hugawng Kachin
  • Chase May good luck getting a mortgage with no credit score.
  • Kim Hutton Drews I am a former mortgage loan processor. Don't let the banks scare you about not having a credit score. All you have to do is provide letters of credit (I.e. Cell phone, landline, electricity, water and gas companies and insurance). These companies do ...See More
  • Felipe Oliveira Am I wrong it is this completely not accurate?
  • Patrick Olsen 769 and no debt, take some things with a grain of salt. Some of these sayings are great others have made me spit my tea out in laughter.
  • Gabriel Brett McMillin I listen to Dave but completely disagree with this. This advice is the worst. I have 3 credit cards and an 800 credit score. Ive also NEVER paid a penny in interest. I've every bill in full at the end of the month. You have to have credit for jobs, houses and apartments.
  • Leah Steele So I could have an awesome credit rating and qualify for a super low mortgage on a good house, or I could spend 10 years renting something while I build up enough to pay for a not-so-good house with cash. So at the end of ten years, instead of paying the same in mortgage payments as I would have for rent and having positive growth and equity in a good home and only 5 years left on a 15-year mortgage to show for it, I've got a got a not-so-good home but I kept my crappy credit rating? Hmm..

    Love Mr. Ramsey, but credit is where he and I part ways. Buying a house with zero credit is feasible if you have an enormous amount of free capital. For the rest of us, a good credit rating gets us better mortgage rates and cheaper insurance.
  • Richard Garner my credit rating is 0 again only took 7 years i still don't have a lot of money but i have 0 debt . thank you MR.Ramsey
  • Adam Davis Not sure I agree with this statement completely. Unfortunately a higher credit score equals borrowing power, which can be useful at times I have found when used wisely and not borrowing beyond your payback means. I am debt free and have a respectable credit score in my back pocket in the event i should ever need to borrow. It has allowed me certain opportunities that would not have been possible if my score had been lower.
  • Jenny Suarez The people saying they need credit and credit is good have obviously never listed to what Dave actually says.
  • Andrew Miller I always tell people that my cash never gets declined at the store!
  • Scott Harris All you "I have credit cards and no debt because I pay it off every month" people so understand that the moment you charge something, you're in debt, right?

    You also understand that studies have shown that you're likely spending approximately 20% more money than people who pay cash because paying with cash imparts an emotional reaction that cards don't, right?

    Everyone thinks they're smarter than the snakes and the multi, multi, millionaire...
  • Sandy Marchionda We built our high credit score while using our card and paying it off each month.... AND earning cash back on the card.... It's called control. Pay bills on time.
  • Vanessa Parnell It's from the principle that if you don't have the cash in your hands to pay for it then you have no business making a loan out on it. It might delay what you desire but in the long run you will not loose peace over debt.
  • Courtney Krogstad Mr Ramsey proudly has a non existent credit score & has still managed to purchase property, it can be done!
  • Damon Hammis Unfortunately good credit is required for things like car insurance, to rent an apartment or even get some jobs. It's not as cut and dry as some say.
  • Rachel Simmons so im supposed to just save up over 100k to buy a house?
  • Melissa Harris IF you are living in the cash only way. Then credit rating has no value. We have been without the use of any credit for 7 years. In that time we have purchased cars, lost jobs, and had a child and many medical procedures as well as unexpected issues with our house and cars. It has been rough but it is possible IF you go by the plan. Every time we got in a hole the first thing we did was rebuild that emergency fund. It has saved us time and time again. It is not easy, but it is possible!
  • Natalie Farris We just purchased a home with zero credit, it's called non traditional credit, it tajes a full 60 days to close and you have to provide 200 or more pages of documents showing EVERYTHING!! But it can be done. If we had been late on any bills or over drawn our account one time in two years we wouldn't have qualified, but it CAN be done!! God's system works, Dave just laid it out for you!
  • Tiffany Smith Swygert Wrong. It's an indication of how you pay creditors. You need available lines of credit to show financial discipline! You don't have to have a balance. But get those credit lines!! I'm an underwriter, I know. Debt=bad! Available credit=good.
  • Sam Beard Wow. I guess a lot of us are stuck in our stinking debt thinking. You can rent a car using the money you have in your bank account since most banks issue debit cards with a Visa logo. Problem solved. As long as we try to make excuses for staying in debt, we will STAY IN DEBT. It's a choice. If we don't want to be free, we don't have to be. It's as simple as that.
  • Michael Maguire Yes, borrow money and pay it back Chase. That is great financial planning. I laugh at people with 700+ scores and are broke. Pay cash for your house and do not worry about the credit score. Ahhh the slaves to the banks....LOL
  • Tim Dye Jr. I'm in my last years of highschool, took FPU class a year or two ago through my church. The only plastic I've ever had connects straight into my bank account and that's the way it's gonna stay.
  • Dré Gamer To the responsible credit card users:

    I think what Dave is saying when you buy something, earn the money don't borrow the money. Because a borrower is slave to the lender. It's simple math.

    Even if it's paid every month, how much real money do you have to spend in order to accumulate points on a credit card? Now how many points make a dollar? This is what I've learned:

    Spend $10,000 to get 1000 points that come out to about $100. So spending $10,000 to generate $100 is considered responsible? Really? -__-

    How far can you go and many plane tickets can be bought with $10,000?

    Cash is king!
  • Dan Phillips WE passed a large house once way back when I was a small boy. I looked at and told my Father, "That person who lives there must have a lot of money." My dad replied,"Well that could be, Son, or they could just owe a lot of money."
  • Jean Siebert Wright This is one point that I respectfully disagree with Dave. I think he overly generalizes I have a great credit score (which I have just checked out of curiosity) and haven't had "debt" in over 30 yrs (including mortgage). We started on Dave's program before he did, because when we married in 1979, we decided that car loans sucked, and we didn't want to owe anyone anything. At the time debit cards did not exist and many places did not take checks and we didn't want to carry a lot of cash, so we used a couple of credit cards purely for convenience ALWAYS paying them off in full within a few days of getting the bill. We have NEVER paid a cent of interest on our cards. Although we now mostly use debit, we still occasionally use credit cards for the consumer protections they offer, seeing no reason to get rid of our credit cards. That said if a person can not control their credit card use, and not pay it off in full each month, which is the case with many, they need to destroy them!!
  • Jan Brown Thank you God we followed Dave's principles and we are debt free for the first time!!
  • Angela Giboney Credit score reports if you are a good or bad slave. Jesus wants you to be free from slavery.
  • Dennis AndPatty NOT.....it means ya PAY your debts!!! ( Geez Dave, correct this)!!!
  • Jeannie Beanie Ouch!!! after just learning that I have an excellent credit score, this is disheartening.
  • Danny Barrett It indicates you have successfully handled your debt, dah.
  • Catherine Cates We had plenty of debt. When we paid it all off, our credit scores shot through the roof. Who knew? We're planning to buy a house next spring with a big down payment and our new, amazing credit scores.
  • Leah Steele @Chris Harris, do you agree with everything your wife says… ever? No? I guess by your logic you should divorce her. I love Dave’s teachings, his values, and his message. I just happen to disagree with him on this one point of credit. I suppose that makes me evil or stupid and certainly unwelcome in this community where you were hoping to find nothing but yes men with nary a dissenting voice among them.

    I have the utmost respect for Dave Ramsey and believe in his mission, so I’m a fan. And if the feeling of paying cash for absolutely everything is what it takes to empower you to have control over your financial life, then more power to you and the best of luck, sincerely. But I’m also a believer in needing to do what works for you. And as someone with zero debt, a significant net worth, AND a high credit score, I feel pretty comfortable saying I have control over my financial future without forsaking the credit system. And I happen to think that none of those things makes me evil or stupid or any less able to consider myself a fan of Mr. Ramsey.

    There’s this place where you’re probably going to have to interact with people who have opinions different to your own. It’s called the real world. It’s your choice whether you learn to treat people with respect and grow from opposition, or act disdainfully and close yourself off to new possibilities. I wish you luck with your decision.
  • Delene Posey I agree with your cs being a sign of debt, but a good score is a sign that u PAY your debt and a good score is very helpful when buying a house or having to take out a biz loan. Sometimes, when u earn a whole lot less than the average guy, u have to build a credit score to be able to live decently. Our mortgage costs us a WHOLE LOT less than rent plus gives us equity to use towards a business if needed. Yes absolutely live debt free and or work to get out of debt, but DEF build a good credit score!
  • Amber Noel @Jenny... I not only have listened but I've taught it.... I understand it completely.
    But you cannot do anything in this country without a social security number and a good credit rating. You can't get utilities turned on, get a job, (mine requires me to report expenses and manage a sales budget) get a good rate on auto insurance, join the armed service...... They all check your credit. Ask your insurance agent. Credit rating is a reflection of your fiscal responsibility... Unfortunately it doesn't discern whether you're buried and making minimum payments or paying everything off and overpaying on mortgage.
  • Lacy Stone We have a great credit score and pay off our debts--always. I disagree with this statement.
  • Brandon Dilley I find it amazing that we are all slaves to this massive credit system but NONE of us really understand how it works. That's how we all got here in the first place. This country's public school system has no interest in educating or young to be fiscally responsible and knowledgeable! Start helping your kids now!
  • Amber Noel I don't think the point here is to have a zero credit score or an 800+ credit score. I think he's simply defining that a good credit score does not mean you have money. It can mean you're buried in debt and accept new debt or it could mean you are fiscally responsible with your debt. Bottom line is, was, and always will be... Spend less than you make... Strive for no debt except your house note... Save and pay cash for vehicles and pay off your mortgage as fast as you can. He's simply em lighting us on what a credit score DOES NOT mean... And what it COULD mean. I have no credit card debt, a house note and because of my job which i travel a lot... I turn a car every 3 years... But I pay it off in 1 year or less.
    My credit score is 800+ and I never worry about money. I live well under my means.
  • Astrid Bidanec Prove that we all have it backwards. The irony is that the more debt you have the more credit they give you. They really want to bury people in debt.
  • Gena Bedegi Miller Not true...I have no debt except house note. My credit rating is 800+.
  • Mandy Roberts Sanchez Very very true!!!!' I have great credit & am flat broke. I didn't used to be but life hit us with a huge wamy this year. The worst case of the domino effect we have had to deal with. I have bought several high end expenses without any proof of income bc my I love debt score is high enough. But the good news is I have seen the light & I'm never going back. It will be a few years before I'm out of debt. But it will be worth it!
  • Chris Harris Why do some of you even like this page? Why are you even a "fan" of Dave Ramsey? You miss the point of EVERYTHING he teaches! Frequent flyer miles? Really? You boast you have credit cards and pay them off every month and find this acceptable? I cant wait until LIFE happens to you and you're not able to pay those cards off, then watch as the debt snowball goes in reverse for you. Please unlike this page and head on over to Suze Orman and "like" her page. She LOVES credit scores! Think she's more your speed. Dave's obviously waay yo far above your heads.
  • Amy Horner I don't fully agree with this. For us it means at one point we had debt and successfully paid it all off. Having a good credit score affects your life in MANY ways such as getting a job or good price on insurance.
  • Nora Clements How they can get a loan to buy a house with out credit score? I have a couple wanted to buy a house , they don't have any debt , they have the income and the savings..the bank said no credit no loan...
  • Ronda Barnhurst mortgages and insurance all rely on FICO scores. The key is to have credit and pay everything off each month. Don't pay finance charges or buy what you can't afford.
  • Sheila Jaquish Not true. It is an indicator that you have had debt and paid it off.(if your rating is good.)
    Like · Reply · 3 · 9 hours ago via mobile
  • Andrea Derickson Hovatter That is not always true. You can have a lot of "credit" that you don't use and that gives you a higher credit score. Paying your bills on time gives you a higher credit score and being responsible with your credit gives you a higher score.
  • Cassie Haddad This is one of the dumbest things I've heard. I'm not trying to be disrespectful but my husband and I work hard to keep a high credit score (upper 700s) and the only debt we have is a car loan that's at 0% interest. Which, by the way, you can't qualify for unless you have an awesome score. Also, since Dave seems to approve only of home loans, you will pay interest on them always. However if your credit score is great you WILL get a better interest rate which means you'll pay less in the long run. If you have a credit card then use it for small purchases and pay it off each month. You'll pay no interest this way and in time your credit score will improve. If you can't handle that then cut up your cards and follow his envelope plan. So please Mr. Ramsey, don't insult those of us who are diligently maintaining a good score with next to no debt.
  • Barbara Shiver Don't be like Congress and be in debt
  • Jessica Walker you don't need credit to buy a house if you pay cash either!
  • Jordan Broderick Gillick I went thru FPU so I know what Dave really means by this. I also know that many people suffer immensely from their credit card burning a hole in their pocket. But be careful with this short statement. My husband and I aren't even 30 years old, have nearly perfect credit scores, and zero debt -with the exception of our mortgage that will be paid in 10 years. You can have credit and no debt. (But there is no such thing as good debt).
  • Zack Turner Not true. I have a good credit rating and currently hold $0 worth of debt on my credit cards. I am proud to say that I have never owed APR on any card that I have had. I have had credit cards for about 3 years now. Be responsible that's the plan.
  • Jeanice Dubois Vignes I have an excellent credit rating and I'm debt free. !! Except my home and I only owe 100,000 on a 600,000 home. .
  • Tiffany Carl-Noecker Love Dave Ramsey but You need credit scores for 1) good insurance ratings 2) employment opportunities- employers do run credit checks these days 3) opening utilities? They run your credit and if your credit sucks or have no credit hello security deposit of $500. 4) saving up for a house and need to rent? You need a good credit score. You can have a good credit score without digging yourself into debt. Don't charge what you can't afford to pay off at the end of the month. Your credit rating determines your value to other businesses to prove if you're reliable enough to pay your bills. sad but true. That's all.
  • Shelly Easter For all the people saying this is wrong & that they have no debt....do you have a car payment?? That's DEBT!! Dave's system involves paying down all your debt including your cars then buying a house with 20% down and then paying that off ASAP! At the point in which you pay your house off & make no more payments to anyone to anything, that's when you'll have a 0 credit score!