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re: As crazy as Dave Ramsey can be about credit cards and FICO scores ...
Posted on 6/11/18 at 4:38 pm to Will Cover
Posted on 6/11/18 at 4:38 pm to Will Cover
you have no mortgage? you said in your pool patio construction thread it only added a few dollars to your mortgage to pay for it....... hmmmmmmmm
1
Posted on 6/11/18 at 5:21 pm to Will Cover
Banks don't make money off of you when you pay off in full each month your credit cards.
Banks don't make money off of you when you don't pay your debts.
So, to the lending system, a perfect customer is one that uses debt, pays interest, but isn't a risk for a loss of money.
That's how you get a high credit score.
Banks don't make money off of you when you don't pay your debts.
So, to the lending system, a perfect customer is one that uses debt, pays interest, but isn't a risk for a loss of money.
That's how you get a high credit score.
Posted on 6/11/18 at 5:23 pm to Double Oh
quote:
Wonder why they didnt up your LOC when your house has been paid off for years? I mean your house isnt going anywhere is it?
yeah and my debt to credit ratio is also rock bottom low along with an over 800 credit score. debt to income is fine also. crazy eh? like i look like a risk with those metrics? LOL. prolly because it was unsecured and not secured. they definitely wanted my house as collateral and i was not playing that game. Didn't need to and it is why i went elsewhere and got what i wanted.
Posted on 6/11/18 at 8:25 pm to CarRamrod
Pool loan was paid off. That was in my name.
House is in my wife's name and doesn't report on my behalf to credit bureaus.
House is in my wife's name and doesn't report on my behalf to credit bureaus.
This post was edited on 6/11/18 at 8:26 pm
Posted on 6/11/18 at 9:38 pm to Will Cover
Double post
This post was edited on 6/11/18 at 9:47 pm
Posted on 6/11/18 at 9:46 pm to GenesChin
quote:
It's truly an "I love debt" score as he says
No, it is a continued proving that you can responsibly handle debt provided to you and pay back your lender
I have almost no debt but a top FICO score because I am capable of managing my access to credit
Posted on 6/12/18 at 6:25 am to Will Cover
quote:
As crazy as Dave Ramsey can be about credit cards and FICO scores ...
I'm realizing he is right.
He is right. Debt does make you a slave to the lender. You are always better being debt free.
Posted on 6/12/18 at 6:35 am to kywildcatfanone
quote:
You are always better being debt free.
false. but some truth here.
Posted on 6/12/18 at 9:46 pm to oklahogjr
quote:
ou are always better being debt free.
false. but some truth here.
are you saying you are better off having some kind of debt than no debt at all? If so thats stupid just plain stupid.
Im debt free and i dont give a fuk what my credit score is or FICO score is no fuks given.
Posted on 6/13/18 at 4:26 am to Double Oh
I am ‘in debt’ every month before I pay my rewards credit cards off that are allowing me to earn cashback on bills I have to pay such as utilities.
Posted on 6/13/18 at 6:32 am to kywildcatfanone
quote:
He is right. Debt does make you a slave to the lender. You are always better being debt free.
I borrowed 620k for 30 years at 3.75% in 2016. My house has appreciated 400k in 2 years since locking up 620k at 3.75%. I've paid about 24k in interest since loan, not factoring in what i've written off in taxes. So lets say lender gave me the ability to increase my net worth by 375k since inception.
Dave Ramsey and I have very different definitions of the word "slavery".
Posted on 6/13/18 at 6:38 am to ItNeverRains
quote:
I borrowed 620k for 30 years at 3.75% in 2016. My house has appreciated 400k in 2 years since locking up 620k at 3.75%. I've paid about 24k in interest since loan, not factoring in what i've written off in taxes. So lets say lender gave me the ability to increase my net worth by 375k since inception.
Dave Ramsey and I have very different definitions of the word "slavery".
I think it's really great advice for people who live well beyond their means and wind up having a bunch of maxed out cards that they can barely pay the minimum on.
But in the case of instances like you're talking about it's obviously a huge benefit.
I bought my house in 2015 and it has "only" appreciated about 25K which is pennies compared to your situation but it's still a huge net positive.
Posted on 6/13/18 at 6:50 am to Powerman
quote:
I think it's really great advice for people who live well beyond their means and wind up having a bunch of maxed out cards that they can barely pay the minimum on.
I’ve always said if you listen to his show for a solid week and can identify with even one of his horror story callers, follow his advice like gospel. Otherwise, his message is not for you.
His game is going to the churches and fusing finance with religion, which should always raise an eyebrow. His ELP’s endorsements go to the highest bidder. The lenders he recommends do have products for those without credit scores due to no debt, just at a much higher interest rate and upfront cost.
Posted on 6/13/18 at 6:53 am to Double Oh
quote:
are you saying you are better off having some kind of debt than no debt at all? If so thats stupid just plain stupid.
no I'm saying fortunes are made based on using debt properly to grow your net worth or increase income.
if it's always better to have no debt then why does every company in the stock market carry it? some could certainly go without I'd they wanted.
debts a powerful tool when welded responsibly or irresponsibly.
Posted on 6/13/18 at 9:54 am to ItNeverRains
quote:
I borrowed 620k for 30 years at 3.75% in 2016. My house has appreciated 400k in 2 years since locking up 620k at 3.75%. I've paid about 24k in interest since loan, not factoring in what i've written off in taxes. So lets say lender gave me the ability to increase my net worth by 375k since inception.
Dave Ramsey and I have very different definitions of the word "slavery".
The only good debt Ramsey approves of is a mortgage
Posted on 6/13/18 at 9:57 am to oklahogjr
quote:
no I'm saying fortunes are made based on using debt properly to grow your net worth or increase income.
if it's always better to have no debt then why does every company in the stock market carry it? some could certainly go without I'd they wanted.
debts a powerful tool when welded responsibly or irresponsibly.
And i can agree with that. Debt used properly is a great tool. But we all know that most people dont use debt properly they abuse it and the next thing you know they in all kinds of financial trouble. I think Ramseys message is mostly for the lower to middle class people that make under 100K and probably live paycheck to paycheck.
Posted on 6/13/18 at 10:15 am to ItNeverRains
quote:
I’ve always said if you listen to his show for a solid week and can identify with even one of his horror story callers, follow his advice like gospel. Otherwise, his message is not for you.
Probably very sound advice
Really the whole program is for people who live well outside their means to get their shite together
Posted on 6/13/18 at 10:27 am to Double Oh
What’s your definition of living paycheck to paycheck?
Posted on 6/13/18 at 10:35 am to Paul Allen
quote:
What’s your definition of living paycheck to paycheck?
I would say that definition would probably be true if you were unable to pay your bills if your next paycheck didn't show up
i.e. no emergency cushion at all
Posted on 6/13/18 at 10:48 am to Powerman
quote:
unable to pay your bills if your next paycheck didn't show up
There’s some gray area to this. So if one has only 1,000 in savings and someone else has 20,000 they’re not living paycheck to paycheck regardless of income?
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