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Posted: 2/13/2019 4:27:57 PM EST
[#1]
Some people think they will never have to borrow money. Some of those people actually never do. Good for them I guess.
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Posted: 2/13/2019 4:30:05 PM EST
[#2]
I have a paid off house and car. It greatly reduces my credit history as time goes on. I have 2 credit cards and only use 1 of them.
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Posted: 2/13/2019 4:30:29 PM EST
[#3]
Quote HistoryQuoted:
Some people think they will never have to borrow money. Some of those people actually never do. Good for them I guess. |
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Posted: 2/13/2019 4:30:47 PM EST
[#4]
My parents did it for a long time. Bought 26 acers in 1983 and built a modest home, paid it off by mid 90s, built a large garage with shop, paid that cash. Purchased all vehicles cash, and they weren't cheap.
All fine and dandy until they needed a rental car because of a flight cancellation lol |
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Posted: 2/13/2019 4:31:42 PM EST
[#5]
This will be a fun thread and bring out thoughtful and rational responses. And I agree with you OP.
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Posted: 2/13/2019 4:31:50 PM EST
[#6]
No you really dont NEED a credit rating. You'd be surprised how well you can get through life with a "cash only" mindset.
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Posted: 2/13/2019 4:31:52 PM EST
[#7]
Quote HistoryQuoted:
I have a paid off house and car. It greatly reduces my credit history as time goes on. I have 2 credit cards and only use 1 of them. <- works in banking |
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Posted: 2/13/2019 4:32:27 PM EST
[#8]
Tougher to rent a car without a credit card, having responsible credit isn't bad. Even a mortgage maybe a better cashflow issue then paying cash and tying up all that cash.
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Posted: 2/13/2019 4:33:21 PM EST
[#9]
Quote HistoryQuoted:
they're are My wife's friend is going through an issue getting a car right now because she's never financed anything or had a credit card, and she's 32. Now she wants to buy a decent car and can't because she's never had anything reportable. |
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Posted: 2/13/2019 4:33:26 PM EST
[#10]
Quote HistoryQuoted:
I have a paid off house and car. It greatly reduces my credit history as time goes on. I have 2 credit cards and only use 1 of them. |
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Posted: 2/13/2019 4:36:28 PM EST
[#11]
Quote HistoryQuoted:
My parents did it for a long time. Bought 26 acers in 1983 and built a modest home, paid it off by mid 90s, built a large garage with shop, paid that cash. Purchased all vehicles cash, and they weren't cheap. All fine and dandy until they needed a rental car because of a flight cancellation lol |
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Posted: 2/13/2019 4:36:30 PM EST
[#12]
My brother is 49. Never was financially sophisticated. However, he's got a great little 40 acre farm overlooking a creek and pasture. His farm and truck were paid for. He was doing fine until his wife filed for divorce. He couldn't get an equity loan to pay her for her half of the equity in the house, and now must sell his dream farm.
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Posted: 2/13/2019 4:37:56 PM EST
[#13]
Quoted:
The last few CC threads got me. Like it or not you NEED a credit history. It affects so many things in your life. Who cares if you buy cheap cars with cash and rent your place, you still need some sort of credit history. Car insurance premiums are somewhat based on credit score. Do you never plan on needing to borrow money? |
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Posted: 2/13/2019 4:38:47 PM EST
[#14]
If all you need is a credit score, a single trade line will do that for you. Open a credit card or an overdraft line of credit at a credit union with no fees and just let it sit. Your credit file will still look thin if inspected, but the score will just grow and grow. A few years down the line, you will have a high 700 without even doing anything.
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Posted: 2/13/2019 4:39:35 PM EST
[#15]
Quote HistoryQuoted:
My brother is 49. Never was financially sophisticated. However, he's got a great little 40 acre farm overlooking a creek and pasture. His farm and truck were paid for. He was doing fine until his wife filed for divorce. He couldn't get an equity loan to pay her for her half of the equity in the house, and now must sell his dream farm. |
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Posted: 2/13/2019 4:39:37 PM EST
[#16]
Some people don’t like being a slaves to big banksters.
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Posted: 2/13/2019 4:39:57 PM EST
[#17]
Lots of falseness in this thread.
Insufficient credit history and bad credit history are two separate things. Needs more Dave Ramsey |
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Posted: 2/13/2019 4:40:49 PM EST
[#18]
I had pretty insufficient/bad credit all the way up until my divorce. When I knew it was coming I immediately started fixing my credit and got a credit card. Now I’m in the high 700s, not that I need it but you never know
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Posted: 2/13/2019 4:41:27 PM EST
[#19]
When I was young and needed leverage, I couldn't get it. Now that I'm older and don't need any and I self insure, I have all the banks trying to get me to borrow. It's nice being able to ignore the cretans.
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Posted: 2/13/2019 4:41:29 PM EST
[#20]
I know some who never travel, rent cars and pays everything with cash
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Posted: 2/13/2019 4:41:47 PM EST
[#21]
Quote HistoryQuoted:
Them days are gone. I don't think any banks will loan money like the good old days. Quote HistoryQuoted:
Quoted:
My parents did it for a long time. Bought 26 acers in 1983 and built a modest home, paid it off by mid 90s, built a large garage with shop, paid that cash. Purchased all vehicles cash, and they weren't cheap. All fine and dandy until they needed a rental car because of a flight cancellation lol I actually was trying to point out though that they did all that with no credit, but then maybe 6 years ago couldn't rent a car. I had to call the rental agency and they let me use my CC.. They luckily then got credit cards but had low limits for the first year or two lol |
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Posted: 2/13/2019 4:42:59 PM EST
[#22]
I have four mortgages and 800 credit.
My loan-to-value ratios are all between 33%-40%. I cannot get another loan, despite having never missed a payment ever since I first got the mortgages in the last 14 years. They keep telling me that I can't do what I've been doing for over a decade. Oh well, 71 more payments and three of the four will be paid off and then they'll be tripping over themselves to write me a loan. |
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Posted: 2/13/2019 4:43:00 PM EST
[#23]
Quote HistoryQuoted:
I know some who never travel, rent cars and pays everything with cash |
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Posted: 2/13/2019 4:43:15 PM EST
[#24]
Quote HistoryQuoted: Paying cash and not having a "great credit score" was not his big mistake. Credit is free, you can even get paid for it if you're careful. |
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Posted: 2/13/2019 4:43:47 PM EST
[#25]
cash only tards
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Posted: 2/13/2019 4:43:55 PM EST
[#26]
My dad went his whole life without credit card. Right up to the point he retired and bought a motor home to travel in. Didn't take him long to realize he couldn't really carry enough cash with him for that sort of thing.
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Posted: 2/13/2019 4:44:18 PM EST
[#27]
Quote HistoryQuoted:
Some people don’t like being a slaves to big banksters. |
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Posted: 2/13/2019 4:47:00 PM EST
[#28]
Quote HistoryQuoted:
Some people don't like being a slaves to big banksters. |
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Posted: 2/13/2019 4:47:04 PM EST
[#29]
Quote HistoryQuoted: Actually the lending scenarios are getting worse again, lending with no money down etc... I actually was trying to point out though that they did all that with no credit, but then maybe 6 years ago couldn't rent a car. I had to call the rental agency and they let me use my CC.. They luckily then got credit cards but had low limits for the first year or two lol |
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Posted: 2/13/2019 4:48:30 PM EST
[#30]
Quote HistoryQuoted:
cash only tards If he continues this, I'll start him out with a real credit card next year. That should be enough to get him started on building credit so when the time comes, he'll be able to get himself a car. |
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Posted: 2/13/2019 4:49:33 PM EST
[#31]
I have not owed any money for anything on loans since I was 40.(63 now) I do keep three credit cards just to get the cash back on purchases and for online shopping. Always pay full balance every month.
I did do a .09% car buy a few years back for half of the purchase price of 36K. (Paid the other half cash), but paid it off early. Did that for credit history only. Credit score hovers around 800, so I guess I am good. |
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Posted: 2/13/2019 4:49:40 PM EST
[#32]
Quote HistoryQuoted:
Lots of falseness in this thread. Insufficient credit history and bad credit history are two separate things. Needs more Dave Ramsey bad credit means you suck with money insufficient means you have never borrowed money |
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Posted: 2/13/2019 4:50:37 PM EST
[#33]
Quote HistoryQuoted:
Some people don’t like being a slaves to big banksters. God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake |
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Posted: 2/13/2019 4:50:59 PM EST
[#34]
Only poor people need credit. My credit is great also
Good credit history makes life easier, I see no reason to not have good credit. |
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Posted: 2/13/2019 4:51:15 PM EST
[#35]
Quote HistoryQuoted:
What I was referring to was when banks would loan money to the person, not the credit profile, I doubt any of them do that anymore. Quote HistoryQuoted:
Quoted: Actually the lending scenarios are getting worse again, lending with no money down etc... I actually was trying to point out though that they did all that with no credit, but then maybe 6 years ago couldn't rent a car. I had to call the rental agency and they let me use my CC.. They luckily then got credit cards but had low limits for the first year or two lol |
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Posted: 2/13/2019 4:52:14 PM EST
[#36]
Quote HistoryQuoted:
Some people don’t like being a slaves to big banksters. I agree, not utilizing credit smartly is not quite slavery, but it sure limits most people's options. |
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Posted: 2/13/2019 5:00:03 PM EST
[#37]
Quote HistoryQuoted:
How is borrowing someone else's money for no cost and being paid to do it "being a slave to big banksters"? God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake Quote HistoryQuoted:
Quoted:
Some people don’t like being a slaves to big banksters. God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake 
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Posted: 2/13/2019 5:00:43 PM EST
[#38]
My parents brought me up very frugal. In turn they didn’t teach me about credit. I paid in cash for literally everything until I turned 26 or so and had to buy a new car. I thought I could walk right in and get approved since I did nothing to have bad credit. Turns out cash means nothing for bigger purchases to an extent. I built enough credit when I turned 30 and now I have a fantastic home and 2 cars.
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Posted: 2/13/2019 5:01:21 PM EST
[#39]
Quote HistoryQuoted:
How is borrowing someone else's money for no cost and being paid to do it "being a slave to big banksters"? God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake Quote HistoryQuoted:
Quoted:
Some people don't like being a slaves to big banksters. God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake
Is the hatred because you screwed up and have poor credit yet is somehow the evil banks fault or are your truly anti bank? |
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Posted: 2/13/2019 5:01:36 PM EST
[#40]
Quote HistoryQuoted:
Some people don’t like being a slaves to big banksters. |
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Posted: 2/13/2019 5:02:50 PM EST
[#41]
Quote HistoryQuoted:
What I was referring to was when banks would loan money to the person, not the credit profile, I doubt any of them do that anymore. This is when I learned that you can request "manual underwriting" from most major banks, and they will then do what was done in the days before computers, and algorithms. They sat down with us and actually looked at all of our stuff, and then approved the new loan. |
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Posted: 2/13/2019 5:07:49 PM EST
[#42]
I was 29 when I got my first credit card, had it for over a year now. I've never had a loan or anything, either.
If I can't afford it, I don't buy it. |
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Posted: 2/13/2019 5:09:18 PM EST
[#43]
Quote HistoryQuoted: Wife and I had no credit cards for a long time, and no debt other than the mortgage. We sold the house, and bought a new house, but the lender was giving us a hard time for "lack of a good credit history". This is when I learned that you can request "manual underwriting" from most major banks, and they will then do what was done in the days before computers, and algorithms. They sat down with us and actually looked at all of our stuff, and then approved the new loan. At that time I had only one thing on my credit profile yet had plenty of money, a couple of paid for vehicles, etc. I don't know if that's still a thing or not. |
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Posted: 2/13/2019 5:10:32 PM EST
[#44]
I have a high 700 credit score.
I am aiming for a credit score of 0 in the next few years. |
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Posted: 2/13/2019 5:11:04 PM EST
[#45]
Quote HistoryQuoted:
I have a 800 credit score and pay for everything with cash just like Americans did before we went off the gold standard. Quote HistoryQuoted:
Quoted:
Quoted:
Some people don’t like being a slaves to big banksters. God, some of the dumb shit posted in GD really makes you do a double take but this one takes the cake |
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Posted: 2/13/2019 5:12:50 PM EST
[#46]
I had preapproval for ~$250k for my first house ~10 years ago.
Actual application was denied due to insufficient credit history. I paid for everything with cash/debit. There's apparently such a thing as being too good with your money. Had a shared emergency credit account with my parents that I never used. Had to jump through hoops and ended up with an FHA loan 
Since buying the house and other things, and actually using credit, my score has been between 750 and 820, and I can ask for any kind of loan I want and get it. |
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Posted: 2/13/2019 5:13:26 PM EST
[#47]
Quote HistoryQuoted:
You're only a slave if you choose to be. Quote HistoryQuoted:
Quoted:
Some people don't like being a slaves to big banksters. |
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Posted: 2/13/2019 5:16:03 PM EST
[#48]
Quote HistoryQuoted:
My parents did it for a long time. Bought 26 acers in 1983 and built a modest home, paid it off by mid 90s, built a large garage with shop, paid that cash. Purchased all vehicles cash, and they weren't cheap. All fine and dandy until they needed a rental car because of a flight cancellation lol |
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Posted: 2/13/2019 5:18:00 PM EST
[#49]
I had no credit history up to my late 20's. Why? I made good money and had little to spend it on. I paid cash for everything. At one point the company I worked for got pissed at me for not cashing my paychecks fast enough to suit them and opened up a direct deposit account in my name so they could auto deposit them.
And then I got married.
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Posted: 2/13/2019 5:19:13 PM EST
[#50]
OP, another reason they could have an insufficient credit history as an adult is that they immigrated here. Credit histories from Europe don’t transfer to the US.
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