General Credit Topics

[MidnightVoice]

reeltime wrote:

If you put $200 dollars a month into an index fund from age 28 to 68, that's most people's CELL PHONE bill,

Boy, am I glad I am not most people!!    $200 a month for a cell phone - ye Gods!!

[reeltime]

MidnightVoice,

Do you recommend to folks to live off of a credit card?

Are you saying it's unwise to keep an emergency fund?

Is free miles and cash back a good strategy to build wealth?

Is playing the lottery a smart use of money?

Is it wiser to get 2% cash back on a credit card, or use compound interest to save?

Should people rely on Social Security to retire?

Is leasing a new car a smart move or is it better to purchase used, pay off, and own your vehicle?

Should you measure wealth by net worth (defined earlier) or FICO score? Or is your credit limit the best measure?

How do you define winning financially?

Should people spend $300 dollars each month on a car payment, or invest $200 dollars a month in an index fund?

Is charging off an account, applying for bankruptcy, or walking away from your bills a proper way to conduct your personal finance?

I'd be interested to hear these answers.

[MidnightVoice]

Don’t be silly

Don’t be silly

Yes if it saves the air fare.  Which is better, a free flight and save the money or pay for the flight and not save the money?

Don’t be silly

It is wiser to get 2% cash back AND save the money, as I do

No

Personal choice.

You seem to be confused as to when and why it is a good idea to be creditworthy

I don’t.  It is not if you win or lose, but how you play the game

Personal choice

No

Some people consider their “worth” in terms other than financial

[marty56]

On the car issue, if I didnt run up so much debt when I was younger, I would have purchased a new car and paid if off quickly so I could have years of no payments and a rdie in good condition.

By the summer, I will be out of a really bad truck loan and I will go the 2 year lease route.  Lower payments,good  car warranty, no long term comitment and a better car.

There are good pro's and con's of lease vs. buy.  Its all in what you want to accomplish and whats important to you.

Being able to make the choice whether to lease vs buy, being able to get the car you really want, and not being at the mercy of the dealer because of poor credit and or poor knowledge is an acomplishment in itself.  For me, that was a goal I never really thought too much about until recently and I can't wait to go to the dealer in this summer and show no mercy.

[reeltime]

Everyone, please look closely at these responses.

It's my sincerest hope that you all realize that if this person can't define what winning financially looks like, you'd best not listen to advice from them.

"Aim at nothing and you will hit it every time" - Unknown.

[MidnightVoice]

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reeltime wrote:
Everyone, please look closely at these responses.

It's my sincerest hope that you all realize that if this person can't define what winning financially looks like, you'd best not listen to advice from them.

"Aim at nothing and you will hit it every time" - Unknown.

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Oh my, the best laugh I have had all day   

It appears that the person writing had it has little experience of what life is all about, let alone money 

[demi]

Reeltime-

Although I agree with your basic premise, I think what most people on this board are trying to advocte is wise use of credit, which does not necessarily equate with debt.  If you don't have credit, and don't use it, you will not have a decent FICO score, which will bite when it comes to obtaining those items where credit is pretty much required...purchasing a home, for most, a car.  Responsible people are trying to promote using credit wisely - you pay off your bill each month, you are not in debt.  But you are building a FICO history.  FICO is suppose to be determining your credit risk...not your wealth, and I understand that for many on this forum its a game.  But realize, without using credit, and using it responsibly, you will not be showing your ability to handle it.

That said, yes, there are many who seem very irresponsible, and have agreed with you on previous posts, and am often appalled at some questions.  But, to accumulate a "credit portfolio" you do have to use it, hopefully wisely.  So, if someone charges their groceries, to get points for travel, and then pay off their card each month, great.  I have a friend who does that, and she has traveled all over the world for great rates.  She also has accumulated a great credit score in the process, and owes no money other than a mortgage.

[marty56]

I am 51 and because I didn't manage my money and nver thought about retirement until late in lfe, I can retire at 50 with about 4 - 5 k per month,  Whether you that is a little or a lot, it will allow to to live worry free but on a budget where not having to work and stress about a job is my end goal.

Even if I had managed my money btter, all I would have done is retired earlier.

[pattycake]

I can't seem to get my credit score to break 670 - one year ago, it was at 615. I have paid my cc's faithfully, either in full, or on time, and still, it only went up to 668, then back down to 663 on 11/28/07. I just got a Chase MC with at $10k line of credit (I travel for business, this will be very helpful, since I have to charge my expenses, then wait forever for reimbursement). I keep reading all these success stories about jumping 100+ points in a matter of months...is that for real, or just bogus? Seems awfully weird that someone with a score in the 400's could raise their score to the 600's so fast. I settled on a few cc accounts back in 2003, and was only late on a cc a couple of years ago, since their online payment center malfunctioned (GEMB - Mervyns) and didn't take the payments I kept trying to make. Tips? Help? I want to buy a home very soon, and need to bring that score up to 700+ to get an affordable loan.

[marty56]

Are you showing activity on the other accounts?  If you post the type , age and CL for your accounts, there are a lot of smart people here who could probably help you boost your score.  Also