04-12-2007 02:25 PM - edited 04-12-2007 02:26 PM
04-17-2007 07:40 AM
04-17-2007 03:54 PM
04-17-2007 04:43 PM - edited 04-17-2007 04:44 PM
debbedoll wrote:How did you do that? I have never heard of getting a mortgage loan with no credit.Ignore tha Deb. Credit is a necessary evil of Life. Trust me I lived atotally credit free existance for three years and when my car broke down I had to pay through the nose with no credit history to back me up.That being said, though credit is a necessary evil, debt is not. Using credit cards responsibly does no equate with going into debt. I'm in the business of making money and if my cards don't do that for me I rarely use the.I use a 2% cash back card for everything fromgroceries to the cable bill. Right now its at 0 percent so I put the bill money in a separate savings account unti that card reaches 50% utlization then pay in full and star over. Once the promo interest rate end I'll use and IF every month. Maybe not much but a 2% savings on groceries when my local tax for food is 3% is okay with me.At 25 dollars a month in a year I've got my teenager's latest electronic gadget WITHOUT going into debt (anything you pay money to use) to do it.BK is a hard task master even when its caused by medical bills. But as they say, those who don't learn from their mistakes are doomed to repeat them. I know several multi-BK filers who are proof of that theory.
04-17-2007 04:54 PM
You are assuming that people who use credit incur interest. Not only do I never pay interest on my credit cards, I am returned roughly $1000 dollars per year in the form of cash back and rewards points. My cash stays in the bank earning 5% interest while my purchases float for a month on the cards.I didn't assume anything. I only pointed out the difference between using credit and incurring debt if that post was directed at me.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.