debt
it's my D in a B
Joined: Aug 2001
Posts: 24,787
Likes: 1
From: Your Mom's House
I have abused credit and I have used it wisely.
If you want to buy a car and have the cash for it, you can get a personal loan (i.e., not dealer financing or a secured loan) for all or part of the total amount, then just put the money you would've paid initially into a credit union savings account with automatic payments towards the loan.
You never have an additional bill, and although you pay a bit more for interest, by the time you're done, you've done wonders for your credit rating without even trying. When it comes time to buy a house (which, believe me, you will eventually want to do), you end up saving $50,000 on interest because you paid and extra $1,000 five years ago.
If you want to buy a car and have the cash for it, you can get a personal loan (i.e., not dealer financing or a secured loan) for all or part of the total amount, then just put the money you would've paid initially into a credit union savings account with automatic payments towards the loan.
You never have an additional bill, and although you pay a bit more for interest, by the time you're done, you've done wonders for your credit rating without even trying. When it comes time to buy a house (which, believe me, you will eventually want to do), you end up saving $50,000 on interest because you paid and extra $1,000 five years ago.
it's my D in a B
Joined: Aug 2001
Posts: 24,787
Likes: 1
From: Your Mom's House
Originally Posted by TeggerLS
I may have debt but my credit score is still in the 700's 
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Senior Member
Joined: Mar 2002
Posts: 5,236
Likes: 0
Originally Posted by white_n_slow
having debt improves your credit score, as long as its well managed. They actually prefer you to have 20-30% of your credit limit riding on a card month to month rather than paying it off every month.
I know, I never miss payments and sometimes I pay twice a month
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