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You might not own it, but u are earning appreciation on it if the real estate market continue to be on the rise.
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
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If that's the case, don't worry about buying for at least another 5 years. You're still young, and most people your age worry about being priced out of any market. A good rule of thumb is to stay away from any product or investment you don't feel like you understand.In my mind if its not paid off i dont truly own it, but I am also only 21 and don't get the whole mortgage thing.why wouldnt it be? its the biggest asset you can acquire
buy a house w equity - take cash out - use cash to pay for mortgage for the next 3-4 years and repeat
= youll never pay it off but youll have quality of life
I always advise friends to not buy a house until they have no debt, a sufficient emergency fund (3-6 months because you WILL need it eventually), and a mortgage payment no more than 1/3 of your take home pay. Once you can do that, then it's time to buy. The D.C. market is one of the best in the nation since it's a government town. Even during the recession, housing didn't take much of a hit.
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Thanks that is great advice. I have people in my ear telling me to purchase a home within 2 years after I graduate, and some of my friends want to purchase a home as soon as they graduate. Housing did take a hit out here which is why there have been so many foreclosures. Condo that I used to live in dropped from 250k to 100k in 4 years
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why wouldnt it be? its the biggest asset you can acquire
buy a house w equity - take cash out - use cash to pay for mortgage for the next 3-4 years and repeat
= youll never pay it off but youll have quality of life
Horrible advice.
Don't buy a home if you don't plan on paying it off.
I'm renting mine out as soon as I re-finance.
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http://www.wtop.com/1415/3574929/Buy-or-rent-Pros-and-cons-to-consider
Good article for rent vs. buy. I'm in the DC area so I need to consider everything in this article.
Good article for rent vs. buy. I'm in the DC area so I need to consider everything in this article.
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Started using my new discover card, how do I know when the statement comes in? No interest fees right now but I still wanna know when the statement comes in
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Any CC's out there for not the best of credit? I got student loan debt that I've been paying off but it still affects my credit unfortunately cause of the amount. Looking for a CC that I can use for simple minor purchases and pay off at the end of the month in hopes of adding onto my credit score plus the monthly payments I make for my student loan stuff.
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why wouldnt it be? its the biggest asset you can acquire
buy a house w equity - take cash out - use cash to pay for mortgage for the next 3-4 years and repeat
= youll never pay it off but youll have quality of life
Horrible advice.
Don't buy a home if you don't plan on paying it off.
it is horrible and certainly not something for everyone but believe it or not people do this and they are living just fine.
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Does paying off your car increase your credit? I'm seeing mixed info online.
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Having the car loan and making all your payments on time will help your credit. If you pay it off early it won't really help or hurt your credit. If you are going for an home it may help by showing you have one less bill to pay. I paid two cars off early and didn't really see any advantage by doing so.
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My boy told me he as 2 CC. He uses one for purchases and the other to pay off the credit purchases. And he just keeps doing that back and forth and swears it helps his credit score.
I was like wut how does that even work
I was like wut how does that even work
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I want to cop a "luxury" car but never financed a car before. Was trying to see if it benefits me to finance a cheap car and speed up the payment process so I can get a better rate when I was ready to cop the newer car.
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I have never heard of anyone being able to pay off a credit card with a credit card.
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What time limit are you working with? If you get a cheap car and pay it off fast and pull your credit again for the luxury car it may hurt more because you went for a line of credit twice within the year. You might be better of getting a credit card and paying it on/off for a until you get the car you want. Another thing to consider is if you put more money down on the car you want it can offset a higher interest rate
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so I have the capital one app on my phone and I now have the ability to see my transunion credit score
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for all cap one cards? havent seen anything about them showing TU scores.
i know my Fico thanks to discover.
i just dont like having credit card apps on my phone for some reason
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for all cap one cards? havent seen anything about them showing TU scores.
i know my Fico thanks to discover.
i just dont like having credit card apps on my phone for some reason
If you have the app, on the side menu has something called credit tracker
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for all cap one cards? havent seen anything about them showing TU scores.
i know my Fico thanks to discover.
i just dont like having credit card apps on my phone for some reason
If you have the app, on the side menu has something called credit tracker
yea just logged on my laptop. never seen it before, just enrolled
thanks for that
superb
Banned
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I have a question, I currently have a CC through chase and I've been making payments in full since I've got it in December. I know my score is about close to 700. The question is, I currently have student loans that is under the income based repayment plan, which means I can make payments as low as zero dollars. With me paying everything off such as, car and last credit card, will my student loans affect my credit score? That's the only form of debt on my credit. I make payments on my credit card in full every month.
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Yes, any form of debt interaction will help or hurt your credit. As long as they're not reporting a negative on your credit report, it should help your score.
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The thing is, they are not reporting anything negative on my credit report, so they still put it in as good standing, so will that help?
superb
Banned
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They have to be reporting one way or the other.... It it is not negative then it is good.
They can do bad if it makes your debt to whatever ratio high
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Yes, if an account shows as good standing, that's what you want. I haven't had student loans in several years and still have a pretty high score because of them.
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Not to knock on anyone but the limits given on credit cards has to do a lot with income.
