Great you get 1k in cash rewards while the banks make billions from those who use interest or are a day late. Brilliant.
BofA 4.7 billion profit in 3 months, q4 16.
BofA 4.7 billion profit in 3 months, q4 16.
Great you get 1k in cash rewards while the banks make billions from those who use interest or are a day late. Brilliant.
BofA 4.7 billion profit in 3 months, q4 16.
Yes it takes more money to buy on credit than to buy with cash.
The borrower will always be slave to the lender.
I'm done with shit cars. I'll take the depreciating asset, it's the reason I work and the reason I'll always have to work. YOLO bro!0% loans/cc still make money for the lender the majority of the time.
It's a world full of choices, 0% on a highly depreciating asset is not a smart money choice. I think the Ave is 40% dep in the first 4 years. Losing 16k in 4 years on a 40k mustang.
Or one could purchase a 5k used car and sell it for 3k in 4 years. Both cars are tools for transportation and used to make money.
Choice is yours.
So, OP, ever buy that house?
I know this thread is a few months old, but I want to bump it anyway since no one even looked into the advice I gave.
OP, did you ever buy that house? Were you able to build your credit in time to get the loan?
The advice I gave is GOOD advice, anyone who says otherwise has no idea what they are talking about because I'm speaking from PERSONAL experience.
CO Mack, you want to act like a baller... do you have a reason why it would be a bad idea for the OP to get his fiance to add him as an authorized user to her credit card?
13COBRA, what about you? I'm very surprised you are a car dealer and have no idea how it works to be added as an authorized user.
Y'all seemed to shit on my idea but I know it works because I used it to buy my first house. The OP here is in the exact same boat I was in, but y'all tried to tell him it was a bad idea without giving him any reason.
So, OP, ever buy that house?
0% thru FMC (Ford Motor Credit) is a win for them. They built the car. Now they are financing you for it. They made their money regardless. Not very many banks outside of the major Manufacturers financing departments offer up 0%. The main reason is because the financial arms of Ford/GM/Toyota etc exist only to sell cars.
0% loans/cc still make money for the lender the majority of the time.
It's a world full of choices, 0% on a highly depreciating asset is not a smart money choice. I think the Ave is 40% dep in the first 4 years. Losing 16k in 4 years on a 40k mustang.
Or one could purchase a 5k used car and sell it for 3k in 4 years. Both cars are tools for transportation and used to make money.
Choice is yours.
On the contrary you can save money with credit cards. I purchase a ton of stuff on Amazon, for myself and for my work. My work reimburses me but I use my personal card which I make 5% on all Amazon purchases. If I spend $5k a month and get 5% back while paying the card off in full(usually the same day the purchase is made), how much money did I make? A hint is $250 in Amazon points.You don't save money by having debt.
Bank of America did not make 4.5 billion in net profit in 3 months(3rd quarter 15) by saving people money.
Save your breath the other big bank are profiting a billion plus a month as well.
Nice, I am only at $200 in Amazon points but that is because they get used for personal purchases quite often instead of accumulating.View attachment 79329 That's the reason I use the card. Plus I got tired of running around with 5k in cash in my pocket. $1700 for swiping the card. The credit bump is free.
On the contrary you can save money with credit cards. I purchase a ton of stuff on Amazon, for myself and for my work. My work reimburses me but I use my personal card which I make 5% on all Amazon purchases. If I spend $5k a month and get 5% back while paying the card off in full(usually the same day the purchase is made), how much money did I make? A hint is $250 in Amazon points.
90% of the christmas presents My wife and I bought this year didn't cost us a dime. My wife got a Disney card and we planned a Disney world trip, we used that card for the initial purchase giving us $200 in Disney points to spend at their store, I then opened a Disney card and paid off the rest of the trip with that card. We then paid off both cards in full and had $400 to spend on Christmas from the Disney store for all of the kids in the family which we would have gotten presents for anyway.
There is a way to use cards to your advantage and avoid APR fees, some people just don't have what it takes or understand how to do it.
Again you make 250, 500, 1000 a year in point bonuses and the banks make billions in net profits. Tell me again who wins?
Hint, it's not the consumer. They are the ones who give the banks their billions in revenue.
So, can you please tell me how I'm giving him bad advice?
Discover said:Not all credit card issuers report authorized users’ activity to credit bureaus, and those that do might not report it in the same way.
No one can make a credit card issuer report any kind of activity to credit bureaus, which means they are free to report whatever they want. You can ask a primary account holder to add you to his or her account only to find out later—to your dismay—that it hasn’t done a thing to improve your credit score.
According to a poll conducted by Nerdwallet[2], two major U.S. credit card issuers do not report authorized users’ activity at all, three issuers report to all three bureaus, one issuer reports only positive information, and two issuers—including Discover—report authorized users’ activity differently from that of the account holder. So make sure that being added to someone’s account actually does something to build your credit.
You don't need debt/credit to live today though most people use it. Those that don't save a ton of money and have extra every month leading to nicer and higher price purchases.You've made your point, we get it; however, your point is dumb (I think you get that and you're being stubborn). It's rather simple: spend within your means and you'll be fine. The people that feed profits to the bank are the ones that get in over their head, acquire too much debt and pay A LOT in interest to the bank.
The world is changing and you need credit--and you need banks to back these small loans (credit card purchases). It's become nearly impossible to go to a local store to buy something other than common goods. For anything other than common goods, you turn to the internet and buy online. It's hard to pay cash when making purchases online.