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Mustang Forums
2011-2014 Mustangs
2011-2014 Mustang Talk
Are a lot of people forgetting the 2011 GT is still a GT?
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<blockquote data-quote="mustangc" data-source="post: 10335933" data-attributes="member: 87570"><p>Be careful worshiping at the altar of the great FICO. FICO is an “I love debt” score. You are borrowing money so that in the future you have the ability to borrow money? Think about how silly that sounds.</p><p></p><p>It is a myth that you have to have a credit score in order to buy a house. If you have a good down payment, a steady income, and a short history of paying rent on time, you can get a mortgage from a reputable bank without having any other debt history. It is easier to accumulate a large down payment if you are not making car payments.</p><p></p><p>You’re right that the $27k would be better served as a down payment on the house… that is why you shouldn’t buy a new car if you don’t have enough net worth to compensate for having a $30k depreciating asset. Great example!</p></blockquote><p></p>
[QUOTE="mustangc, post: 10335933, member: 87570"] Be careful worshiping at the altar of the great FICO. FICO is an “I love debt” score. You are borrowing money so that in the future you have the ability to borrow money? Think about how silly that sounds. It is a myth that you have to have a credit score in order to buy a house. If you have a good down payment, a steady income, and a short history of paying rent on time, you can get a mortgage from a reputable bank without having any other debt history. It is easier to accumulate a large down payment if you are not making car payments. You’re right that the $27k would be better served as a down payment on the house… that is why you shouldn’t buy a new car if you don’t have enough net worth to compensate for having a $30k depreciating asset. Great example! [/QUOTE]
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2011-2014 Mustangs
2011-2014 Mustang Talk
Are a lot of people forgetting the 2011 GT is still a GT?
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