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.
N/A credit score.
- Thread starter coposrv
- Start date
Other people's irresponsibility isn't his problem.
Just like anything else in life, responsible actions can have rewards while irresponsible actions can have consequences.
Just like anything else in life, responsible actions can have rewards while irresponsible actions can have consequences.
That profit will trickle down so it is not a big deal! They will hire more employees and pay them more with better benefits! In the end the money makes it back to the community!
This thread is beyond proof that you can't fix stupid... Done wasting my time.
Yes it takes more money to buy on credit than to buy with cash.
The borrower will always be slave to the lender.
The borrower will always be slave to the lender.
We used Ford's 0% financing on our Mustang. What are your thoughts on 0% loans?
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.
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.
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.
Aside from all of this, credit is important to have. It's not hard to maintain some small revolving debt to keep the credit juices flowing. As of right now I have small student loans and a small credit card balance across multiple cards. I overpay, use them, and keep it in check. The average person doesn't do this and blow things out of proportion. Prior to my very low debt now, I used to have a brand new car(s), high balance credit cards, and lots of very nice things that I didn't own- the bank did. Guess what? My score was a high 700. People don't understand that credit is important to have even if you don't use it. And credit isn't free either. No bank or financial institute will report good on you if you don't bother to use their financial services.
Aside from all of this, credit is important to have. It's not hard to maintain some small revolving debt to keep the credit juices flowing. As of right now I have small student loans and a small credit card balance across multiple cards. I overpay, use them, and keep it in check. The average person doesn't do this and blow things out of proportion. Prior to my very low debt now, I used to have a brand new car(s), high balance credit cards, and lots of very nice things that I didn't own- the bank did. Guess what? My score was a high 700. People don't understand that credit is important to have even if you don't use it. And credit isn't free either. No bank or financial institute will report good on you if you don't bother to use their financial services.
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!
Haven't pulled the trigger yet. Lots of houses coming on the market here recently and my wife and I are 100% on the same page for what we're looking for so we are taking a look at a lot of stuff and don't really have to settle. I don't want to go into the long boring details yet but yes, through some untraditional methods we have met with the proper people for our situation and we will be able to purchase something in our comfortable price range.
You gave advice, yes...good advice, I'm not sure.
This thread is old and I'm not going to reread it just to make you feel better about yourself.
OP's fiance, while she may have STELLAR credit, may also have a very large credit card debt. (Again, I'm not rereading the thread, so she could pay it off every month for all I know.) If that's the case, his credit score might be great! But his debt to income will prevent him from buying a house. Just like @svtfocus2cobra.
Please don't insult my intelligence. Remember, you were the one that had to use someone else's credit to buy a house.
Ford Motor Credit and Ford Motor Company are separate entities. Before a consumer purchases a vehicle, Ford Motor Company has already been paid for the vehicle, and "gotten their money".
Dealers either own or floorplan their inventory. Ford Motor Credit offers floorplan for dealers, at a slightly higher rate than most banks.
Ford Credit is not around to sell cars in turn, they are around to enable the lending on them. Back in 2008 when the economy tanked, A LOT of major banks gave dealers a 90 day window to either pay off their inventory or get it floor'ed somewhere else. Ford Credit couldn't do that, because it would hurt big brother's (Ford Motor Company) business model.
Ford Credit makes more from floorplan interest than they do on the consumer purchasing side.
Next time you want to spew nonsense, take it to M6 or something.
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Just curious, is the car your avatar yours?
13Cobra, my advice was good advice because I was in the exact same situation as the OP. You give a hypothetical situation as to why it might be considered "bad" advice? He says she is responsible, just like my fiance. Therefore it's good advice.
I'm not sure how I'm using "someone else's" credit when I'm using my own credit, to buy my own house, in my own name? I guess you still don't understand how it works quite yet. LOL my credit is GREAT.
No one is insulting your intelligence, but I'm questioning how you are able to sell cars for a living and you've never heard of adding someone as an authorized user on a credit card?
OP wanted to know the fastest way to build credit so he could buy a house, with his money. He has plenty of money, just like me. He has a responsible fiance with a credit card, just like me. He wants to buy his own house, just like me.
So, can you please tell me how I'm giving him bad advice?
I'm not sure how I'm using "someone else's" credit when I'm using my own credit, to buy my own house, in my own name? I guess you still don't understand how it works quite yet. LOL my credit is GREAT.
No one is insulting your intelligence, but I'm questioning how you are able to sell cars for a living and you've never heard of adding someone as an authorized user on a credit card?
OP wanted to know the fastest way to build credit so he could buy a house, with his money. He has plenty of money, just like me. He has a responsible fiance with a credit card, just like me. He wants to buy his own house, just like me.
So, can you please tell me how I'm giving him bad advice?
If it hasn't been mentioned, the best thing you can do is add your name to your wife's credit cards.
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.
Nice, I am only at $200 in Amazon points but that is because they get used for personal purchases quite often instead of accumulating.
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.
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.
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.
Yes you can buy online with credit. Yes you can buy a house with no mortgage. Yes you can buy an apartment complex in cash. It's really not hard if you don't hand over your free money to the bank.
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