OK my friends, this is why you do not want to mess up your credit...

YeuEmMaiMai

Well-Known Member
OK,

I don't use credit... seriously as I made a mistake a while ago and since then I decided not to use it. I pay cash for as much as I can... the down side is this:

When you DO need credit it is hard to get and they really love to stick it to you interest wise... As some of you may know I recently bought a 2014 Subaru Legacy lease return for 19K.. I needed a car and I did not splurge. Given where I live, AWD is needed and I really did not want to get a slip and grip type of car so I settled on the Subaru as I also have a 2003 legacy that I paid cash for and love it in the snow.

Total price was 23K including taxes, plates, fees, and 4 year 60K warranty. Put 7K down and was left with 15,900 to finance over 6 years and 15% apr and a monthly payment of $344 over 6 years...

If I had just made the monthly payments they would have collected over $8,800 in interest payments.


Oh, the cashstrosity you say! ... but wait... I am not too dumb...

I am 7 months in on my loan and have paid the car down by 50%. I have been paying an average of 1300 a month to kill this thing off. So far I have paid 1030 in interest and lowered the loan principle down to 8041 and I have yet to make my final payment for this year and it will be between $700 and $1000 depending upon my final paycheck amount. dropping what I owe down to the 7100-7300 range. The plan is (Lord willing) to have the car paid for by May 2017.

Moral of the story? keep your credit in order even if you don't use it...
 

O4L

Well-Known Member
I haven't used credit for over 35 years. If I don't have the cash I don't buy it. I've never worried about my credit score or even checked it. My humble abode is paid for and I drive a nearly 27 year old car.

It would be nice to have newer things but I would rather have no payments. I absolutely hate making payments.

If I had to borrow money I would be up the creek, but so far I've gotten by without having to since the early eighties, thank the Lord.
 

ReadyforSupper

Well-Known Member
I haven't used credit for over 35 years. If I don't have the cash I don't buy it. I've never worried about my credit score or even checked it. My humble abode is paid for and I drive a nearly 27 year old car.

It would be nice to have newer things but I would rather have no payments. I absolutely hate making payments.

If I had to borrow money I would be up the creek, but so far I've gotten by without having to since the early eighties, thank the Lord.
I'm the same way. I have average credit scores but no credit since the 80's.
Some of ya'll remember back when my mustang got t- boned and I used the motorcycle solely... now I've got two more foster daughters and had to have a car.

I put in a prayer request at church and with my clients and two weeks ago, one of them gave me a 2003 impala that his wife used to drive back and forth to work!

68k miles in perfect condition!

( be in debt to no man for the borrower is slave to the lender!)

It took 8 months but hey...I don't go anywhere but church anyhow lol
 
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