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I don't have much credit
- Thread starter cwwilson
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Why should the bank/credit company lend you the money? According to them you seem like a bad risk. Have you read the news lately? There is a credit crunch. Banks aren't lending out money except for low risk individuals. Where do you fit in?
Have you even read the thread...Sigh.
I was steamed when I wrote that. Through the pages of the thread, my head got screwed on straight. There is nothing in your post I don't already know. When you have something new to bring to the table, you at are at will to share.
I just talked with my dad and he agreed to help me out with my financial troubles. We're going to clear up with the bank, get my own account away from the split one I have with my mom...heh...And set up some savings. I have a TV I'm currently renting though R-A-C and we're going to use some of mine and some of his to buy mine outright at a store rather than the $3500 R-A-C would want over time. With the $200 a month I'd save through that I can put that plus other monies into savings. When I get enough, I'll do the loan deal and then I'll have my new Mac. In the mean time, I'll keep a close eye on eBay and Craigslist for an older Mac to use until then in the ~$800 range when I get that much money again.
I can't believe I got this much help from a forum thread (don't know if that's sad or not) but thanks all
The deals you find in ebay tend to not be so great for Mac buyers. The prices do not depreciate very fast and they tend to really slow down in dropping after a few years.
Why owe somebody on a computer? You don't need it that bad. If you have $800 now save up into you can buy it with hot money. I think it dumb to get in debt over a computer. If you can't wait for something you want then you just don't want it that bad.
And I'm glad of that, but my point is that likely if you had to rent in the first place, it's probably something you don't really need and can't really afford.
The latest TV, computer, phone, etc all seem so important when you're sucked into that world. And I realize I'm probably on the wrong forum to be saying this but until you're on firm financial ground (6 months of income in an emergency fund, good progress towards retirement, no outstanding consumer debt) it is prudent to stay away from such purchases.
'Nuff of my advice, take it or leave it I'll hound you no more. Again, best wishes to you.
Oh I can wait. I've waited for almost everything I own. As for the Mac, I have waited YEARS for one of those. I came really close to owning a G5 iMac back when they first came out, but passed on that opportunity. Now I am sort of regretting it. Then when the new Alu iMacs came out in 2007, I told myself I was for sure getting one this time. Yet here we are almost two years later. I do indeed want one pretty bad and my PC isn't getting any newer. I have waited long enough but lo and behold there is a new batch of iMacs coming once again. Maybe by the time those come out, I'll be in the right position to get one but in the mean time, I will try to find the best deal out there on the internet.
Yes! When we moved houses we made a killing off our old stuff through eBay and it helped a lot during the process. Sell your old stuff so you have less to move, and make a little money doing it
Some good advice me thinks.
So true!
Hard to remember that at times when going through life.
Bruce Wayne's advice was/is sound. The method he describes is a method many, including myself, have taken as the first step towards (eventually) securing an Excellent credit rating. I started out with a secured credit card that had horrible interest rates...I bought a token thing or two, paid them off. After one year..my first unsecured card offer was sent my way, etc. etc.
In the world today, where everything (auto insurance, rental availability, other insurance rates, one's ability to even get a cell phone) is ever-more linked to our credit, it's "important" (if you believe in that thing called the material world) to have good credit. Makes life so much easier & simpler - and ultimately less expensive.
A simple, real-world example of why it's better to have great credit is auto insurance. My GF had insurance on her car...nearly $1800/year through Geico. She & I have the same # of tickets on our records (one - speeding), same address, and are very close in age. The rate from Geico when I (the one with much, much better credit) had the vehicle insured in my name dropped down to just under $500/year. Nice, eh? The new discrimination in America isn't over race/color/religion - it's over one's credit score.
Because the guy is trying to build credit. Even if he doesn't need credit now, doesn't mean that in the future he won't need a home loan, a car loan, or anything. He might need $5000 braces for his kid and may need to finance it. Depending on the type of job you apply for, they might run a credit report to see if he is trustworthy. As the economy gets worse, banks are going to be more wary of loaning any money. A spotless credit record, or at least one far more positive than negative, is going to be essential.
I'm not advocating going into debt for a laptop, my post was that - if cwwilson is set on buying a $2000 computer, he can use the opportunity to get a paid off loan on his credit report, which will look much better than the situation he is in now.
Using my scenario above, a $2000 loan for 12 months @7.5% will cost him $82 in interest. $2500 in a savings account for 12 months at 2.5% interest will earn him $63 in interest. So for 19 dollars (less than 2 dollars a month) the guy builds a positive credit score. In his situation it would probably be the best $19 he will ever spend.
There were banks in 1909 too. My Grandparents bought their first house in the 30's on a bank loan. The main difference is that back then it was my Grandfather's standing in the community and his job as a steelworker that convinced the bank to lend him the money. Nowadays, loans are granted based on a arbitrary number (credit score) spit out by a computer somewhere that the average consumer has very little control of.
So davidg4781, if you have the means to pay for a $150,000 house in cash (which in my area gets you a 30 year old fixer upper with broken appliances and leaking roof), then I'm happy for you. But paying cash for a house is not going to happen for the majority of the working class - and that is why you need credit.
**bump**
Just an update for those who care. I was a man of my word and I fixed my bank debt. Payed what I owed and opened my own account instead of that joint one. So I got the first part taken care of. Next is getting rid of my TV rental and that will happen as SOON as I get my federal return in the mail (ETA Feb 26) and will use that money to purchase TV in full brand new. Then I'll get that stinkin' Mac. I'm one step closer at least.
Just an update for those who care. I was a man of my word and I fixed my bank debt. Payed what I owed and opened my own account instead of that joint one. So I got the first part taken care of. Next is getting rid of my TV rental and that will happen as SOON as I get my federal return in the mail (ETA Feb 26) and will use that money to purchase TV in full brand new. Then I'll get that stinkin' Mac. I'm one step closer at least.
**bump**
Just an update for those who care. I was a man of my word and I fixed my bank debt. Payed what I owed and opened my own account instead of that joint one. So I got the first part taken care of. Next is getting rid of my TV rental and that will happen as SOON as I get my federal return in the mail (ETA Feb 26) and will use that money to purchase TV in full brand new. Then I'll get that stinkin' Mac. I'm one step closer at least.
Now that you have an account get your tax rebate with direct deposit next year.
**bump**
Just an update for those who care. I was a man of my word and I fixed my bank debt. Payed what I owed and opened my own account instead of that joint one. So I got the first part taken care of. Next is getting rid of my TV rental and that will happen as SOON as I get my federal return in the mail (ETA Feb 26) and will use that money to purchase TV in full brand new. Then I'll get that stinkin' Mac. I'm one step closer at least.
I don't know how much you've paid for the TV rental thus far, but maybe you should save the federal return money and not buy a tv. iPhone ownership is expensive too. The TV rental + iPhone service is almost $300/month.
Stop spending. Start saving.
Live within your means, and you'll never notice we're in a recession.
My bill is nowhere near $300 a month for my iPhone
He was talking about the combination. Hence rental + iPhone.