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What is your credit score?
- Thread starter iBreatheApple
- Start date
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I think you have no idea what your talking about. In your other post you mentioned you have a care fleece... I mean Lease. That's classified as debt on any financial statement.
https://forums.macrumors.com/threads/1291129/
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Touche. I'm just pointing things out in my experiences with working with people in need. All this talk about debt without acknowledging the downside doesn't seem responsible.
It is interesting to note that apple doesn't seek out debt as it seeks out paying for assets out right through their acquisitions.
How in the Hell is leasing a car a debt. It's a sound business decision.
Grow up, please.
Grow up?? Who owns the car!? That's right the leasing company. Simply debt also called liability takes cash out of your pocket (negative cash-flow). Asset puts money into your pocket (positive cash-flow). It's an asset to the bank and a liability (debt) to the person paying the payments.
Sound business decision? Really!? How so? Paying for a car going down in value by up to 50% in 3 years? Show me the math.
Bless you. Was that my BD prezzie???
Our friend fails to mention write-offs in his rant.
Bless you. Was that my BD prezzie???
Our friend fails to mention write-offs in his rant.
thats it! just saw your name on the bottom of the forum page...recognized you and hellhammer. you guys should get schmammered.
I had to take my car in for warranty work last week. They had to keep it overnight and set me up with a free rental through Enterprise. Even though the rental was paid for by the dealer, Enterprise still had to put a hold on my credit card in case I returned it with damage or an empty gas tank. I could give them my debit card, but I wouldn't have access to that money until the hold dropped off (duration of the rental plus a few days). I gave them my AmEx for the hold instead, and since I pay my credit card off each month and am nowhere close to the credit limit, I had more than enough available credit for them to place a hold without having any affect on me whatsoever. If that hold was placed on my debit card, that's money I wouldn't be able to use for gas, groceries and other expenses.
I have never paid a dime in interest or late fees on my credit card because I use them responsibly. And thanks to some recent large purchases, I've totaled about $100 in cash back rewards over the past few months.
Bless you. Was that my BD prezzie???
Our friend fails to mention write-offs in his rant.
Tell me about the right off. Sounds like a sound bite and not an original thought. Break down the math and show how it makes sense.
opposed to my using of a credit card as cash is irresponsible? CCs offer alot of protection and alot of places require them
My question is why not use it? It is a necessary evil and to not have one and not have a resulting credit score only makes life more difficult than it should be
Seems to me that owning an asset that you know will depreciate in value as time goes on isn't a very good asset to own.
All of my (and my wife's) scores are in the high 700s.
Mine is 500. Reason? I filed a Bankruptcy in 2010 and still have about 18 months left to pay. I only owe money because my car was worth more than the amount they allow so I had to pay the difference which was $3,000.
I did manage to get two small credit cards even though my BK is not discharged yet. My score fluctuates even more now since I did get them.
I did manage to get two small credit cards even though my BK is not discharged yet. My score fluctuates even more now since I did get them.
last time I checked all three were around 820. I don't really care so much as I've been living outside the US for about 5 years.
I have no idea what it would be in Germany/Sweden, but probably not as good. However, credit doesn't really matter so much over here, permanent employment (essentially being un-fireable or given at least 1-2 years notice) and large down payments (25-40%) for mortgages/cars do.
I actually wonder why it has stayed so high when I only use about 200 USD/yr or US credit.
I have no idea what it would be in Germany/Sweden, but probably not as good. However, credit doesn't really matter so much over here, permanent employment (essentially being un-fireable or given at least 1-2 years notice) and large down payments (25-40%) for mortgages/cars do.
I actually wonder why it has stayed so high when I only use about 200 USD/yr or US credit.
Funny how most here seem to all have amazing credit scores. Either people with poor scores are just too embarrassed to post or people are just bullsh*tting...
I think having paid off 3 mortgage and almost 100k in student loans within the last 7 years, in addition to having minimal revolving debt (20USD/mo or so), really helps
Yes, I am initiating a new car lease tomorrow so I will have a bit more debt. You seem to think all debt is bad and irresponsible but you're wrong. Leasing a car makes sense for me as I use my car for business which leads to being able to write off a nice chunk of my auto expenses. IMO, buying an asset that loses half it's value in 2 years makes no sense for ME.
The fact is, your experiences are one-sided and jaded. You've seen only the bad.
IIRC, you can establish a purchased car as an asset and depreciated it over time as well (tax-wise in 2007). You probably like it because of the maintenance is included but if your business was larger with more vehicles, it might make sense to purchase the vehicles outright and claim the depreciation on the maintenance structure (buildings and equipments) and the auto themselves.
But, if you're small, a lease is OK for a business ... it's more simple, for most people, than owning and depreciating (which I calculated as being a better tax-deduction after a certain amount of miles.)
As a personal investment, purchasing and leasing suck, and public transport is where it's at.
Would you break down the math? From my accountant's perspective spending $10,000 year to the bank in car payments to save sending $3000 to the government made no sense in my situation. I would be better off sending the government $3000 and keeping the $7000. Allot of vehicle can be bought for $7000 and last years and have an extra $7000 every year.
Please show me math that makes sense.
I heard from from one person saying it's your perspective, you hate debt blah blah blah..... I just don't see real rich people advocating debt. I hear the opposite as they say curb your consumer debt.
However I don't see any grade 4 math out there that makes sense. Please.. no sound bites or political one liners. Original thoughts welcome.
^^ There might be extraneous factors, like judging the business impression an "old" car generates if it is used in client-related capacities. I don't know for sure. My understanding is that leasing can make sense in some scenarios and doesn't in others, much like home buying (which makes sense a lot less often than many people think).
Of course it's a selective sample on a variety of levels. People hang out at MacRumors because they're Mac/Apple enthusiasts, and that in itself suggests that many of them will have some disposable cash. But of course, if you have a thread entitled "post how healthy you eat," you'll have less responses of "I'm a fat slob who exists solely on Cheetos and Hungry-Man frozen dinners."
FWIW, though, according to Zillow's study, while there is a large block (30%) of the population with poor credit scores, almost half of America is above 720.
Besides, many people *find out* their credit score because they succeed in obtaining credit for something. I never knew my numerical credit score (although I knew it was likely to be good) until I pursued a mortgage this year. I was "supposed" to receive credit ratings through various mechanisms (e.g. a landlord doing a credit check disclosing the results to me) in the past, but they never seemed to materialize, and the free yearly credit check identifies potential factors that would down/upgrade credit but does not provide a numerical score. So this year is the first time I ever saw my numerical scores from the big three.
Of course it's a selective sample on a variety of levels. People hang out at MacRumors because they're Mac/Apple enthusiasts, and that in itself suggests that many of them will have some disposable cash. But of course, if you have a thread entitled "post how healthy you eat," you'll have less responses of "I'm a fat slob who exists solely on Cheetos and Hungry-Man frozen dinners."
FWIW, though, according to Zillow's study, while there is a large block (30%) of the population with poor credit scores, almost half of America is above 720.
Besides, many people *find out* their credit score because they succeed in obtaining credit for something. I never knew my numerical credit score (although I knew it was likely to be good) until I pursued a mortgage this year. I was "supposed" to receive credit ratings through various mechanisms (e.g. a landlord doing a credit check disclosing the results to me) in the past, but they never seemed to materialize, and the free yearly credit check identifies potential factors that would down/upgrade credit but does not provide a numerical score. So this year is the first time I ever saw my numerical scores from the big three.
Tax breaks are better for a car that was driven roughly 50k miles year. I was also self-employed and had more wiggle room than others
http://www.taxmama.com/Articles-cur/rentvbuy.html
According to the link you provided he suggests owning the vehicle unless is a super expensive vehicle like a mercedes or BMW.
You are correct in the sense that the write offs are higher but that's only one piece it the financial planning.
In your situation you really destroy the value on your vehicle.
You either put a big down payment in the beginning or write a big check for the vehicle when you return it or you roll the debt into your next car deal.----------
Here is an article that explains what happens to leases at the end of their term better then I. Cheers.
http://www.familycorner.com/family/finance/lease.shtml