How long does it take to build your credit after getting your first credit card?

[reddy351]

No, you keep changing your opinion. The whole discussion is over good debt and bad debt. You're going from all debt is bad, to unsecured debt is bad, but mortgaging is ok. All based on mistakes you've made in the past. I've never made a mistake with my credit, and I have enough money in the bank to live for about 9 months with no income. So which do you think is better? Using that money in the bank to pay down the house or saving it in case you lose your job? At 5% APR, for the love of god, keep your money. If I use the good credit that I already have, I could stretch it out to a year without having a job. The point is to make a determination on what kind of debt you take out to get yourself ahead, and what kind of debt you want to avoid.

Kurt

Dude, you're just wrong and you know it. Read back through my first 3 or 4 posts! I was talking only about credit card and car debt. The only thing I ever mentioned about a mortgage is that you dont need credit card "credit" to get a house. Why did you NOT address that? Because it's true and completely destroys your arguements.

Your attempts to twist the conversation to mean something that I (and others) have never said, have failed. It's all in writing! You can't dispute it.

I have also never said that it's all from mistakes I've made in the past. (Nice try to discredit me.) I said "things I've learned". I didn't have to argue with someone when they told me that credit isn't always a good thing. (I learned from THEIR mistakes. Something you seem to refuse to do.)

Good luck with your "credit". See you on bank auction day. Ask just about any millionaire (that made the money themselves--I have spoken with more than one) They will tell you that they've lived in rentals to save money and 90% HAVE NEVER HAD CREDIT CARDS!

When a student (you) refuses to learn, the teacher (me) would be wise to move-on to someone who will. I'm done with you. You WILL learn, one way or another.

 

[revhead347]

You're the teacher. That's laughable. But ok. You referenced something I said, and said I was wrong. I never said you needed credit card debt to get a mortgage. I said I didn't think you could build up enough credit to get a mortgage by simply paying your utilites on time. Didn't say anything about credit card debt. I mean, I bought a house and I've never had any credit card debt in my life, so that doesn't make sense, why would I even say that. As for the other stuff, I think I'm probably one of the last people here you'll see at a foreclosure auction. I mean, anything is possible, and people get a hard break every once in awhile, but I'm the one with the union job protected by longevity living way below my means.

Kurt

 

[reddy351]

I think I'm probably one of the last people here you'll see at a foreclosure auction (edited) living way below my means.

So, the only thing we dont see eye to eye on is our approach to unsecured debt? I've told you quite a few post ago to "do it your way" and you still want to fight prove to me that it's the right thing to do. (Why the need to defend your life's choices? They sure dont effect me.) I still don't believe unsecured debt (yes, school loans too) is good for anyone. (I don't think you do, either.)

I hope someone reading this gets thread something from it. I'm not sure the OP's question even got answered. (Sorry, OP.) Lol.

 

[BlackVert]

you both even seem to have similar views about unsecured debt, except for maybe student loans. my understanding of what revhead is saying is that a student loan is justifiable because it can help position you for a much higher paying job down the road. i can understand that.

but i also want to point out that it is possible to put oneself through school without having to borrow any money.

case in point .... me

i started out at age 22 going to the university of the district of columbia (UDC) part time working towards a degree in computer science, while working as a waitor at a local restaurant and renting a place with my best friend. a couple of years later, i got a job at georgetown university working in the hospital information systems department. georgetown had a benefit where employees could take classes part time for free while working full time. i was able to transfer from UDC to georgetown and take 1-2 classes per semester while working full time, getting married, and having 2 kids. i graduated from georgetown university at age 36 cum laude with a bachelor of science in computer science without having to borrow 1 penny.

it was a long hard road, but where there is a will, there is a way.

 

[revhead347]

I started school in 1998 at age 18. By the time I was 18 years old I had saved $100,000 cash to put towards school. I started with a little money my grandmother left me when she died. From age 15 to age 18 I was stocking shelves at Publix Supermarket. I would take half my paycheck out on Saturday nights to downtown Ft. Lauderdale where I was consistently turning 30% doing the unmentionable activity (on stangnet anyway) involving cars. I would then take that half of my paycheck now up 30% and invest it right back into Publix stock, which was private, and you had to be an employee to purchase. At the time, that was turning a 30% return plus an annual dividend. When I turned 18 I transferred about $10,000 of that money to a high interest bank account in Norway. That money turned into $27,000 over a ten year period, which is what I used to buy this house. I also qualified for the full Florida Bright Scholars since I graduated with a 4.1 gpa. But I went to a private school. Between the Bright Scholors, the ERAU presidential scholarship, and the FRAG I still had to come up with about $700 a semester for tuition. Then I had to pay for my housing and living expenses. And then comes the flight time, and FAA tests. That's 8 FAA certifications, with about $1000 a ground school, $100 for each written, $350 for each examiner test, $450 annually in flight supplies, and the single engine was about $110/hr, the multi about $160/hr. 300 hours cumulatively in airplanes divided up between multi and single. I worked at Firestone turning wrenches most of the time I was in college, but I wanted to get my school out of the way. I finished in 2001 a year ahead of schedule, 32 in my class of just over 1000. I had accumulated about $30,000 in school debt in just 3 years even starting with $100,000. Unless your parents are filthy rich there is no way to become a pilot without borrowing a ton of money.

Kurt