okay so we all know i have gotten myself in a heap of trouble with credit cards and i don't use them anymore but how many of ya'll really believe we can live our lives without credit...i mean eventually once i get my cars and debt paid off i want to have my dream house...that will be my only debt and i would hope to pay it off asap....but wouldn't i need some type of credit again to buy a house or is my house right now enough for them to base it off of??
what do you think? Can we live without our credit history and fico scores?
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2 comments:
Yes, you can live without credit scores. Especially if you don't plan on borrowing any money except for a mortgage. There are banks out there that will look at your income and your situation, rather than an arbitrary score. Dave Ramsey mentions a few on his site, but I can't remember them because we are not ready to purchase a house yet.
Hope that helps.
Toni
http://happytobeathome.net
I think a person can live without credit. I think it would be more difficult than Dave Ramsey makes it sound, though.
As for the car - if you can't get a sig loan, if you can't get a loan through your own bank that you do business with (explain what you want to do! - but also keep in mind that maybe you want a little more than the $7k in order to get a runaround car..?) -- then I think you just stick with it, but really work the budget so you can get it (and the other stuff) paid off as soon as you possibly can.
I like Dave Ramsey, and he is a great motivator, but sometimes...it's just not realistic. If your credit is already shot, then there's no way you can get another loan in order to take care of the debt.
Do what you can - no one can ask for more. Work the budget, and squeeze any penny you can to get some of the debt gone.
Can you sell on ebay or have a rummage sale? Just an idea to get a kick in the pants on it. :)
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