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Can you get by without a credit card? (Dave Ramsey)

Discussion in 'BBS Hangout' started by Outlier, Mar 15, 2014.

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  1. Dairy Ashford

    Dairy Ashford Member

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    Are you saying the supply is tight; I have a hard time believing a top-five city doesn't have available inventory.
     
  2. prs325

    prs325 Member

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    Dave Ramsey recommends home ownership to be paid in cash or have a huge down payment didn't know that your credit score is due to being away from the US. I'm currently in baby step 3 and hope to fully fund our emergency account by the end of the year. I just like the idea of paying for my house outright, that's all.
     
  3. Dubious

    Dubious Member

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    There could be an "owner financed" deal out there if you look. Someone with a townhouse they haven't been able to sell or maybe a retired owner looking for income.

    Since it's really tough to earn any decent income on CD's if you were offering enough down payment to cover the risk of default and a point or two above the current bank interest you might could get a private finance deal.

    The seller of my house offered to finance it for me when he found out how much I was putting in in cash.
     
  4. macalu

    macalu Member

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    i can't really help you with the credit card thing. you're only 25 years old though. single? i wouldn't worry about homeownership right now. get a secured cc like someone advised. save up for the downpayment. that may take another 5 years and you might find a wife and want to live somewhere else. and on one income, the fastest way to getting in major debt is buying a home on your own. look beyond just the price of the home. there's hidden costs that add up through the years.
     
  5. Xerobull

    Xerobull ...and I'm all out of bubblegum

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    Getting a credit card for six months isn't going to do a hell of a lot for you because you'll only have six months of revolving credit history. What you should be focusing on instead is income to debt ratio. If you're debt free, you're probably golden. Just come with a good down payment of 20% or more.
     
  6. Houstunna

    Houstunna Mr Graphix
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    Secured credit, almost guaranteed approval

    -credit card
    -loan

    Secured means you front the bank the money they're loaning you.
    front $500 = $500 secured credit card
    front $10,000 = $10,000 secured loan

    The great thing about the loan is you never actually without the money you're fronting.
    1) front $5,000
    2) Get the secured loan of $5,000
    3) front money + secured money = $10,000

    You still have the money you started with and the loaned money pays itself. Just be sure the terms allow you to withdraw your secured money as the loan balance is paid.
     
  7. Houstunna

    Houstunna Mr Graphix
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    I did three $10,000 secured loans at 3 different banks all with the same $10,000.


    Cash is king
     
  8. Invisible Fan

    Invisible Fan Member

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    If you're too lazy to Google details, I'd ask this question on fat wallet finance
     
  9. Classic

    Classic Member

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    You're in a tough spot. You should definitely get an Exxon/Shell/Chevron card and start there.

    You're asking a bank to loan money yet have no history by which to go with to show you are good with repaying debt.

    I think it is more likely you need to do some type of owner finance situation[if your time line to buy is soon, rather than later]. Just don't think you can pass the underwriting process that a traditional mortgage entails. I say that having bought my first house last year and doing a refinance recently. The paper trail these mortgage underwriters wants is extensive.
     
  10. Ziggy

    Ziggy QUEEN ANON

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    Depends on what and where you're looking. But yeah, if you're looking for a remotely hip place in decent shape you're looking at a 20%+ increase in prices year-over-year, houses commonly going over asking price and listings that go off the market within 10 days.

    Houston is a top 5 city that hasn't actually built any new housing outside of the suburbs in a long ass time. If you're going to Katy or Cypress or something you're fine. But even Spring Branch is on fire right now.

    Buying a house is no joke right now in Houston.
     
  11. DFWRocket

    DFWRocket Member

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    I haven't had a credit card in ten years and doing fine. Find a bank or credit union that do manual underwriting...they give loans the old fashioned way. Usually a local or smaller bank will do it. Good luck.
     
  12. Outlier

    Outlier Member

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    Please explain this. So did this raise your credit thru the roof?

    And dfwrocket, are you rich?
     
  13. Outlier

    Outlier Member

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    So my bank (chase) doesn't allow secured credit cards anymore... Guess i'll have to go to capitol one for that.
     

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