True. Taking the same amount of money and buying a house upfront is a waste. You should try to go with a 30 year plan and let the money u could've bought a house for, invest it in bonds, interest from a bank or what have you and you could easily double the money u had. It's a financial idea that is pretty true. If you don't belive it, ask anyone in finance.
This is the key. I couldn't disagree more with the people saying you shoudn't have any credit whatsoever. It's all how you manage it. I have one credit card (Capital One Visa) and I put all my bills on it, use it for gas, groceries and pretty much everything I buy during the month. Then the day I get the bill in the mail, I pay it off in full online the same day. I do this every month without fail. I couldn't give a sweet rats arse about the high APR because I never pay interest. The discipline I have comes from learning from my mistakes of the past. I've been reading a lot about this topic, as I would like to be in a position to buy a house in a year, and pretty much everything I've researched points to the conclusion that having absolutely no credit is as bad as having bad credit. What info does a potential lender have to go on that gives the impression that you can handle paying back a house or car loan if your credit report is blank? Would you let someone borrow 20K or 200K without having a clue about the persons ability or will to pay it back?
