OT: Last time I'll set foot in Home Depot

Huh? Do you have $30,000 lying around for a new car? If you do congrats, most don't? Do you have $130K sitting around for a new home? Most don't. Try getting a large loan without credit history, especially with the new scoring system. And the other poster calling someone a 'deadbeat' on a late CC payment...damn that's rough. I'm more inclined to call someone who doesn't pay child support a deadbeat, not someone late on one CC payment.

On Sat, 27 Sep 2003 12:18:31 GMT, "George" pixelated:

Obnoxiousness noted.

I'm an Air Force brat and never heard of that. Dad retired in '66 so maybe it's new, or it wasn't talked about back then.

-- Music washes away from the soul the dust of everyday life. ---- --Unknown

Yup. When I was in the Army (1985 - 92) they even had "Lieutenant Retention Boards" -- evaluating Lt's to see which they would keep around long enough to try for Captain. It wasn't pretty.

-- Mark

I was an Air Force brat before that. My dad retired from the AF in 1960. They had a saying then, "passover is more than a Jewish holiday". If an officer got passed over more than the alloted amount of times for promotion they were out. I don't remember the details, but the end result was about the same as now. If a person who started out as an officer didn't make Major well before 20 years, they wouldn't make it to the 20 year early retirement point.

Sat, Sep 27, 2003, 7:54pm (EDT-3) snipped-for-privacy@hotmail.com (CyBrShRk) spouts: Huh? Do you have $30,000 lying around for a new car? If you do congrats, most don't? Do you have $130K sitting around for a new home? Most don't. Try getting a large loan without credit history,

Not paying attention? The discussion at that time was about credit cards, specifically at the BORG. You don't buy a car, or house, using a credit card. Not in my circles anyway.

Cars and houses are a different matter, and yeah, I know about credit history, Think I didn't? But, for those, you get financing, and make payments..

As is, I have excellent history, including excellent credit history. Bought my truck, bank loan, no prob. No credit card didn't worry them. Ain't buying any houses lately, mine's paid for now. But, now that I think on it, didn't have a credit card when I first got the house, those came later. I use a debit card, not credit cards. I don't write checks either (long story, none of your business), Haven't written checks for maybe 15+ years. If checking account direct payment won't work, and debit card isn't appropriate, pay with money orders, or cash. No prob.

Some of you think you can't live like that. Probably not tried either. Makes my life simpler, and less stressful.

By the way, my credit is excellent, because I pay my bills. As a result, not only am I welcome at my bank for loans, I can get no-interest credit at the local gas station, my dentist, and one or two other places, if need be, for some reason.

JOAT If history repeats itself, I should think we can expect the same thing again.

- Terry Venables

Life just ain't life without good music. - JOAT Web Page Update 26 Sep 2003. Some tunes I like.

If you do that once or twice, you're unlikely to ever do it again. If you have credit cards to throw at every stupid purchase, you'll be spending the next 47 years and 50x paying off a credit card.

Stupid people are going to be stupid, but it's harder to get into real trouble with a debit card.

It is impossible to spend money that you don't have. You can spend money that you shouldn't spend, but you can't go into debt with a debit card.

But they can run up your card. Are you protected against that? Certainly, just as you are if someone drains your bank account illegally. There's no functional difference.

Yup, it covers everything. About a year ago, I was having a particularly troublesome transmission replaced in my wife's car. The shop had put *4* transmissions in and each one failed catastrophically within weeks. The shop promised to have it fixed by a certain date, but didn't make it so they rented me a car. I had the car for about a month (don't get me started) and in the end, instead of charging the shop for the rental rates, Hertz charged the whole amount on my debit card (they had to have the card # to hold the car). That caused my entire bank account to cascade into bounced checks, bounced check charges, causing more checks to bounce, etc. All in all, because of this one fraudulent charge, I ended up with hundreds of dollars in bounce charges and about a dozen bounced checks.

The bank waived all of them and even paid company late fees and bounce fees without blinking an eye. We were not liable for any charge because it wasn't our fault. Hopefully they passed those charges on to Hertz, but I really don't know.

With the PIN, maybe. You are running under the issuer's debit card agreement. How that would happen is anyone's guess, as the PIN should not be recorded in the wallet or purse.

Without the PIN, my credit union would and did for me, as the card is run though as a Visa, and is subject to Visa's benefits and rules.

It's a little complicated, but a single card can be subject to two sets of rules, depending on how it's used.

Barry

Then don't buy *new* cars. In two years that car will probably be worth 20k, in three years 15k, an even better time to pay cash for it.

Read the book "The Millionaire Next Door" and a lot of it will make sense. NEVER borrow money on a depreciating item, vacation, etc... if you expect to ever accumulate any money.

Cars can be had for cash, it just takes longer to get nice ones at teh beginning. Buying newer used cars carefully can often allow you to drive them for little more than gas and basic maintenence, especially if you can pick up a "must sell" from someone over their head in debt.

Most of the time, real estate is not a depreciating asset, and loans on it are a whole different ball ame.

Many mortgage companies and credit unions WILL write mortgages to people with solid employment history, a credit history consisting of paying rent only, and a _20-25% down payment_, at competitive terms.

A good down payment can often be more important than credit on a real estate purchase. In a lender's eyes, more of your money equals less risk for them.

Be a true "Millionaire Next Door" and read the book for free via your library.

Barry

Ignorance is an acute condition, easily treated with a dose of knowledge.

Stupidity is a chronic condition which denies ignorance.

Actually, I tried this very thing, but the dealer said, nuh uh. Seems that 2% service cahrge gets a tad pricey on the amount a vehicle costs. (No, I wasn't going to pay the exorbitant credit card interest on a car loan - I was going to collect my 2% rebate off the card, and pay it off before interest started acumulating with a car loan).

Renata

--snip--

--snip--

(no stain for email)

No, there is a functional difference. Thieves can run up a credit card, but I am only responsible for the first $50 ($25?) of whatever they do -- the CC company is responsible for the rest. I believe this is by law; when CC were first getting started, it was one of the concessions they had to make to get into business. That's why monitor spending history and sometimes call people after they have made several large purchases outside of their normal spending habits, they are protecting their money, not yours.

Well, my boss bought a brand new $57,000 BMW M3 on American Express to get the points for it. Of course, my boss can write a $57,000 check when the bill comes next month too :-)

I find it interesting that debit card only folks are so defensive. I have never accepted one because in their early days they were clearly not as secure as a credit card. The better debit card companies seem to have taken care of most of that problem, but I have no need or desire for one.

....and with the profits to be made on a $57,000 BMW, what's a little credit card fee between friends :)

Dave Hall

On Sun, 28 Sep 2003 12:30:02 GMT, "George" pixelated:

You're quite right. I learned. NO reply necessary.

Plonk.

-- Music washes away from the soul the dust of everyday life. ---- --Unknown

Defensive? Pointing out errors and myths is defensive?

I've had credit cards, but only when someone has made it really worth my while to get one. Some merchants give large discounts for applying off an initial purchase. I'll take advantage of that to the extent I planned to pay cash for, pay it all in the first payment, and cancel the card.

I read the small print on my cards, and don't feel comfortable running up large bills to collect miles, points, whatever. One mistake paying that bill, a lost mailing, etc.. and many, if not _all_ of the benefits are wiped out.

I find a debit card much less hassle than writing a check in large businesses. Small businesses often offer a CASH discount, not a check or debit card discount, but cash. I am more than happy to take them up on their offer.

Barry