Late-nite, I've Had It RANT

monkey

Maybe I missed something but if debt free includes a house isn't a home equity loan about the easiest loan to get.
we had our house paid for and then took out an equity loan for I think 35k(yes my wife does the money stuff) I think its 4 percent and no closing costs. maybe a title search fee or something. local bank. I think they sent someone to pull into the driveway and that was it.

__________________

XanadooLTD

True. We overpaid one last year by 6 grand. Limit was immidiately increased. Hated to miss the 6 g's i just overspent the next month to make up for it.

deckman22

I call BS on the new federal regulations bit. I think he had a different reason he just didn't say it.

I'm not a big fan a bankers, they are silver tongued liars just like most RE agents & lawyers.

__________________
Deckman
www.alscustomdecks.com

angus242

Let me clear up a few things, while mostly debt free it doesn't mean I'm living large. I have my cell phone bill, insurance and truck payment. The truck is not in my name. I hope this would keep the credit clean but it is still my responsibility. As for the living arrangements, my lovely girlfriend of 10 years has the house in her name. This was all planned starting in 2005 when I knew I'd been venturing out on my own. We sold our house in 2005 for top dollar. We bought our recent house (2008) for bottom dollar in her name. This has our mortgage at such a reasonable rate, she can handle the full amount if I have a slow month.

All of these things have technically hurt my credit as I don't have much active. However, I was more worried about being in the position of starting my own business and being able to struggle if times got tough without having to give in and go work for the man again. Can't say if it was the right call but I know that I'm not drowning in debt. Of course, I'm not floating in credit either.

Can't say either way about the banker. Who am I to call BS? I know we talked to 3 different banks last year and all said they weren't even considering loan applications at the time.

__________________
Angus
L+M+O+P=C
"Promise only what you can deliver. Then deliver more than you promise"

nEighter

I was just thinking about this today.. to be truly debt free would be a miracle. To not owe anyone, and just have simple bills.. would be what.. 700ish a month?! WOW that would be awesome!

__________________
Olathe house Painting and Remodeling Overland Park Interior House Painting Leawood Exterior House Painting Shawnee Wood Rot Repair Lenexa Drywall Repair

monkey

Some things you would have to write a novel to explain everything on an internet forum. I'm not a money guy but it seems the no interest payments help over a lifetime but hurt short term if you need to borrow.?
My son didn't go to college . Things would probably be different if we were trying to pay for that . 2 am my time... good luck

__________________

reveivl

The whole credit thing sucks big time, I agree. Years ago I went in to the bank I had been with for years for a loan for a truck. Well they told me that I didn't qualify because i had been putting all the profits from the company back into the company. they interpret that as no profit.

At one point I said to the manager: "So if instead of investing in my own company if I had taken the money and stuck it up my nose or into my arm, gambled it or drank it, you would now be prepared to lend me money?" He said that he wouldn't put it like that, but yes.

Go figure.

__________________
From where does knowledge come? If you need to know what is in a box, you could ask someone (not reliable), you could pray, (not useful), you can consult with the scripture (not helpful) or you could open the box (science)