Ford Mustang Forum - View Single Post - So poll time pay off vs mod who does what
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post #86 of (permalink) Old 11-29-2012
skulls
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Joined: Oct 2012
Location: Portland
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Quote:
Originally Posted by 1993 mustang View Post
i got 1.6% as a 22 year old and thats without any incintives like the ford offers. using credit cards the right way really does help your credit.
correct...credit used smartly and strategicaly...will yeild great things in life...

let me give an example and not use going into current debt to back up my point...(not directed at you 1993 mustang)

if you apply to live in an apartment...you have a chance to potentially pay a very small security deposit, lets say 150, or to pay first and last months rent plus a full months rent extra as the security deposit up front, lets say 750 a month, so a total up front cost of 2250 or 150.

wanna guess how they decide? ahhh....credit...and its based of great credit, fair credit, no credit or bad credit (these are loose as its way more complicated, but it works here.) so with great cresit you only have to put down 150 (Great credit comes from using credit cards and other debts wisely making payments on time and having a long established history of using it wisely and paying on time.) now if you always paid cash out right for everything you have no credit at all and guess what you'd probably have to pay 1st months rent & a bigger security deposit just because you refuse to use credit wisely...

cable companies, cell phone companies, anything you have to bind into a contract with in regards to payments, factors into your credit score and no credit can sometimes be almost as bad as bad credit is. However using credit wisely, gets you good credit...i would argue credit used wisely is far more beneficial then credit not used at all...


also companies more and more are running credit on potential employees and factoring that into thier decision...so imgaine how it looks when they pull your credit and you have a very positive long standing credit history...that to them speaks volumes!

but hey to each thier own...

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