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Tarheel

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I work with a kid who is 21, he has never had a credit but is able to handle most emergencies with smart planning.

 

He really needs to start building his credit score up.  One day he'll want to buy a car, motorcycle, house etc and he'll be up a creek with no credit.  If he's smart as you say, he's probably disciplined as well.  Have him buy gasoline with a credit card and pay it off every month.  Tell him not to use it for anything else.  That will at least start building his score.  Credit score is used for more than loans.  Insurance companies use it as well when figuring risk and rates.

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^^ Here's one for you^^ I bought a house so naturally I had to get insurance binder prior to closing which I did and all was good. Two weeks after I bought the house I get a letter from the insurance company that they were cancelling the policy because my credit score dropped score due to income / debt ratio. I guess they didn't figure in that 'major purchase' when I applied for insurance to buy a house.

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Yes so, GF/fiancé over to sisters. I am here bending the old elbow. Sorry for the font size but, relegated to this by security.

Will be good to hear from Chuck/Denver as to how he is doing now.

Working in proposed music room and had considered putting some items on the cl for sale but, keep finding gems.

Any old how...good evening as per always and cheers... :)  :emotion-22:  :emotion-46:  :emotion-44: 

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One day he'll want to buy a car, motorcycle, house etc and he'll be up a creek with no credit

 

He just purchased a house.  As I did when I was his age with no credit.  Sometimes Credit Unions are more willing to give loans to people before they have credit.  Cars and motorcycles can be purchased with cash.  No not $80,000 cars at that age, but when he is older and feels the need to purchase one he may have the cash to pay for it.  I say these are great practices, doesn't mean I live by them.  However I will say I prefer not to get a loan on something that looses value. 

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He just purchased a house. As I did when I was his age with no credit.

 

I had no idea that was even possible.

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The interest rate is usually adjusted to reflect borrower history, but local conditions rule and I have no idea about NE.

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Evening gang.... 

Just checking in..... Haven't posted in a few days.... crazy busy with all the crapp.... shop, house, mom.... you guys know the drill.. We had the big thaw mid week and a bunch of rain... the one side of the shop took on a shitt load of water.... Shop vac 30 gals out of the one bay... it really sucked...pissed me off.... oh well...

 

Going in tomorrow to do some shop clean-up.... then we'll head to mom's to check in on her and my daughter.. and Sunday we'll do some more cleaning at mom's house...

 

There was some talk about the great NW... I lived out in Seattle for a year... I really liked it out there...I worked in down town Seattle at a huge Honda dealership. It was the largest dealer I ever worked for, they had something like 26 mechanics... Fun times....

 

Me and the Boss just got in from a great sushi meal... worked late at the shop tonight... put some pads and rotors on our Odyssey van and looking at I found the power steering rack is leaking.... there always something with that old turd van...it does have almost 300k on it....

 

OK gang wishing all a good night and a good weekend..... check in later...

 

MKP :-)

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Mark, take a few minutes for yourself.  Crank up some tunes and close your eyes.  Deep breaths..............................................................................

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Thanks Carl....Been doing alot of deep breaths lately... Me and the Boss really need each other right now.... The Boss also has alot on her plate...... and yea were still planing being at Hope......... Oh and I was pumping out some good tunes at the shop most of the day :lol:

 

MKP :-)

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He just purchased a house. As I did when I was his age with no credit.

I had no idea that was even possible.

Smaller banks and credit unions may have the power to manually under write the loan. So they basically just go off of a gut instinct. As for employers, most of the ones i have heard of doing credit checks are ones typically dealing with money. Plus they look for real negatives which may show signs of risk. Having a credit score of zero doesn't typically show signs of risk. May state that someone pays cash for everything.

Sent from my SM-N920P using Tapatalk

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True, if they are not bundling and selling it off but keeping it in house (like the old old days) they can make those decisions.

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The interest rate is usually adjusted to reflect borrower history, but local conditions rule and I have no idea about NE.

What does New England have to do with this

Sent from my SM-N920P using Tapatalk

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