Starting over with your debt

[league_of_ordinary_men]

I wanted to hear what you guy and girls would do differently if you could start over with your debt, like if you where young again and had no debt, no credit cards you know young and free,hehehe so to speak But seriously what would you do to get the best credit score you can. What tips and trick would there be for the younger members or your children.

[Justloadit]

The problem is that when you are young, you adhere to a different set of rules in your head. Basically a lekker smart car, cloths,a fancy house and jolling is what you think is the symbol of success. So spending 90% of your income to pay for these things are acceptable. As you get older, and the responsibilities pile on, so effectively one needs the wisdom up front to really make debt control effective.

[league_of_ordinary_men]

The problem is that when you are young, you adhere to a different set of rules in your head. Basically a lekker smart car, cloths,a fancy house and jolling is what you think is the symbol of success. So spending 90% of your income to pay for these things are acceptable. As you get older, and the responsibilities pile on, so effectively one needs the wisdom up front to really make debt control effective.

Exactly, so what would you suggest for all those who need the wisdom get get a good credit score?

[HR Solutions]

Make sure that day to day credit accounts are paid on time every month. Stores like Edgar's rate you every month from 1-4 depending on how late you pay even if it is a few days late and this reflects on your itc record for all to see and could even affect your job applications.

[league_of_ordinary_men]

Make sure that day to day credit accounts are paid on time every month. Stores like Edgar's rate you every month from 1-4 depending on how late you pay even if it is a few days late and this reflects on your itc record for all to see and could even affect your job applications.

That's great advise HR and if someone had no debt and needed to get a record started with the itc, what would be the best first account or accounts to open?

[pmbguy]

You have to build things up. You can’t open larger accounts without having smaller ones first. Clothing accounts is probably the best way to start. Then once you got that you go to cell phone contacts then perhaps a small bank loan etc.. However, the accounts must not be too many or used too much. A default is probably worse than having an account to start with. I would definitely not suggest a credit card (if they qualify), it’s way too easy to abuse.

Creating accounts left and right just for the sake of a good credit rating is not a good idea. Savings and investments are more important in the long run.

[league_of_ordinary_men]

You have to build things up. You can’t open larger accounts without having smaller ones first. Clothing accounts is probably the best way to start. Then once you got that you go to cell phone contacts then perhaps a small bank loan etc.. However, the accounts must not be too many or used too much. A default is probably worse than having an account to start with. I would definitely not suggest a credit card (if they qualify), it’s way too easy to abuse.

Creating accounts left and right just for the sake of a good credit rating is not a good idea. Savings and investments are more important in the long run.

Good advise pmb

[pmbguy]

[pmbguy]

Sorry I meant to say

[league_of_ordinary_men]

Sorry I meant to say

Oh getting frisky are we,haha

[pmbguy]

I have come up with a great next name for you once you are beyond ordinary.....(drum role)......”Legionnaire!” its like League but better, what do you think?

Back on topic, I am 30 and most of my friends or peers live on credit, I don’t. I don’t buy things I can’t afford, Most things, obviously with some exceptions. A good credit record is good, but it can be bad too if you stupid. The more you borrow the more you can borrow, but just because you can does not mean you should. Only ever take on a new dept if you can comfortably pay twice the instalment each month. Be very careful of credit. Rather be wealthy one day than look rich today.

[league_of_ordinary_men]

I have come up with a great next name for you once you are beyond ordinary.....(drum role)......”Legionnaire!” its like League but better, what do you think?

Back on topic, I am 30 and most of my friends or peers live on credit, I don’t. I don’t buy things I can’t afford, Most things, obviously with some exceptions. A good credit record is good, but it can be bad too if you stupid. The more you borrow the more you can borrow, but just because you can does not mean you should. Only ever take on a new dept if you can comfortably pay twice the instalment each month. Be very careful of credit. Rather be wealthy one day than look rich today.

Legionnaire you say has a nice ring to it but I was thinking more along the lines of Legend.........(wait for it)........dray just tell me when you think I'm there then I will ask Dave,hehehe

Back on topic, yeah credit cards is a big no for me obviously with some exceptions like you said. A good credit record is good and like you said just because you can borrow doesn't mean you should, but just to have that good record does help when you need it, its just the way you approach it should be right, seeing it more like an investment not the right to borrow money you cant pay back. And your right about the installments if you cant afford it dont do it."Rather be wealthy one day than look rich today." that's good and sound advise. I think its a lack of knowledge way people borrow money they cant repay, thats why I though I would start this thread so those with the right knowledge can educate those who need it.

P.S. Maybe we should combine our names to get Legendary pmb hahaha

[pmbguy]

Dear League

LOL you killing me.. combine our names? Perhaps, but my goodness we have to do it right. I would suggest "League_of_Pmb" or "PmbLeague". Please forgive me if this may sound inappropriate, but logically this would mean that we have to combine and share our wife’s. I am gatfol of mine so you can have her, no problem. PM me a pic of your wife and I will decide if this would be in my best interest.


Kind Regards
Pmbguy

[pmbguy]

Jokes aside

Having a good credit record is obviously important. Firstly you are in a position to receive credit. Secondly, the better your credit rating is the more leverage you have to get a better deal when entering into a credit agreement.

Understanding your leverage regarding credit is vital. You may end up with a “high risk” plan when in fact you qualify for a “low risk” plan. Financial institutions gain by having you in “high risk” because they will charge more interest. So don’t get taken for a ride.

[league_of_ordinary_men]

Dear League

LOL you killing me.. combine our names? Perhaps, but my goodness we have to do it right. I would suggest "League_of_Pmb" or "PmbLeague". Please forgive me if this may sound inappropriate, but logically this would mean that we have to combine and share our wife’s. I am gatfol of mine so you can have her, no problem. PM me a pic of your wife and I will decide if this would be in my best interest.


Kind Regards
Pmbguy

Hahaha those are some good suggestions. And sorry to hear about your wife, but I'm more then happy with mine and I don't share,hahaha