C'mon Slashdotters! You are way too smart to fall for this!
The idea that you need "Good Credit" is a myth that's been perpetuated by the lending industry. You don't need a credit history to get a mortgage. There are lots of lenders who will manually underwrite your loan. All they need to see is that you can **heaven-forbid** actually afford the house.
As for auto-loans -- save up your money, and use cash to buy a used car. You'll save mucho dinero on interest payments. The math isn't hard!
Credit card companies want you to "build your credit" by using their product because they make money off of FEES! Forget to make a payment on time? FEE! Have an emergency, and use the credit card payment to fix the washer? FEE! Is it any wonder that so many people are going Bankrupt, getting foreclosed on, and getting divorced? Is it any wonder that the really BIG buildings downtown are owned by BANKS!?
Slashdot Mirror
C'mon Slashdotters! You are way too smart to fall for this! The idea that you need "Good Credit" is a myth that's been perpetuated by the lending industry. You don't need a credit history to get a mortgage. There are lots of lenders who will manually underwrite your loan. All they need to see is that you can **heaven-forbid** actually afford the house. As for auto-loans -- save up your money, and use cash to buy a used car. You'll save mucho dinero on interest payments. The math isn't hard! Credit card companies want you to "build your credit" by using their product because they make money off of FEES! Forget to make a payment on time? FEE! Have an emergency, and use the credit card payment to fix the washer? FEE! Is it any wonder that so many people are going Bankrupt, getting foreclosed on, and getting divorced? Is it any wonder that the really BIG buildings downtown are owned by BANKS!?