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| Have I got a deal for you!; If you are young | |
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| Tweet Topic Started: Oct 29 2004, 07:43 AM (467 Views) | |
| ds9074 | Nov 5 2004, 07:26 PM Post #31 |
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Admiral
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I wish I could manage without a credit card but as a student its what pays for those fairly large purchases such as books, train tickets etc. What surprises me is the willingness for lenders these days to give people credit. So my CC provider is willing to let me spend something in the region of £3000 ($5500) and I am not working! Crazy world. |
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| Dandandat | Nov 6 2004, 01:47 PM Post #32 |
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Time to put something here
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Thanx
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| Hoss | Nov 8 2004, 08:20 AM Post #33 |
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Don't make me use my bare hands on you.
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In the USA the average college graduate leaves school with about $15,000 in student loans and $8000 in credit card debt. What a way to start a career. I wonder what those who fail to graduate do. |
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| Deleted User | Nov 8 2004, 01:56 PM Post #34 |
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Deleted User
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Struggle for a long time i suppose. |
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| iancook | Dec 15 2004, 07:05 PM Post #35 |
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Unregistered
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It looks like I will have about 18,000 dollars in student loans, and no credit cards. I tried to get a home loan a few months ago, and they didn't think I had enough debt. They wanted to see at least three long term payment lines. I only had one long term (my car) and a short term one. Because of this, we got a really crappy loan and we didn't go through with it. The one thing that they never check is Rental history. They should check to see if you pay your rent on time. We have never ever been late on a rent payment. The loan we were trying to get would have been only a little over what we were paying in rent. They should be able to use that in their decision. Instead they never even ask about that. Credit is a racket. |
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| Hoss | Dec 16 2004, 08:17 AM Post #36 |
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Don't make me use my bare hands on you.
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You need to pay off that debt and save up a significant percentage of the house that you want to purchase (10-15%), the Mortgage companies will treat you better if you are not borrowing the entire amount. You should keep your mortgage monthly payment down to less than 30% of you monthly income and realize that many mortgages include insurance and taxes (this can add a lot to your monthly payment). Be patient. |
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| Fesarius | Dec 16 2004, 01:12 PM Post #37 |
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Admiral
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^^^ That's sound advice. Property taxes, insurance, and a few other things can be escrowed if you wish. It will add to the monthly payment, but it will also take away those bills forever (at least psychologically). |
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9:16 AM Jul 11