Get a credit card from first financial

>get a credit card from first financial
>buy a ton of shit
>forgot go pay on time
>hit with a $80 late fee and almost $200 in interest this month

Just end me.

I'd tell you to kys but I think you'd fuck that up too.

>using a credit card for anything but minimal purchases to build a credit score to buy a house

op you fucked up in ways you cant imagine. Theres a reason why theres a fucking new job title to help people get rid of credit card debt that they dumbly accrued

>getting a credit card
>ever

Nice move, goy

>buying a house on credit

Jesus christ, you people just don't learn.

you dont buy it on credit you dip

but they do look at your credit score to determine how much interest they are going ti charge you

scenario one

>ok mr smith, looks like you have an excellent credit score, all your credit cards are paid up you owe nothing, youve never missed a date. Yes we can give you that mortgage at that rate you want

scenario two

>okay mr smith let me just pull up your credit score...uh...oh...you have 30k in credit debt and have reneged on paying it mutiple times. We can only preapprove your mortgage for 75% of what you wanted and the interest is going to be higher. Do you wish to proceed?

>but they do look at your credit score to determine how much interest they are going ti charge you

>being charged interest

That means you ARE buying it on credit. You've taken out a loan. What the fuck is a loan? It's credit, you mad McFuck.

If you can't afford it, don't attempt to buy it. Just wait until you CAN afford it.

Sure, that might take you 10 - 20 years to achieve, but you're not going to pay off a mortgage in under that either, and it works out cheaper in the long run because then you're not paying ANY interest.

Also, you're better positioned to take advantage of housing market dips and crashes. You might think it'll take you another 10 years to afford a house at your current rate of savings vs. current market prices, but then 48 months later the housing market takes a dive and you can afford to buy at that point while everyone who's trying to do it the way you're suggesting is being forced to sell for whatever they can get.

>Sure, that might take you 10 - 20 years to achieve, but you're not going to pay off a mortgage in under that either, and it works out cheaper in the long run because then you're not paying ANY interest.

This is true if you want to live in a van by the river for 10 - 20 years. Otherwise you'll be paying off someone else's mortgage.

...

try r9k

So live in your van. Stay in your mom's basement. Crash on the sofa at a friend's place.

Why not?

It takes sacrifices to achieve anything worth doing. 2008 GFC should have proven to you that mortgages are a gamble now due to derivatives, and the odds are stacked badly against you.

If you want to take that risk, go ahead. After all, we need people like you to do that, so we can buy your houses on the cheap when your job is replaced by automation and you're forced to sell to us while the market implodes.

>live in your moms basement for 20 years
>crash on a friends sofa for 20 years

sound advice

>missing the point this hard

You're either completely retarded or deliberately ignoring what I'm telling you. There are alternatives to paying off someone else's mortgage. There are alternatives to taking out a huge mortgage of your own that leaves you a hair's breadth from financial ruin.

You just don't want to consider the alternatives because they're "uncool" or "too hard".

>You just don't want to consider the alternatives because they're "uncool" or "too hard".

It has more to do with the alternatives you've suggested being retarded.

Because you don't have any friends or family that'd let you stay at their place?

That's tough, man. But you can still do it if you're willing to sacrifice your comfort now, in your youth, to ensure your comfort later in life.

Would you rather spend 10 years now living in your van or sleeping in a sleeping bag in a tent...

Or have to live that way later in life, when you have no choice but to?

>Because you don't have any friends or family that'd let you stay at their place?
>for 20 years
You crazy motherfucker

ITT: sober advice on the merits of being homeless so that anonymous assholes on the Internet don't look down on you for having a mortgage.

>not rotating credit cards
>not earning points and cash back for trivial things while maximizing my credit score
Go back to /pol/ you clearly don't belong here

>a mortgage isn't credit
Wew

Yeah I'm sure that wouldn't cause resentment from your family and friends you absolute moron

>having social skills so poor that you can't make new friends
>being so obnoxious that you can't crash at a friend's place for a couple of months

shiggidy

'cause it makes WAY more sense to take out a mortgage, considering the fact there are less and less jobs every year as the march of automation continues?

'cause it makes WAY more sense to take out a mortgage you can only afford *now* because interest rates are at record lows. We ALL know interest rates will never rise, right?

Being homeless *now* while you're still young is CLEARLY worse than falling into the trap of over-reaching and ending up with nothing later on when you're old and can't handle it, amirite?

What I'm advocating is a simple principle: Delayed gratification.

Sacrifice now, reap the rewards later. (Of buying a place outright with the money you save by not paying someone else's mortgage, or trying to pay one of your own when the inevitable interest rate rises hit. Or at least only having to take out a tiny mortgage that you actually CAN afford to pay off, because you've spent 10 years building capital before attempting to buy.)

But of course, you must be right. It makes WAY more sense to pay someone else's mortgage (rent). So much smarter to take out a mortgage of your own and then be forced to sell (for a price lower than you bought the place for) because you can no longer afford to pay it when the interest rates are back up again, 7 years from now.

Actually, don't take my advice. It wouldn't work without suckers like you falling into these traps. The rest of us need people like you to buy from when the interest rates go up and you can't make your mortgage payments.

Can't even tell if you're trolling or retarded. Renting is the next best alternative to buying a house for anyone that doesn't want to be a burden on their family and friends their entire life.

If you are able to make repayments then a house MAY be an okay investment based on your area and the cost of rent/interest. There's so many variables that any black or white advice makes you sound ignorant as fuck.

>hey man mind if i crash on your sofa?
>yeah sure bro, how long until you get on your feet do you think?
>20 years
>haha good one bro, nah seriously you gonna need to stay over the weekend? cos my family are coming to vis-
>i need to save for a house ffs 2016 getting a mortgage fucking pleb

OP that's not that bad. You messed up, learn from it and move on.

Did you not get it in the mail? If not make an effort to check your mail more often and expect bills (monthly electricity/water/internet/etc).

I once fucked up too and put my checking in overdraft. Luckily my bank was nice and didn't give me a fee for my first time (I over drafted like 83$)

Depends on how much of an asshole you are, user.

Sure, if you're continually obnoxious, don't cook, laze around all day using their TV, playing their PlayStation, eating all their food instead of getting your own...

But if you're out working and building up your capital, and just sleep on their sofa of a night when they've gone to bed, they'll barely even notice you're there. Bit hard to resent someone who you hardly even notice.

But hey, let's say you're right, for argument's sake. Ever seen a *really* wealthy person who's NOT resented by anyone else?

Plenty of people are going to hate on you for doing what you need to do to get ahead, primarily because they're too stupid or lazy to do it themselves, and hating you is easier.

Pic related.

>implying I meant staying at ONE friend's place for 20 consecutive years, as opposed to spending 20 years couch-surfing

20 years' worth of rent is a lot of money, user. I'm just pointing out one simple way you can put that money in your own bank account instead of someone else's.

The only reason you should be mad at me for advocating this is if you're a landlord. In which case, of course you'd be mad; I'm telling people to stop paying you.

How much do you owe in total?

yeah i am

i have 2 lodgers paying my mortgage so i'm living rent free and don't have to sleep on anyones sofa.

You're just advocating leeching off people who are paying rent, your advice doesn't affect landlords.

No they're gonna resent you after a few months anyway have you ever lived on someone's couch or had someone live on your couch? No one can do that for very long without ruining a friendship. Best cheap option and my plan at some point is to buy an old school bus convert into a house and find a friend that'll let me park it on their property for cheap. You could make a nice as fuck and comfy bus conversion for under 10k cheaper if youdo the plumbing and electric yourself

Not everyone who has a place is paying rent on it.

Some people actually outright own their property. Admittedly, it's extremely rare these days. Ask your grandparents, they might remember someone who used to.

Anyway, that's the point of the mortgage; you're not supposed to ever actually pay it off.

The bank doesn't make real money on the piddly little interest on your mortgage... Over 30 years... They WANT to sucker you in, get you hooked too deep to get out when you should, just like a gambling addict.

And then they spring the trap, when the time is right... They raise the interest on your mortgage right when you're most vulnerable, and (hopefully, from their perspective) unable to sell it quickly enough.

That's when the bank moves in, reposseses your house, puts it up for auction and starts the scam over with another sucker...

That's basically just a more expensive version of "live in your van".

I approve of the general idea, but unless you can get it insanely cheap and do the work yourself, you may as well just stick with a regular van and put the rest of the money somewhere you can make a profit on it. Term deposit or similar is a good way to go.

>bought a foreclosed house for $350k in 2010
>put down 20%, borrowed the rest
>market has recovered
>house just appraised for $650k
>made $300k in six years
>paid have had a good quality of life living in my own nice home for six years

i guess i could have stayed at my mom's house though and not made all of that money.

Just let it be a lesson that you need to take better control of your impulses and finances. That was a lesson that cost me 5k

I believe this is entirely possible, because your timing checks out.

But you have to understand that you were lucky to do this when you did. (ie. during the 2008 GFC fall-out) You're an exception to the rule, user.

But most people are not. Most people are the ones whose houses GOT foreclosed on, providing you with that opportunity.

What I'm advocating is positioning yourself correctly for the next such opportunity.

So you sold the house and realized those gains?

I didn't mean to trigger you, couch surfer.

>I didn't mean to trigger you, couch surfer.
TRANSLATION:
>I have absolutely no response to your previous comment, better switch to ad-hominem.

So,, are you helping the next generation by letting various friends sleep in your house for free for decades at a time?

>replying to your own post

Nice.

But I'll answer the question anyway: In short, yes and no. Various friends, no. One particular friend of mine who helped me out a lot in the past, of course I returned the favor for.

Didn't take decades, but yes, I let him stay at my place rent-free for about 3 years while he put away everything he was making to build capital.

Yes, my timing was fortunate. It was possibly a once in a lifetime situation. But I still think that even if the house had only appreciated by half of what it did, I'd still be in a good situation. The appreciation would still be greater than my interest payments, plus the interest is tax deductible.

No, I still live in it. I live in a nice neighborhood in a city with a very healthy economy though, so I'm not worried about a bubble. I'm actually thinking about buying a cheaper house in the suburbs and renting my current place out though. I could probably get about $3,200/month for it and my mortgage payment is only $1,700 (including taxes and insurance).

>It's another "just live on a friend's couch for 20 years" thread
>It's another "just buy a bus and convert it into a living pod" thread

>Not putting all your purchases on a cash back rewards card and paying it back before the interest accrues to collect free money

Stay pleb

Did he fuck your boyfriend also?

>>paid

of course. property tax too.

Nah, just your mom.

Is this Veeky Forums? Or is this retard land? Mortgages aren't bad. In general, interest rates in mortgages are lower than average stock growth rates. This means that if you have the option if buying a house for full price right now or taking a mortgage for 80%, you're still better off taking the mortgage and putting your extra cash into stocks. Mortgages are extremely good for you financially, this is the sole reason that having good credit is a good thing.

Second, credit cards are strictly better than any other form of payment. If you pay in cash or debit, you lose 1% on every purchase. I'd you pay with debit, you take on inordinate risk. (If my credit card is stolen, it's the bank's problem. If my debit card is stolen, I'm fucked for a while till it's fixed). Why are we even talking about people who accrue credit card debt? Those people are retards, and they don't belong in Veeky Forums.

Anyone here with unsecured debt looking to get rid of it? Debt specialist here, ama

>Mortgages are extremely good for you financially, this is the sole reason that having good credit is a good thing
People over the age of 16 understand this. Most of Veeky Forums doesn't

>credit cards are strictly better than any other form of payment
Many people also understand this, but those damn kids again

>shilling this hard for mortgages & credit cards
>aka debt

Here's another (((you))) each.

How big of a loser are you? Not having your own place for 20 years? Whats the point? Gonna be 40 and own your house, and be alone in it? What the fuck?

>Save money
>Beat the system
>Be smart like me
>Don't be a pleb
Yeah all you have to do to save money is leech off others, who knew right? Fucking plebs.

>Being this engaged in a single Veeky Forums thread
>Feeling so superior
I admire your commitment, but I pity you

On the plus side, this is a lesson you'll probably never forget.

Fucking lol if you carry cash in 2016, especially when good cards offer cashback programs. I pay so much (taxes, my mortgage, pretty much everything I can) on my CC for this purpose alone, not to mention the convenience.

This is a good post.

Sure, 2008 made us all gun shy on mortgages, but they're still valuable when the whole industry isn't giving mansions to fucking house cleaners and asinine shit like that.

But I think people on Veeky Forums shit on credit cards because, like a lot of poor people, they've only had bad experiences ("waaaah, why am I suddenly being charged interest???") and think the cards are de facto evil.

>'cause it makes WAY more sense to take out a mortgage you can only afford *now* because interest rates are at record lows.
If you have anything approaching a decent credit score, you'll have no problem getting a fixed rate mortgage, locking in your interest rate for the entirety of the loan, regardless of what happens to the fed funds rate.

>everyone will wind up homeless, it's just a matter of when; do you want to do it as a young adult, or as an elderly person?
are you actually, literally serious right now? You're clearly retarded. Please stop posting.

How the fuck do you pay your mortgage with a CC? Calling shenanigans. Most services that offer third party payments like this are more expensive than the payment would net you in CC rewards.

Just realized the van down by the river guy in this thread is one of the best trolls I've ever witnessed.

Well done m8

>Not cashing out when you can.

It's almost like you *want* to lose those gains in the coming property crash.

H-how long until the c-crash, senpai?

Actually, you're totally right, I just checked and it's direct deposit out of my checking account. Good call; fuck BoA.

I do try to pay as much as I can with my credit card, though. I might need to go back and check if a lot of other shit is coming out of my checking nowadays.

>the market implodes
>your money is worthless

HOLY FUCK I JUST MADE ALL US RICH GUYS

BEST IDEA:

>start a company (for anything)
>sell yourself fake stuff
>pay with credit
>buy shit for 10 0000 0000
>get insane cred
???? profit

Bro, listen to me carefully. Most credit card companies have ONE TIME forgiveness.

You can try negotiating to eliminate the fee and pay the interest. Ive done it plenty, but ive already established myself with companies and have a credit score of damn near 800.

It doesnt hurt to try. Learn from your mistake and move on. Its happened to the best of us.

>Credit laundering

Sounds like something people been doing for years.

pay debnts

>qualify for 3% mortgage
>live in basement and rent out the house
>fat tax deduction for interest payments
>put money in stocks/bonds while working hard
>split utilities with tenants

It's like you enjoy being poor. Not all credit is bad.

>pay rent for 20 years while saving up enough money for a house
>all that money you spent on rent may as well have been burned; it does nothing for you

>pay off a mortgage for 20 years
>all the money you spend on it turns into equity on the house and adds to your net worth

Ding ding.

Not to mention, buying property can be SIGNIFICANTLY cheaper than renting in certain markets. Here in DC, I was renting a ~800 square foot joint for $4,500+. I bought a significantly nicer ~1,300 square foot place about a mile away and - in sum total, including condo fees - I'm paying no more than $2300.

>There are alternatives to taking out a huge mortgage of your own that leaves you a hair's breadth from financial ruin.

It's absolutely possible to buy a house that's within your means. You don't have to get a mortgage that eats up 60+% of your pre-tax income. My mortgage is about 25% of my income and I'm about to get a fat raise, and it was what I was paying in rent anyway.

Thanks for paying for my cashback rewards cuck.

HEY. EVERYONE.
Don't forget, most banks you can call and say "oh im so sorry i forgot to pay on time, i only have enough to pay my amount, is there a way i can have the late fee waived?
Usually works at least once.

does debit credit card helps with your credit score?
My bank doesn't offer credit card to poor people without job and I am without job now so I am about to lose my credit card.

>and I am without job now so I am about to lose my credit card.

What? I was unemployed for two years and they didn't cancel my credit card. I just carried the balance and made minimum payments for that time until I had income again.

>tfw you buy your house for 2 grand and live in it while fixing it up.
did i fuck up biz? I mean its way cheaper than rent but its out in the fucking boonies.

Should have just couch surfed bro. You fucked up big time.

You don't actually live in DC, and you live outside of the city, r - right user?