Getting married in may: financial advice?

**Rach** · 03-17-2007, 12:40 AM

Other than a house, student loan debt is one if the best kinds of "debt" to have. First, it allows you to get a great college education which will benefit you for the rest of your life, and second, the interest rate is so low and payments so low that it doesn't even compare to credit card debt or even a car debt. Another thing to think about when you do want to buy a house, it will be pretty close to impossible to do so without some sort of credit. Chris and I are going through this now. I have a credit card that I have had for about 3 years and Chris did not have any credit cards or loans or anything. So when it was time for them to pull our credit for our loan, had had none and I had a little. We got it squared away though, because we added him to my credit card (which made his credit retro-active to the date I opened up the line of credit, something i HIGHLY suggest to couples who one of you had credit and the other doesn't).

Anyways, like I was saying, student loan debt is not really a bad thing compared to other kinds of debt and is better to have debt to that and stay away from credit cards and that stuff.

**Epaphras** · 03-17-2007, 09:42 AM

Quote:

Originally Posted by Rach

Other than a house, student loan debt is one if the best kinds of "debt" to have. First, it allows you to get a great college education which will benefit you for the rest of your life, and second, the interest rate is so low and payments so low that it doesn't even compare to credit card debt or even a car debt. Another thing to think about when you do want to buy a house, it will be pretty close to impossible to do so without some sort of credit. Chris and I are going through this now. I have a credit card that I have had for about 3 years and Chris did not have any credit cards or loans or anything. So when it was time for them to pull our credit for our loan, had had none and I had a little. We got it squared away though, because we added him to my credit card (which made his credit retro-active to the date I opened up the line of credit, something i HIGHLY suggest to couples who one of you had credit and the other doesn't).

Anyways, like I was saying, student loan debt is not really a bad thing compared to other kinds of debt and is better to have debt to that and stay away from credit cards and that stuff.

I think it's stupid that you have to have some kind of credit to get a good rate on a loan. I don't use credit cards anymore and Sarah never has. I had one from when I started driving until about a year ago. I never missed a payment.

I think it would be better if mortgage companies looked at your debt rather than your credit score. If you have a pattern of borrowing money and not paying it back in full then I would not lend you a mortgage. But if I had someone who budgets and uses cash or debit card only and totally avoids the trap of credit cards altogether, and makes all their payments in full and on time, then I'd be all over them with a great rate. Just because they would have no credit score doesn't mean they shouldn't qualify for a great rate.

Sorry, our nation's dependence on and acceptance (even promotion) of debt (nationally and individually) is a big peeve of mine

leiarose · 03-17-2007, 10:51 AM

Quote:

Originally Posted by Epaphras

Sorry, our nation's dependence on and acceptance (even promotion) of debt (nationally and individually) is a big peeve of mine

Gah. Andrew and I have been all about credit this week and how weird I think it is.

Neither of us have had credit yet and it's not very easy to get started....

Nate · 03-17-2007, 10:55 AM

I'm seriously thinking about getting the B&N credit card (additional 5% off, plus $25 gift card with every $2,500 spent anywhere!) to start building up a good credit score.

**thesteve** · 03-17-2007, 12:21 PM

Quote:

Originally Posted by Epaphras

I think it would be better if mortgage companies looked at your debt rather than your credit score. If you have a pattern of borrowing money and not paying it back in full then I would not lend you a mortgage. But if I had someone who budgets and uses cash or debit card only and totally avoids the trap of credit cards altogether, and makes all their payments in full and on time, then I'd be all over them with a great rate. Just because they would have no credit score doesn't mean they shouldn't qualify for a great rate.

Sorry, our nation's dependence on and acceptance (even promotion) of debt (nationally and individually) is a big peeve of mine

While I understand this, I also understand that they look at your credit record rather than your debt as an indicator because it reflects your ability to manage debt. Some people never use a credit card because they don't have to, and I understand that the system is a bit of a failure for them, but there's also alot of people who simply have never had a credit card because they're poor managers of money and know it, and lenders are trying to avoid them.

***BillSPrestonEsq*** · 03-18-2007, 01:23 AM

Quote:

Originally Posted by thesteve

While I understand this, I also understand that they look at your credit record rather than your debt as an indicator because it reflects your ability to manage debt. Some people never use a credit card because they don't have to, and I understand that the system is a bit of a failure for them, but there's also alot of people who simply have never had a credit card because they're poor managers of money and know it, and lenders are trying to avoid them.

It took my wife and I roughly 18 months to go from no credit to a fairly high credit score.

snizzle · 03-19-2007, 10:35 AM

I've got bad credit because of an accident that happened at the school (and for the school) that the school was supposed to pay and never did. I'm currently getting this worked out.

She's got good credit. But she's a little to dependent on the card so we're cutting it up.

We have LOTS of school debt. I just checked and mine is at 30,000. Her's is much less. What's the best way to pay it off? Should I consolidate or pay each loan individually?
-shane

Nate · 03-19-2007, 10:50 AM

Quote:

Originally Posted by snizzle

What's the best way to pay it off? Should I consolidate or pay each loan individually?
-shane

Whatever has the lowest interest rate and/or has you paying the most toward principal, I would imagine.

**Role Modlin** · 03-27-2007, 07:34 AM

Have a budget in place and stick to it. Live within your means.

Remember that God promises to provides our NEEDS...we may have to sacrifice some of our wants along the road.

Learn from my MY mistakes young Jedi.