I am debt free! - Page 2 - Ford Transit USA Forum
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post #11 of 27 (permalink) Old 03-29-2016, 06:01:PM
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I paid off my house back in 2010. Wondered what my credit score would be when I went in to get the car loan set up for the Transit last week. I do still have a VISA credit card that I use for online purchases - and pay in full every month, but otherwise no credit.

My score was 800! Turned out the home loan still shows on my report and indicates it will remain for quite a few more years. (I'm guessing when it would have been paid off normally. It was a 30 year loan, i paid it off in 7.)

The Transit loan won't last long either. I only got it because I got a bit impatient. Already have $20k set aside for it, will get it set up for camping first then start dumping on the loan.

I'm not quite up to Dave Ramsey standards - I still have a credit card and was willing to get the car loan for a short time - but I sure do love the sound of "I'M DEBT FREEEEEEE!"
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post #12 of 27 (permalink) Old 03-29-2016, 09:53:PM
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As an older guy, with very little debt I say..Stop paying interest, especially on charge cards. We became debt free about 13 years ago..Learning to live within our budget has been tough but it has payed off 10- fold. Congrats to paying off your debt and becoming debt free. If you don't borrow money, you don't need to worry about the credit rating.
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post #13 of 27 (permalink) Old 03-30-2016, 08:34:AM
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Originally Posted by V37 View Post
That's great! Of course, now that you're debt free,...your credit score should drop below 700 quite quickly. No credit,...no score.
not true. I paid my house 5 years or so ago, with an 853 FICO score. i retired last april, and my fico in jan was 859 too. But, i do try to keep a car payment just to stay in the system, as well as use my credit cards regularly. FICO is depended on amount of credit available, as well as the normal stuff.

FICO is very important, whether you need to borrow money or not.
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post #14 of 27 (permalink) Old 09-17-2016, 03:42:PM
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I plan on being debt free once I begin the van life
FICO is based upon credit to debt ratio... how much open credit is available to you versus how much debt you owe. I could really go wild for a short time, and not be able to pay it if I used all the credit given to me. Of course, I have a high score because I don't do that hahaha... but it is nice in case of a real disastrous event requiring money.

I doubt it will drop any (the score) but I could release one of my few but newer credit cards to bring the ratio back into their norm. It's nicer to have the money than credit And I charge everything! Pay it off end of month... so it's ongoing active.

How's the debt free life working out for you? I'm planning on enjoying it immensely! (One of the reasons I'm ditching the mortgage.)

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post #15 of 27 (permalink) Old 09-17-2016, 04:14:PM
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Originally Posted by orton View Post
If you do not borrow money, the credit rating is not important.
Not so...insurance rates are also partially based on credit score! Low score= higher premiums.

Paid my house off 17 years ago, was debt free until I bought the Transit- took Ford's offer- then paid off the 5 year loan in 5 months- hated that owing someone feeling.
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post #16 of 27 (permalink) Old 09-17-2016, 05:57:PM
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i was taught that if you cant afford it you dont need it! i have never bought anything in my 60 year life on credit! (everything i own is at least 10 years old except the transit, no need to impress your friends with shiny toys when there more impressed by the fact that you can fix anything!) so no credit, then about 2 years ago i put all my utility bills on autopay, now my credit keeps climbing
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post #17 of 27 (permalink) Old 09-17-2016, 08:47:PM
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Always better to loan money to people than to borrow it from someone else. I can understand a house loan and had 6 of those. Otherwise if you can not pay cash for a purchase then IMO you can not afford to buy the item. Save your money until you have cash and then buy it.

I do use credit cards and pay them in full each month. Have no idea what my credit rating is and could care less.

I did once borrow $1200 on a new 66 El Camino. Paid that off in less than a year. All other vehicles were bought after I had saved enough to pay for them.

Money smarts is very simple. Spend less than you make and invest the excess. Unfortunately most folks do not understand that.

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post #18 of 27 (permalink) Old 09-17-2016, 10:47:PM
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A few phrases I heard my dad say...

if you have to ask the price, you can't afford it

and he'd ask...(replace item with whatever it is you think you need)...

How many pairs of shoes can you wear at one time?

Of Scottish heritage he was very um thrifty? shall we say. I followed suit. When I said last goodbyes I slipped a penny between his thumb and forefinger (in the coffin)...hahaha and, like him, people say you can read "In God We Trust" on my thumb!

I don't loan money. If I give someone money I don't expect it back from them. God provides me with everything I need and most things I want!
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post #19 of 27 (permalink) Old 10-11-2016, 09:01:PM
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Quote:
Originally Posted by DrJean View Post
A few phrases I heard my dad say...

if you have to ask the price, you can't afford it

and he'd ask...(replace item with whatever it is you think you need)...

How many pairs of shoes can you wear at one time?

Of Scottish heritage he was very um thrifty? shall we say. I followed suit. When I said last goodbyes I slipped a penny between his thumb and forefinger (in the coffin)...hahaha and, like him, people say you can read "In God We Trust" on my thumb!

I don't loan money. If I give someone money I don't expect it back from them. God provides me with everything I need and most things I want!
GREAT thread! Sorry I'm late to the party :p

A phrase I heard MY dad say:
If you have good credit, you can buy anything!

At 56, our home has been paid-off for a year.

After we paid off our home, in 14 years, we went out a purchased a cottage in the woods just last year.

From $50K to $37K in less than a year, we'll hit the loan hard because I hate the "monster in your mortgage" which is the interest.
At 2.89% it's ALMOST like free money, though!

Pics of our cottage.
It will be one year in November...






If you have good credit, you can buy anything!

Craig, The (I'm Just A) Loxmyth
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post #20 of 27 (permalink) Old 10-12-2016, 05:21:PM
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This is a great thread. For my Transit, I borrowed 20k from USAA in late May and owe 14k today. I bought my condo in Southern CA a few years ago and make a two extra payments per year. Ideally I would like to pay my 30 year mortgage in 15 years but we will see how that goes. I have a credit card I pay off monthly and use the points to travel! =)

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