How do people afford this stuff??

I've asked that question in the past about multiple things and realized some guys spend their disposable income on craft beer, some on cars, some fishing, others guns, travel, or cars/trucks.

Once you think about that and look at how much you spend on xyz currently, it doesn't seem as crazy.

 

About this, I have great credit (not perfect but great) and my FICO score just dropped 20 points for “not carrying a continuous balance” ???
I use my CC for nearly everything and pay it off before the due date, so essentially I never carry a balance that shows on my statement, am I doing it wrong.
Are you all letting the charges show up on the bill and then pay it off before the due date??

 

Serious, actually.

You need a minimum of three separate trade lines open to keep your credit score up. I only have two, the truck and my rewards Visa that I pay off every couple of weeks. My credit's still really good, but not nearly as high as it was when I had that third trade line open (mortgage).

 

Dismissing information without digesting it based purely on its source means that although you have a MBA you didn't learn shit in college. If your not capable of critical thought your MBA isn't worth the paper its printed on. I know plenty of bros who cheated their way through school.

 

That emoji... haha

Sorry bro. Look at the bright side, its on a Taco, so at least the car will last the life of the loan and then some. Others are not so lucky.

 

Your doing it right. As long as your credit is over 750 you qualify for the top tier loans and interest rates. It will fluctuate based on its level but unless it drops below 700 you shouldnt care. it also doesnt matter until you need to leverage it. So if you dont have any large expenses your planning on taking out a loan for in the near future then don't even worry about the fluctuations.

 

Agreed, thats what I use to think.

Cousin just got a new Toyota lease last night on a Corolla IM. We thought Tier 2 interest rate, at 680 credit score. But TFS gave her Tier 1. She did buy down on MSD, then did a ONE PAY, and money factor was almost none!

 

I’m not sure that’s why it happened. I haven’t had a balance in a credit card in 20 years and my credit has stayed up with no drops. It might be something else.

 

So you make the charges but pay them all off before your statement shows up? It would be best if you make the charges, let it show up on a statement, and then pay it in full before the due date so you avoid interest. That is what I do. Never paid a dime of interest but my statement always shows money due.

 

So you’re another YouTube graduate, huh

 

What does business administration have to do with economics? I know engineers who have never touched an engine to work on it and they design them. A degree doesn't mean you're an expert on anything, all it means is you completed course work.

 

Nope, just capable of digesting information from any available sources before dismissing it because I don't think Im better than everyone else. I think you proved my point though and have shown us what type of person you are so thanks.

 

Crawling back into my hole.

 

side hustle pays for all my truck parts and then some.

 

A lot of people will realize how dumb it is to spend the kind of money they are spending on mods for their trucks. I spent over 20k on my old car. Once you realize you never get back what you put in and that cars/trucks are depreciating assets you’ll think twice before doing it again. Well some of us will. Some people probably do it as their sanity. I always looked at it as a better way to throw money away than on a drug or alcohol addiction. Now if I’m not saving my money I put it into my house, something I have a much better return on the investment

 

A real adult post in a juvenile thread

 

Exactly I think this is where I’ve been doing it wrong I don’t ever let it show up on statements? I pay it off completely before the closing date.
Gonna change up like you said letting it show up on statement than paying it off before interests hit.

 

That's what I do. I have mine set up to automatically pay off the entire monthly statement, that way I never have to pay interest and it's helping keep my credit score up.

 

I realize its not financially sound, but its fun and it makes me happy. My truck is unique now. I get compliments on it. That makes me feel good and keeps me attached to it. On top of that, its a healthy hobby that teaches me valuable skills. Sure, the extra 5 grand or so that I've put into mods would be nice in my bank account, but I wouldn't be nearly as knowledgeable about offroading, maintenance, or future repairs.

If a vehicle is just a method of transportation to you I think you'd be better served driving a Prius. That certainly would be more financially sound, yes? Proseur has three damn trucks. A lot of people would say that that's a lot of depreciating assets vs. one guy who spends a SR amount on mods, etc.

I say to each their own, I try not to let the Instatruckers get to me. I try to mod within my means. I could have saved a shit ton on offroad parts if I got a Jeep, but everyone and their mom drives em on 20-33s to soccer practice around here.

***Ramble off.***