Shop Time w/T.W. Friends

My personal Rusty moment....Off from an early Porsche 928. The model made famous by Risky Business!

 

Spoiler

 

We were looking at a property a few months ago. Needed to prequalify to sweeten the offer. Got talking with the mortgage guy who was from where we grew up.

The conversation got a bit loose as the checks were being done and he said earlier in the day he wrote up a mortgage for a 94 year old, 30 year refinance. Said all other things considered, he qualified and it would’ve been age discrimination to deny him.

Brought a whole new perspective on my estate planning

 

This reminded me of a friend of mine, he's in his 70's and applied for a credit card at his bank recently. They denied him, said he didn't have any credit. He said but I have money in the bank and pay cash for everything, always have. They said that's the problem as to why you don't have any credit

 

Not for age though

Not widely publicized but your credit rating/score will take a no so significant hit when you pay off all secured debts

 

My first car was a 74 Datsun B210. Gas gauge did not work and it burned so much oil that the oil registered above the full mark at the start of a 2.5 hour trip and could not be read on the dipstick when I arrived. I bought Fox oil by the 2 gallon jug. I never had to change the oil because it did not stay in the car long enough to get old. I truly lived the joke: "Pulled into a gas station and said "Fill the oil and check the gas!"".

There are other stories that would never be told if my first car was not that one. My Dad sold it to me when he got a new 2wd Datsun pick-up. I paid him $400. No negotiating but he did take me to the bank and made me take out a loan, payable to him, and co-signed by him! He told me it was my first step in establishing credit.

 

I can really agree with this!!

Paying off everything keeping just A gas card and one credit card for internet purchases was the worst thing I ever did.

 

$400 loan


I bought a 1992 Toyota truck from my mom, she made me get a $10,000 loan

 

I got taken! It was not worth $400. I once drove over potholes in the rain. Hit one nasty one and the windshield was covered in muddy pothole water......on the inside!

 

My oldest is co-signed on the loan with my wife for his car even though we're making the payments so we can get some credit rolling for him.

 

That 14’ thing I made, here’s what it’s for. Powdercoat these stainless balls.

 

Those are some big balls.

On that note, I miss Wipeout.

 

waiting on @Delta09 comment...

 

That was a good show.

 

This is exactly what I did. And I paid my house off when I was 43.

 

Hope you went to a doctor.

 

You ever see Most Extreme Elimination Challenge?

https://youtu.be/NK3U8OIAd0U

 

The credit cards I had but did not use got canceled from lack of use.

In the eighties when credit was easy to get I had around a 1/4 million in credit card limit

My place was paid off in the mid nineties.

 

I started building credit with a “gas card” in highschool that my mom co-signed on. Though what really gave my credit a jump start was the 3 motorcycle and 2 vehicle loans I got while in the service that I was never home long enough to enjoy. The deployment money disappeared real quick back in those days. Could get decent rates without any credit if the credit union knows they can garnish your wages for it