Lease VS Buy................

[jaydee325]

I work in an industry that is required by law to perform periodic background checks. This includes a credit check. Does this credit check affect my credit score?

 

[MinnesotaEric]

I work in an industry that is required by law to perform periodic background checks. This includes a credit check. Does this credit check affect my credit score?

Only if you sign a document allowing them to view your credit remarks. A look-up that simply shows a score without remarks should not pull your credit score down.

 

[RoMad]

Very interesting thread and comments. Thanks Eric.
I do have one question for you. If your so smart, and I think you are, why don't you have a tractor? :laughing:

 

[MinnesotaEric]

Very interesting thread and comments. Thanks Eric.
I do have one question for you. If your so smart, and I think you are, why don't you have a tractor? :laughing:

You've heard the saying, "Id rather be lucky than good," right?

I have no luck.

 

[Verticaltrx]

In other words, the difference between credit scores can make you wealthy or poor.

I would argue that maintaining a credit score is a good way to keep you poor....

 

[MinnesotaEric]

I would argue that maintaining a credit score is a good way to keep you poor....

There are exceptions but the weight of statistics is against your thesis. I think it is a better argument that people with higher debt to income ratios experience poorer outcomes than people with lower or no debt to income ratio.

 

[MHarryE]

Maintaining a good credit score may keep some people poor but not if you use it wisely. We purchase everything we can on a credit card and get 2% back. In the 45 years we have been married the only time we have paid credit card interest is for foreign currency cash advance (many foreign countries will not take USA credit cards because there is so much fraud so you need to get your money from the ATM across the street to pay your bill in cash). We have had two houses most of our life and have always paid early. Now that I am a retired engineer and full time partner our farm depends on my credit. My cousin, with whom I am a partner, has never borrowed money. He has no credit card. He can't order parts on line - no credit card. He pays cash for his part of the equipment while I take advantage of zero percent loans and have it figured out that at conservative return I smash the heck out of cash discounts. So playing the credit game properly can pay major rewards.

I do have to snicker at my city loving brother-in-law. He had to make sure all of our doors were dead bolted last time he was here because of the expensive electronic stuff they have - a few tablets, a couple laptops. We have over $1million in equipment sitting out around (okay, we have 5 computers and 2 laptops too). If someone made off with our 5 newest tractors - well, we do have good insurance. Anyway it has made life a lot easier for my cousin when I brought my good credit into the partnership and is a reason why we keep assets differentiated instead of in a LLC.

 

[MinnesotaEric]

Maintaining a good credit score may keep some people poor but not if you use it wisely. We purchase everything we can on a credit card and get 2% back. In the 45 years we have been married the only time we have paid credit card interest is for foreign currency cash advance (many foreign countries will not take USA credit cards because there is so much fraud so you need to get your money from the ATM across the street to pay your bill in cash). We have had two houses most of our life and have always paid early. Now that I am a retired engineer and full time partner our farm depends on my credit. My cousin, with whom I am a partner, has never borrowed money. He has no credit card. He can't order parts on line - no credit card. He pays cash for his part of the equipment while I take advantage of zero percent loans and have it figured out that at conservative return I smash the heck out of cash discounts. So playing the credit game properly can pay major rewards.

I do have to snicker at my city loving brother-in-law. He had to make sure all of our doors were dead bolted last time he was here because of the expensive electronic stuff they have - a few tablets, a couple laptops. We have over $1million in equipment sitting out around (okay, we have 5 computers and 2 laptops too). If someone made off with our 5 newest tractors - well, we do have good insurance. Anyway it has made life a lot easier for my cousin when I brought my good credit into the partnership and is a reason why we keep assets differentiated instead of in a LLC.

What's the first rule of locking doors in northern MN?

Don't tell them we don't lock anything up.

But do tell them stories about big foot because it keeps the riffraff out of the woods.

And make videos, they love videos!

 

[dclynch]

very interesting Thanks

 

[mjstef]

Maintaining a good credit score may keep some people poor but not if you use it wisely. We purchase everything we can on a credit card and get 2% back. In the 45 years we have been married the only time we have paid credit card interest is for foreign currency cash advance (many foreign countries will not take USA credit cards because there is so much fraud so you need to get your money from the ATM across the street to pay your bill in cash). We have had two houses most of our life and have always paid early. Now that I am a retired engineer and full time partner our farm depends on my credit. My cousin, with whom I am a partner, has never borrowed money. He has no credit card. He can't order parts on line - no credit card. He pays cash for his part of the equipment while I take advantage of zero percent loans and have it figured out that at conservative return I smash the heck out of cash discounts. So playing the credit game properly can pay major rewards.

I do have to snicker at my city loving brother-in-law. He had to make sure all of our doors were dead bolted last time he was here because of the expensive electronic stuff they have - a few tablets, a couple laptops. We have over $1million in equipment sitting out around (okay, we have 5 computers and 2 laptops too). If someone made off with our 5 newest tractors - well, we do have good insurance. Anyway it has made life a lot easier for my cousin when I brought my good credit into the partnership and is a reason why we keep assets differentiated instead of in a LLC.

I have to laugh about the cash back cards. The retailer that takes your CC pays that and passes the cost to you so you REALLY are not getting cash back. That is why convenience stores are so **** high priced. Pisses me off to no end when someone swipes plastic for a pack of gum or a cup of coffee. The retailer is paying 15-30 cents PER transaction PLUS a percent of the sale from 1-3% My dad owns a snowbird resort and offers a cash discount to monthlies. MOST snowbirds pay their monthly lot rent in cash or check. It has saves literally THOUSANDS in transaction fees in the 15 years he has owned the place. Around here a LOT of places have a $5 or $10 minimum to take plastic or add a "convenience fee" if the transaction is under a certain amount. I accept cards for my business but give a 3% discount for cash or check. I MIGHT have run cards for around $15,000 last year for my customers out of around 250K gross.......