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Thread: Starting over with your debt

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    Silver Member league_of_ordinary_men's Avatar
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    Starting over with your debt

    I wanted to hear what you guy and girls would do differently if you could start over with your debt, like if you where young again and had no debt, no credit cards you know young and free,hehehe so to speak But seriously what would you do to get the best credit score you can. What tips and trick would there be for the younger members or your children.
    Last edited by league_of_ordinary_men; 14-Dec-13 at 11:35 AM.

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    Diamond Member Justloadit's Avatar
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    The problem is that when you are young, you adhere to a different set of rules in your head. Basically a lekker smart car, cloths,a fancy house and jolling is what you think is the symbol of success. So spending 90% of your income to pay for these things are acceptable. As you get older, and the responsibilities pile on, so effectively one needs the wisdom up front to really make debt control effective.
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    Silver Member league_of_ordinary_men's Avatar
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    Quote Originally Posted by Justloadit View Post
    The problem is that when you are young, you adhere to a different set of rules in your head. Basically a lekker smart car, cloths,a fancy house and jolling is what you think is the symbol of success. So spending 90% of your income to pay for these things are acceptable. As you get older, and the responsibilities pile on, so effectively one needs the wisdom up front to really make debt control effective.
    Exactly, so what would you suggest for all those who need the wisdom get get a good credit score?

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    Make sure that day to day credit accounts are paid on time every month. Stores like Edgar's rate you every month from 1-4 depending on how late you pay even if it is a few days late and this reflects on your itc record for all to see and could even affect your job applications.

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    Silver Member league_of_ordinary_men's Avatar
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    Quote Originally Posted by HR Solutions View Post
    Make sure that day to day credit accounts are paid on time every month. Stores like Edgar's rate you every month from 1-4 depending on how late you pay even if it is a few days late and this reflects on your itc record for all to see and could even affect your job applications.
    That's great advise HR and if someone had no debt and needed to get a record started with the itc, what would be the best first account or accounts to open?

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    Platinum Member pmbguy's Avatar
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    You have to build things up. You cant open larger accounts without having smaller ones first. Clothing accounts is probably the best way to start. Then once you got that you go to cell phone contacts then perhaps a small bank loan etc.. However, the accounts must not be too many or used too much. A default is probably worse than having an account to start with. I would definitely not suggest a credit card (if they qualify), its way too easy to abuse.

    Creating accounts left and right just for the sake of a good credit rating is not a good idea. Savings and investments are more important in the long run.
    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. Charles Darwin

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    Silver Member league_of_ordinary_men's Avatar
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    Quote Originally Posted by pmbguy View Post
    You have to build things up. You can’t open larger accounts without having smaller ones first. Clothing accounts is probably the best way to start. Then once you got that you go to cell phone contacts then perhaps a small bank loan etc.. However, the accounts must not be too many or used too much. A default is probably worse than having an account to start with. I would definitely not suggest a credit card (if they qualify), it’s way too easy to abuse.

    Creating accounts left and right just for the sake of a good credit rating is not a good idea. Savings and investments are more important in the long run.
    Good advise pmb

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    Platinum Member pmbguy's Avatar
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    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. Charles Darwin

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    Platinum Member pmbguy's Avatar
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    Sorry I meant to say
    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. Charles Darwin

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    Silver Member league_of_ordinary_men's Avatar
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    Quote Originally Posted by pmbguy View Post
    Sorry I meant to say
    Oh getting frisky are we,haha

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