WHY WE GOT A CREDIT CARD AFTER BEING DEBT FREE FOR 5 YEARS (Dave Ramsey & Credit Cards)

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We cancelled our credit cards after going to a Dave Ramsey total money makeover live event. We didn’t use credit cards for the next 8 years.

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Cutting up our credit card and cancelling the account wasn’t difficult. It was just as easy to use a debit card to purchase things we needed as it was to use a credit card. And that’s what we did for 8 years.

Our credit scores slowly declined, going from 800+ down to 775, to 749; dropping ever so slightly every month until they just weren’t available anymore. If someone tried to pull our credit, it showed up as empty.
We were perfectly content with this situation for 5 years. We thought, “we’re debt free – there’s absolutely no reason we need a credit card or a credit score for anything.” Until we came into a situation where we realized having a credit score would make our life A LOT easier. We were buying a house.

For the longest time, Brittany and I thought we could do what’s called MANUAL UNDERWRITING when purchasing our first home. We shopped three different lenders. TWO could do manual underwriting. HOWEVER:
• We would need a lot more information and payment history. (Inconvenient but not too big of a deal.)
• The interest rate was slightly higher. (Again, not a huge deal but still annoying.)
• We would also need ONE YEAR’s worth of mortgage payments, in liquid cash, after closing. Meaning, on top of a down payment and closing costs, we would need one year’s worth of payments on top of that well in advance of closing. In our case, on year of mortgage payments was an extra $17,500.

If we had a credit score above 740, all of that would go away and we’d also be able to get the best rate. And that’s what we ended up doing.

Our general rules with credit cards are as follows:
1. We NEVER spend more money on a CC than we were originally intending.
2. We NEVER spend money that we don’t have already in cash.
3. We NEVER carry a balance. We pay it as soon as we can. Usually two days later as soon as the charge has been processed.
4. We don’t use credit cards in an attempt to build wealth.
5. Probably most importantly. We don’t spend money on things we wouldn’t normally be buying if we didn’t have a credit card.

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Is Being Debt Free Worth It, WHY WE GOT A CREDIT CARD AFTER BEING DEBT FREE FOR 5 YEARS (Dave Ramsey & Credit Cards).

Find The Right Option For Service Debt Relief

Life is typically interfered with by something as unfair or as dramatic as the financial slump. This type of personal bankruptcy involves establishing a repayment plan where your debt is restructured.

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How To End Up Being Financial Obligation Free And Secure Your Financial Future

Simply do your research study to select a credible business. The way this mode of insolvency works is reasonably easy in design and principle. You can likewise make double payments to decrease the repayment quantity.

It’s a truth – great individuals have uncollectable bill. And lots of it – the typical American household carries about $8,000 in credit card financial obligation alone. We hold a total of $1.9773 trillion (yes, that’s a trillion, a thousand billion!) of customer debt – $18,654 per family. And, 44% people invest more than we make. Cinema TVs, the current in clothing and dinners out – 4.2 meals per week – aid add to this debt. You may already be questioning how to treat your financial obligation issue if you are part of the financial obligation crowd. What can you do to minimize financial obligation? I’ll show you three simple, yet reliable, ways to begin breaking away at those high balances – today.

The very first thing you require to do is take a look at your debt. There are two sort of financial obligation. Secured Debt is the first kind. Guaranteed debt is debt that is attached to security. This could be the loan on your home or automobile. The second sort of debt is unsecured debt. This kind of debt does not have security connected to it. This could be a credit card debt or a student loan. When you examine your financial obligation, what kind do you have? Do you have secured or unsecured. If you have unsecured financial obligation, there is a great service to your problem.

Borrowers with bad credit can also apply for these loans because there is a possession connected to the loan. By getting rid of all the debts with the help of the loans, borrower can improve the credit rating.

When it comes to your objectives in life, make resign Debt Free concern one. Numerous experts will tell you to list your debts by interest rate with the greatest interest rate at the top. This does not work for many. You need to note all debts from smallest to largest and pay them in that order. Each time you pay one off you will have the inspiration to continue working towards ending up being Debt Free.

Lack of recent revolving account info – There isn’t enough current information on Revolving Debt to make a decision about what type payer you will be. Attempt getting a protected one and make timely payments for 6-12 months and then reapply if you don’t have any other credit cards. Pay as agreed for the very same quantity of time and try once again if you do have other credit cards.

You have to comprehend that there are certain certifications that you require to abide by when looking for a debt relief option. All of them are efficient however you require to qualify for it economically to be able to maximize the advantages of each.

Focus on saving for beneficial causes. This is the last in the list of 7 clear tips on how to be debt-free. Getting your own home (or a dream house) in the future or preparing for your children’s university education is top concern that will assist you to focus and remove unneeded expenditures. Financial goals are a way of getting rid of temptations to purchase and own less crucial goods and services. Make these objectives realistic to help make you feel a sense of accomplishment.

Taking a look at what your next-door neighbor has and wanting the same for yourself. Remember, the objective here is Debt Free in 5 years, not 5 minutes. This may take this amount out in just a number of months.

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