<div class="bbWrapper"><blockquote data-attributes="member: 7211" data-quote="ramblinChet" data-source="post: 290445"
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data-content-selector="#post-290445">ramblinChet said:</a>
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Interesting discussion although none of it applies to me. My intent is not to offend anyone but in my opinion, a good credit score translates into being a good slave.<br />
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I intentionally keep my credit score low so I have no worries about my identity being stolen and used for nefarious purposes. Not having credit available has a very positive unintended consequence, I can only purchase what I can afford and that means if I am going to buy something, I really need it. Over the past few years I wanted a new AEV Prospector with a Four Wheel Camper - paid cash without blinking an eye. There is a long list of other items purchased that most men would dream of owning - paid cash for it. I travel full time and every penny spent comes out of my savings. As long as I am reasonable regarding my expenses, I will continue this adventure for as long as I desire.<br />
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Here's the secret - if you play the credit game you are making other people rich and keeping yourself poor.
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</blockquote>Totally taking your post as intended: BE DEBT FREE! A Top 5 piece of life advice for anyone.<br />
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However, you make some fairly foolish statements from there for anyone coming behind you to read and quite frankly for yourself as well;<br />
I'll also make the disclaimer no offense intended and I'm sincere on that, you are a very intelligent person with incredible life and work experience but you are really missing the mark on this subject. I understand your perspective however, as should anyone reading it: correct me if I characterize this poorly, 1. You are at a time in life where you are enjoying what all your years of hard work have bought you. 2. You don't have any plans to buy a house or land and raise a family, all that is done. 3. You are the type of guy with a close friend in practically every city you've ever visited, the type of guy who can say "I know a guy" for any situation that would ever come up. All of those are great things, but you are not the norm, you are a Renaissance Man, a high complement.<br />
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" A good credit score equals being a good slave"<br />
False, debt makes you a slave, a good credit score is freedom to flex when you need it, to take advantage of opportunities.<br />
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"I intentionally keep my score low so I have no worries about my identity being stolen"<br />
Pardon, but that's the dumbest thing I've ever heard. You can freeze your credit file to prevent that. All you've done is guarantee yourself higher home/car insurance rates, barriers to certain types of employment (understanding that's not a factor for you, speaking to the crowd) and a lot of missed opportunities.<br />
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"every penny spent comes out of my savings"<br />
If you are earning 5% in a savings account, take a chunk out to buy ____________ a tractor, as an example, that interest earning potential is gone forever. Instead you could have taken a 0% interest loan and paid it timely keeping the bulk of your savings growing, but wait, your credit score is low, sorry, you don't qualify for 0% Missed opportunity, lost money.<br />
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"if you play the CREDIT game you are making other people rich and keeping yourself poor"<br />
I earn multiple thousands of dollars a year on credit card bonuses and cash back bonus, I pay ZERO interest because I pay in full each month, I don't keep cards with an annual fee, I churn through them to collect the free money and then close them before the annual fee is due, rinse/repeat. I've finished my Christmas shopping this year, literally $3,900 of it was free*** money, the rest I planned to spend anyway and is already paid off before the new monthly statement even hit. If you play the DEBT game, you are correct.<br />
***All those credit card bonuses they generously pass out are paid for by people who run up their debt and pay interest, Chet is right, don't be that guy.<br />
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"here's the secret"<br />
Discipline<br />
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"I only purchase what I can afford"<br />
100% sound advice whether its in cash or transacted through a credit card.<br />
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'People have learned to fear credit, when they should have been taught to fear debt'</div>
