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jeron1 wrote: If one could pay cash for a decent house, they probably wouldn't be posting here.
I agree that over 90% of people get loans to buy a house but I think the mentality that you have to is part of why we have such financial troubles. Ironically, those in this forum probably make good salaries and after saving up for a few years could pay cash for a house. It's just a matter of your priorities.
When I was in Mexico many years ago no one had a mortgage. Everyone had to pay cash. I don't know about the rich Mexicans but the regular people paid cash and often built what they could until they could save more. Credit was not even a thing, except at your corner grocery store or with your neighbor.
There are two kinds of people in the world: those who can extrapolate from incomplete data.
There are only 10 types of people in the world, those who understand binary and those who don't.
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RyanDev wrote: I agree that over 90% of people get loans to buy a house but I think the mentality that you have to is part of why we have such financial troubles.
Surely striving to own a property is a good thing? The notion that you a) get tax relief on the mortgage interest, b) don't have to pay rent and c) accrue equity are the main drivers I would think. Also, there aren't that many places where ordinary Joe's earning the national average could possibly pay cash for a house. Unless you mean Assbum Alabama or Nowhere Nebraska... (I'm sure both states are very nice - I'm just making a point at their expense  )
RyanDev wrote: It's just a matter of your priorities.
You mean like raising a family, keeping food on the table, etc., etc. You know, real life.
RyanDev wrote: When I was in Mexico many years ago no one had a mortgage
That's because a) who the elephant would want to live there and b) land costs 5c an acre and it costs $10 and some mud to build a house...
RyanDev wrote: Credit was not even a thing, except at your corner grocery store or with your neighbor.
When I were a lad the only credit was a mortgage and you had to qualify. That meant you had to be customer of good standing; perhaps been with the bank or building society/credit union for a number of years. You had to be seen to be saving. The manager probably knew you by name. Finally, you had to be able to put down at least 10% and be earning 2.5 times the amount of the mortgage (3.5 times if you were a couple with both working).
Very few people of my parents generation even had a bank account and most would have rented somewhere to live.
Times change.
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R. Giskard Reventlov wrote: That's because a) who the elephant would want to live there and b) land costs 5c an acre and it costs $10 and some mud to build a house
There are two kinds of people in the world: those who can extrapolate from incomplete data.
There are only 10 types of people in the world, those who understand binary and those who don't.
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LOL - true
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jeron1 wrote: If one could pay cash for a decent house, they probably wouldn't be posting here.
Good job you said "probably", or I'd prove you wrong.
I wanna be a eunuchs developer! Pass me a bread knife!
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I guess this is the sort of thing where having a credit monitoring service would have helped detect the problem as soon as it happened. Seems in this case you found out 2-3 months after the error?
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That is a good point. However, it takes time for the notice to appear on your credit report. I started to deal with it as soon I knew but it was a sh*t-fest trying to sort it out. Everyone assumes that it is your fault and they do not believe anything you say. What helped was researching on the internet and finding out that I was not the only person this happened to. I suspect there will be an antitrust suit at some point.
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Well, both myFICO and Amex CreditSecure have 24/7 monitoring. They claim that any data changes generate alerts the same day. Not sure how true that would be in practice.
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Nish Nishant wrote: Not sure how true that would be in practice.
Depends which version of windows they use.
I wanna be a eunuchs developer! Pass me a bread knife!
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Nish Nishant wrote: Well, both myFICO and Amex CreditSecure have 24/7 monitoring.
Mine does too. Again, not the issue though I have no way of knowing when the notice was issued and when they let me know. I got emails telling me about a change in my credit report. Ata that point, the fight was on.
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Ah alright. Good luck getting this resolved quickly.
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Out of curiosity, which company services your CC account? I ask so 1.) I know not to do business with them or 2.) I have an account and should now be watching it like a hawk.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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Was a dinosaur priest a Velocirector?
Bad command or file name. Bad, bad command! Sit! Stay! Staaaay...
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... and was it good for a quick prayer?
If you have an important point to make, don't try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time - a tremendous whack.
--Winston Churchill
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That certainly would trexplain a lot!
... such stuff as dreams are made on
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What was in the collection tray? Mammals?
"the debugger doesn't tell me anything because this code compiles just fine" - random QA comment
"Facebook is where you tell lies to your friends. Twitter is where you tell the truth to strangers." - chriselst
"I don't drink any more... then again, I don't drink any less." - Mike Mullikins uncle
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Reading through some docs on a credit rating agency, I came across this:
Studies have shown a strong correlation between a consumer's credit history and his/her future insurance loss potential. Thus, insurance companies believe the use of credit helps to underwrite an applicant at a cost that reflects their specific risk.
I guess I'd categorize that under "interesting" and things consumers probably don't realize -- that their credit rating could be adversely affecting their insurance.
Marc
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I've known that for a while. Your credit rating can also have a big impact on receiving a job offer (or not).
It really seems the odds are stacked against you if your credit ever gets hit hard - it may not even be your fault... a bad medical condition, or car accident, or anything else that puts you out of work temporarily while stacking up the bills. How can you dig out 
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Pualee wrote: I've known that for a while.
Same here. They almost go hand in hand.
"One man's wage rise is another man's price increase." - Harold Wilson
"Fireproof doesn't mean the fire will never come. It means when the fire comes that you will be able to withstand it." - Michael Simmons
"You can easily judge the character of a man by how he treats those who can do nothing for him." - James D. Miles
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Multiple possible reasons for this, but one of them (I'd guess) is the deterrent effect of the accrued "non claim bonus" is less if you can't cover the cost of any incident from cashflow.
So - a well off person who has a fender bender would probably weigh the cost versus how much the loss of no claims bonus would impact future premiums. A cash constrained person does not have that choice.
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Duncan Edwards Jones wrote: A cash constrained person does not have that choice.
An interesting point. I wonder if that's the behind-the-scenes thinking or actually the case, or both. Certainly I haven't reported a couple minor incidences because the cost to repair was less (or slightly more) than the deductible and I didn't want the insurance company to know.
Marc
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Moral of the story - don't be cash constrained
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Occasionally, easier said than done. 
"the debugger doesn't tell me anything because this code compiles just fine" - random QA comment
"Facebook is where you tell lies to your friends. Twitter is where you tell the truth to strangers." - chriselst
"I don't drink any more... then again, I don't drink any less." - Mike Mullikins uncle
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Naming things is an art, as we all know, but sometimes names for products or events can't be explained with ignorance. They must be some kind of joke.
Here we have a kind of backpack with only one diagonal strap. Some genius invented the name 'body bag' for them. And then we have 'public viewing', which surprisingly does not take place after someone died. Instead, it happens at all kinds of championships and other sports events.
Here are some more great products.[^] Granted, some words from other languages may have a totally different meaning in English, but whoever made up these names should have been aware of that.
Edit: Liberals and Sander avert your eyes![^]
The language is JavaScript. that of Mordor, which I will not utter here
This is Javascript. If you put big wheels and a racing stripe on a golf cart, it's still a f***ing golf cart.
"I don't know, extraterrestrial?"
"You mean like from space?"
"No, from Canada."
If software development were a circus, we would all be the clowns.
modified 20-Feb-17 8:36am.
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