Can't Believe This!
08-15-2020, 01:34 PM
#26
MBWorld Fanatic!
I am someone who isn’t a one percenter but I’m close. Ive never had Personal debt other than a car or home. Because of this my credit is terrible. I have never defaulted, never been sued, never caused an accident, etc. Have I been late, ten times in twenty years between all my purchases, sure, though no excuse.
Banks want you more when you are a risk, imo, depending on income and risk, so they can milk fees and interest.
The last used car I bought, Took six banks to get a yes and again, I have the income and no debt..
I would personally have a very hard time after having a relationship with Mercedes like that, if they wouldn’t want to lease me a car I would not wanna give them my cash.
The best part of the economy is choice and willingness to pay.
Banks want you more when you are a risk, imo, depending on income and risk, so they can milk fees and interest.
The last used car I bought, Took six banks to get a yes and again, I have the income and no debt..
I would personally have a very hard time after having a relationship with Mercedes like that, if they wouldn’t want to lease me a car I would not wanna give them my cash.
The best part of the economy is choice and willingness to pay.
08-15-2020, 04:09 PM
#27
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Join Date: Oct 2018
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No more MB:(
Most banks do not want slow payers unless they are somewhat predatory and their business model is high interest rates and fees for people that sadly do not understand how credit works. After working for 40 years starting at around age 12 I am debt free, own my house and cars. Not bragging, just saying it can be done. I still keep a few credit cards though and pay for everything with them to get the points. They are paid off every month though, that is what lenders like to see, some form of credit that is paid on time for a long period of time. I predict that in the next 12-24 months people will really need good credit to have access to any kind of loans.
08-15-2020, 08:43 PM
#28
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2010 E350 4Matic
I don't think he is bragging or if he is shouldn't be as being debt free isn't necessarily a big accomplishment.
Last edited by MBNUT1; 08-15-2020 at 08:50 PM.
08-16-2020, 12:45 AM
#30
MBWorld Fanatic!
Sorry, was not trying to brag but rather correct the misperception that simply paying everything off and having no credit cards can be why you can have poor credit. Unfortunately the credit bureaus do not like it if you have no debt and no cards.
08-16-2020, 09:19 AM
#31
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Join Date: Mar 2017
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2019 S560, 2022 Audi S8
Heck, my credit got a bad ding in it about 5 years ago (now it's back in the high 700's) and I still was able to get into a new car, even with a lot of upside down equity. It's either he has a bad score right now, or as others have said, the economy has pulled the banks into a tighter loan situation.
08-16-2020, 11:12 AM
#33
Super Member
Originally Posted by superpop
Unfortunately the credit bureaus do not like it if you have no debt and no cards.
08-16-2020, 02:26 PM
#34
MBWorld Fanatic!
That’s a question, when they said “too
many accounts” did they not mean too much history with them but in fact too many credit accounts in general?
Even so, shocking that would be an issue with a car loan/car lease
many accounts” did they not mean too much history with them but in fact too many credit accounts in general?
Even so, shocking that would be an issue with a car loan/car lease
08-16-2020, 08:00 PM
#35
These posts will always be full of guessing as we dont have all the info.
When I was 30 I was so happy I paid off my first house and my wife boss told me I just made a huge mistake and should always have a mortgage. I looked at him in shock but listend and bought a 2nd. Well 20 years of doing this and many houses later you get the picture. You should always have a mortgage especially at under 3%. By next year we will being paying banks to store our cash.
Until very recently I would walk into a dealer and pay cash for my cars till again someone explained what a huge mistake that was. I again listend and realized go through the deal as if you are financing or even do the deal as financed and then just pay it off. Dealers make money off loans and selling u useless stuff. I used to even get blown off paying cash as I guess it just didn't make them enough money.
Your not impressing anyone paying cash in the end nobody cares they get paid either way.
When I was 30 I was so happy I paid off my first house and my wife boss told me I just made a huge mistake and should always have a mortgage. I looked at him in shock but listend and bought a 2nd. Well 20 years of doing this and many houses later you get the picture. You should always have a mortgage especially at under 3%. By next year we will being paying banks to store our cash.
Until very recently I would walk into a dealer and pay cash for my cars till again someone explained what a huge mistake that was. I again listend and realized go through the deal as if you are financing or even do the deal as financed and then just pay it off. Dealers make money off loans and selling u useless stuff. I used to even get blown off paying cash as I guess it just didn't make them enough money.
Your not impressing anyone paying cash in the end nobody cares they get paid either way.
