Reply to Dave Ramsey and buying a house.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think not using credit cards is a good idea for people who have no self control.  As I have no problem with spending and can pay off my credit card each month, I still use one.

I think trying to buy a house here with manual underwriting is stupid and hope people in this area aren't dumb enough to follow that piece of advice.[/quote]

It's not just dumb-it simply will not work here. Ever. Your offer will be the weakest every single time. With houses getting multiple offers you would be totally screwed. But regardless even if you are the only offer I would suspect the sellers agent would advise the sellers not to take it and wait for one that has customary financing.

It's just simply not feasible here and I really can't think of any area in which people actually want to live that it would be.

I understand the whole goal of Dave is to be able to pay cash for everything and have no debt but in reality not having an excellent credit score takes away so many opportunities. Unless you are a millionaire already there is no way to live here without credit.

I would love to know these places that people are renting/buying that don't require credit. [/quote]

You can follow the basics of his philosophy and still buy a house.  Like a pp said, don't throw out the baby with the bath water.   Paying off your debts will get you a good credit score.  It takes years of not using credit at all to get a zero credit score like Dave has.  [/quote]

Yes I know but he also recommends closing your cards which in turn will actually lower your credit score. Better to have the credit available and unused. I feel bad for the people who call into him because he always has the same answer for everything and he doesn't get that some of his principles just simply don't work in some peoples situations. Then he just yells at people and makes them feel like crap. But to him it's so simple and easy. I guess it's all easy when you are a millionaire.[/quote]

Umm, he wasn't always a millionaire.  He used to be deep in debt. [/quote]

I know this but he is a millionaire now and has only ever lived in a place that is not considered a large metropolitan type area so he has no idea how his principles would work in other places. Tennessee is not a good comparison for other parts of the country. He is out of touch with other people's reality.[/quote]

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