Anyone else don't have a bank account?

[Booya711]

As long as you have good credit, you are never broke

Of course as long as you eventually pay back that loan

[lonegambler23]

sounds like trailerpark people problems

[slambam]

You should at least be able to get a savings account if your in chexsystems. Probably can't have a debit card though. I used to work at a credit union, poor saps would f up an account elsewhere and try to open one with us. Idiots.

[The Kraken]

I bought my house at 23 when it was on the market for $225k-30ish. Since I had the cash to pay up front, I held all of the cards and was able to negotiate the price to $180k. This was at a time when my credit wasn't all that great. Perhaps a tad below average due to me ruining it when I was kicked out and living on the streets at 18-19 years old.

If you really want something and have physical cash on you, you can get anything you want quite easily. My credit is excellent now at 28, but I'm just using that time in my life as an example.

Depending on how long ago this was, it was probably a terrible idea to pay cash, while interest rates were almost 0

[opie1988]

Depending on how long ago this was, it was probably a terrible idea to pay cash, while interest rates were almost 0

Kracker gets it

[lakerboy]

No one buys a house with cash. You invest that cash an increase its value while you buy the house with credit and increase that as well. People buy houses to increase wealth.

[The Kraken]

Like Opie and myself, you clearly know nothing about building wealth

Three dunces just stumbling through life

[ByeShea]

what the fukk is a chexsystem

chex mix variant?

Chexsystem is a very powerful financial instrument that is what you get when you hoard massive amounts of Chexmix coupons. All that purchasing power becomes even more valuable than cash or credit.

Once you're rolling with Chexsystem a bank account just won't do.

[TheMoneyShot]

Depending on how long ago this was, it was probably a terrible idea to pay cash, while interest rates were almost 0

Kracker gets it

Hmmmm... even if you get a home loan at 2.99% APR.... why the hell would you want to give a bank 1 ounce of interest on the loan? Yes, if you're comparing 2.99% to 5.99%...... the 2.99% is a no brainer.

If you can pay off your home... do it. Don't play around with it.

[opie1988]

Hmmmm... even if you get a home loan at 2.99% APR.... why the hell would you want to give a bank 1 ounce of interest on the loan? Yes, if you're comparing 2.99% to 5.99%...... the 2.99% is a no brainer.

If you can pay off your home... do it. Don't play around with it.

Actually, you can get a mortgage for considerably less than 2.9, especially on a short term (10-15 years) and YOUR CREDIT SCORE IS GOOD. If your able to obtain a loan for such a low rate, why the fukk would you not do it? You can make more on your money than you would be paying in interest. Sometimes far more.

I've never understood why banks are looked at as always a bad thing? Obviously they need to turn a profit, like we all do. But paying low interest in certain acquisitions is often a sound decision, regardless of liquidity.

Thats a no brainer.

[stevek173]

If your credit is good enough you can also purchase a home with a rural housing loan for 0% down, it depends where it's zoned and your other credentials.

If you're a Veteran you can also purchase a home with a VA loan for 0% down depending on your other credentials, then if rates go lower and/or you need some cash you can turn around and get an interest rate reduction refinance loan (IRRRL) which is as close as it to gets to easy when it comes to paperwork in the current mortgage game.

Then you can cry in your bathroom with a bottle of vodka and do a slam dunk on a ten foot pole in your driveway and explain to everyone how you once again beat the game. I mean - if you're so inclined.

[TheMoneyShot]

Actually, you can get a mortgage for considerably less than 2.9, especially on a short term (10-15 years) and YOUR CREDIT SCORE IS GOOD. If your able to obtain a loan for such a low rate, why the fukk would you not do it? You can make more on your money than you would be paying in interest. Sometimes far more.

I've never understood why banks are looked at as always a bad thing? Obviously they need to turn a profit, like we all do. But paying low interest in certain acquisitions is often a sound decision, regardless of liquidity.

Thats a no brainer.

Well... anyone can sit and brain fuk this until the cows come home. No offense. Also, some people just don't make enough yearly... and/or combined with a high credit score to pull strings like this. Some people are just impatient to begin with. Also, people don't want to sit and read a 30+ page contract and perhaps misread something and get fukked in the a$$.

Opie... I'm sure you have done your homework.... the average person has not... or perhaps may think their a hot shot when it comes to this. You also have to factor in closing costs as well on the back end. Don't know of too many people who would close this loan in your favor?? And keep flipping it so you make a savings on the low interest rate.

For example.... who would close a loan for $120,000k or higher.... at $3,000 or lower??? No one would. So every time you flip the loan... you're going to lose (quite possibly...) the interest you saved on the "short term" part of the loan. Do you see where I'm getting at?

If someone still has a mortgage at 6% or higher... and yes... there are people out there who still do... it's a no brainer to refinance under the HARP 2.0 plan. But people don't realize how simple it is... and some won't qualify.

But to keep mind fukking around the 3% and then 2.5% area.... I just don't see how it's worth your time? Again... no offense to your ideas... just giving you my opinion.

[Nut_Flopper]

Chexsystems is the database financial institutions use when you open a new bank account. If you have written bad checks or had an account closed for a negative balance it is reported to chexsystems.

Happened to me once in my youth with BkofAma (F them) and took a lot of effort to get it cleared.

Late 90's I closed my checking account with BkofAma over something they did that pissed me off (can't remember what it was) and moved to another bank. My BkofAma debit card was tied to some automatic payment for $20 a month I had set up but I assumed since I closed my account would be rejected. When the auto payment went through they charged my CLOSED account $20 and started sending me invoices since I was now over drawn on the closed account. I basically said F u I don't owe you anything I closed my account it is not my fault you didn't reject the charge on a closed account. They saw it differently and demanded I pay them the $20, I refused on principal and eventually they reported me to chexsystems.

The new bank sent me a letter they were closing that account because of the recent reporting to chexsystems. I fought with BkofAma forever to get that removed even after I begrudgingly paid the $20. Was such a pain in the ass and took several months to get that fixed over $20 which I still feel was BkofAma's fault.

Back then it was easier to find a smaller bank willing to work with you now it would probably be much more difficult since all the small banks have been gobbled up.

To this day I hate BkofAma for that BS

[BigBusiness]

Depending on how long ago this was, it was probably a terrible idea to pay cash, while interest rates were almost 0

I thought I made off rather well. And at the time, money was flowing since I was making bank and I really wanted the house so I just paid up front after long negotiations on the price.

Paid 180k and just earlier this year, I received an offer for it at around a little over 260k, but I don't want to sell it because I absolutely adore it.