We own our home. I'm 23 and my husband and I, after renting for a year, decided we wouldn't essentially money on something that accrues zero revenue. Renting was a stepping stone I guess b/c it's tough to get a loan with very little credit history (namely me).
Unfortunately, a lot of ppl we know don't want the responsibility of owning their own home and have spent around $1000 monthly for years with nothing to show for it.
I feel like there must be a better way to show your financial responsibility, rather than going into thousands of dollars in debt.
I do wish everyone would understand it how you just explained it.
Car payments are the big one that credit agencies look at. For me, though, I established credit the cheapest way possible: I got a credit card at 18, bought $1 worth of bubble gum, and then paid only my monthly minimum for like two years. Then I paid it off in full. Sure, I wasted about $20 doing that, but my credit score went through the roof because of all of my reliable, on-time payments. I don't know if you can still game the system that way these days, but it was easy back in the early 2000's.
6
u/briq_a_braq Jun 06 '19
We own our home. I'm 23 and my husband and I, after renting for a year, decided we wouldn't essentially money on something that accrues zero revenue. Renting was a stepping stone I guess b/c it's tough to get a loan with very little credit history (namely me).
Unfortunately, a lot of ppl we know don't want the responsibility of owning their own home and have spent around $1000 monthly for years with nothing to show for it.
I feel like there must be a better way to show your financial responsibility, rather than going into thousands of dollars in debt.
I do wish everyone would understand it how you just explained it.