Monday, November 14, 2011
Can i now buy a good new car with "poor credit" FICO, if i make good salary and have no bills?
If I were you I would not buy a car on credit at all. Save up about 15-20k and buy it out right with cash. Depending on how high your rent is this could be done in under a year. Then you would still have no bills because you paid in cash. Most people think their FICO score is a measure of their responsibility with money, but actually the opposite is true. The FICO score is actually an "I love debt" score. The more in debt you are the higher your score goes(so long as you make the payments on time). People who plan ahead and save money to pay with cash have very low credit scores. I would suggest you read a book by Dave Ramsey "The Total Money Makeover". It is filled with a great many financial myths and the truths that will help keep you out of debt and let you build wealth.
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