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Thanks everyone for your replies. We are young and we made a mistake. luckily our lender said we can cancel the agreement and get them a paper showing it’s cancelled and we will be good to go.
Ok, no worries. lol so as some advice from your elders.
RUN, FORREST, RUN FROM RENT A CENTER. never go back. I would tell you to throw a maltov cocktail through the window but my attorney is telling me that's illegal.
The credit card is only for gas. We have over 2,000 in a savings account. He just uses it to build up credit. I’d say for being our age and having a 712 credit score, we are fairly smart with our finances. Rent A Center may not have been the wisest decision but we live and learn.
so what does "50 a month credit card payment" mean? you spend $50 a month on gas?
Yeah general rule when you are in the process of getting a mortgage, which can take 3-6 months, is not open any new lines of credit. It can trigger the underwriter to have to review everything again.
The credit card is only for gas. We have over 2,000 in a savings account. He just uses it to build up credit. I’d say for being our age and having a 712 credit score, we are fairly smart with our finances. Rent A Center may not have been the wisest decision but we live and learn.
Just a FYI.
Have a high credit score doesn't mean your smart with your finances. it just means you pay bills/debt payments on time.
My parents are broke as a joke but they have an 800 credit score. it only allowed them to take on more debt and refinance their home 5 times. Honestly they might have been better off with a ****ty score. They would probably have more cash.
The credit card is only for gas. We have over 2,000 in a savings account. He just uses it to build up credit. I’d say for being our age and having a 712 credit score, we are fairly smart with our finances. Rent A Center may not have been the wisest decision but we live and learn.
I agree that you are probably doing well for your age, but you honestly should have had a much larger savings account/reserve beyond the down payment funds to cover all the stuff that typically breaks or just wears out in a home. If that happens (hopefully it won't!), now you will have to borrow to repair (AC, roof, etc.). Ugh ;(
That’s just his savings. Not mine. We are paying for a house and a wedding at the same time. We are both quite frugal.
He CANCELED rent a center. We had never gone before and it was recommended as every washer and dryer we looked at was 899 for the cheapest dryer.
We are smart with our money. You don’t know what or how we spend our money on. If all you go by is that we made a mistake by going to rent a center then sure I guess it appears that way.
No need for people to be rude.
It’s a pity if someone asks for advice it becomes a “shame on you” “you are dumb” fest. We aren’t dumb. We are human. This is a very trying and stressful time. There’s a way to give advice to people and not be rude.
Last edited by Admartin18; 05-16-2018 at 01:38 PM..
Reason: Misspelled word
OP, look into Home Depot. If you buy it on their credit card, you can get 18 mos interest free financing. Schedule an automatic payment and make sure it is paid off by month 17 BEFORE the interest rate kicks in. But that allows you to spread your payments over 17 months, so no need to spend anything upfront.
Also, good job on saving and buying your first home! You are doing well!
Thanks everyone for your replies. We are young and we made a mistake. luckily our lender said we can cancel the agreement and get them a paper showing it’s cancelled and we will be good to go.
That's very good news.
On a related note, I sold re-conditioned washers and dryers for years (and did in-home repairs too). The difference in quality (soil extraction, wear and tear on fabrics, etc) between a $2,000 Samsung and a $750 Estate (Whirlpool) is nominal. If I needed a washing machine tomorrow, I'd pick up a 25-year-old Lady Kenmore and whip it back into shape, but that might not be your thing.
Stay away from rent-to-own places. They're not much better than "pay-day loan" outfits. They're just a terrible scam.
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