Buying guitar and payments? Why is this!

Discussion in 'Guitars' started by Msharky67, Sep 21, 2021.

  1. ricksdisconnected

    ricksdisconnected Well-Known Member

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    its been writen, give away what your in need of freely,
    and it will come back to you 10 fold.
     
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  2. Matthews Guitars

    Matthews Guitars Well-Known Member

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    Direct from Experian's own website, here's the explanation of the 7 year rule.

    Dear Experian,
    I had a 30-day late payment in April 2013 and one 90 days late in September of 2013. When would the seven-year rule start? April or September?
    - BAJ

    Dear BAJ,
    Late payments remain on the credit report for seven years. The seven-year rule is based on when the delinquency occurred. Whether the entire account will be deleted is determined by whether you brought the account current after the missed payment. If the account was brought current, the late payments that have reached seven years old will be removed, but the rest of the account history will remain.

    In your case, if you had a single late payment in April of 2013, that late payment will fall off by April of 2020. If the account was brought current between April and September of 2013 and then the second series of late payments occurred, those late payments would be removed seven years from the first missed payment in that series.

    How to Calculate When Late Payments Will Be Deleted
    Late payments, also called delinquencies, are deleted seven years from the original delinquency date of the debt after which it was never again current.

    That means that if you have 30-day late payment reported and then bring the account current the next month, the late payment will fall off seven years from when it was reported.

    If you miss three payments in a row, your account would be reported 90 days late. The seven-year period would begin with the first payment you missed in that series. All three payments would be deleted seven years from that date. The date is called the "original delinquency date," or sometimes the "date of first delinquency."

    If you have a late payment and never bring the account current, it will eventually be written off as a loss. The debt then could be sold or transferred to a collection agency. In this case, the entire account will be removed seven years from that original delinquency date, along with the subsequent collection account.

    You didn't indicate whether the 90-day delinquency began with a first missed payment in September of 2013, or a couple of months earlier in July. If the account became 30 days delinquent in July, then 60 days delinquent in August, and 90 days delinquent in September, that series of late payments would be removed seven years from July of 2013.

    If the initial 30-day late payment was in September of 2013, that string of delinquencies would be removed by September of 2020.

    Experian removes late payments automatically after seven years
     
  3. MarshallDog

    MarshallDog Well-Known Member

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    Come on man, do the math! Different retailers buy at different volumes, payment terms, profit levels, interest rates, etc! Just get the best deal you feel comfortable with…that simple!
     
    Last edited: Oct 2, 2021
  4. GregM

    GregM Well-Known Member

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    Wanna hear another sob story, last Monday was a public holiday, I worked, today was Saturday, I worked, tomorrow is Sunday, I'm working,. Fast forward to next Saturday, yup, I'm working. Next Sunday I get my first day off in over 2 weeks, boo hoo.
     
  5. TheToneDig

    TheToneDig Well-Known Member

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    Leasing was a great option when banks offered good interest rates on what stayed in your bank. Buy things with your interest. Now they charge you for keeping your money unless you take some long-term no touch the money scheme so they can blow it all on bad investments for you.

     
    Last edited: Oct 2, 2021
  6. Adieu

    Adieu Well-Known Member

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    This reminds me of that one fool I'm sure everyone once knew a version of. Ours once got drunk and lost $30k worth of diamonds he bought on credit (and wth does a man even want with diamonds??). Few months later, sob story, girlfriend said she was doing the payments on the Cadillac...and it got repo'd cause she wasn't.

    Last I saw him, he was living in a house with a billboard-sized asbestos warning sign from the county in his yard and fighting off a $400k lawsuit.

    Don't be that fool.
     
  7. TheToneDig

    TheToneDig Well-Known Member

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    INSANE! Demon alcohol. I know stories about drunks who manage to ding up the entire neighborhood's row of cars on the way home. Like they bounced from each one to the other. No memory of it. Also did it more than once.
     
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  8. axe4me

    axe4me Well-Known Member

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    I'm astonished why people will spend $6k ,or more, for a used Tom Murphy LP or that "vintage" piece.

    I'm a frugal SOB and use the 0% finance deal when it suits me.

    IMO, it's the way to go other than buying used for cash.
     
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  9. ricksdisconnected

    ricksdisconnected Well-Known Member

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    can we get a amen right here guys?
     
  10. ricksdisconnected

    ricksdisconnected Well-Known Member

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  11. MarshallDog

    MarshallDog Well-Known Member

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  12. ricksdisconnected

    ricksdisconnected Well-Known Member

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  13. Vinsanitizer

    Vinsanitizer ✴✴✴✴✴✴✴✴✴✴✴ ✴- - - - - TEH - - - - -✴ ✴✴✴✴✴✴✴✴✴✴✴ Double Platinum Supporting Member VIP Member

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    Credit cards... :rofl:

    Get off the credit treadmill. There's a better way!

    Man, last time I bought anything with an actual credit card I was almost $10K in debt. Then one day I realized that the interest on credit was like a tax for not being responsible enough to save my money before I buy. So I cut up the cards, and within 3 years I paid it all off and then saved up the same amount in a savings account, and to this day I only borrow from myself.

    If you can afford to make payments on a credit card, you can wait, save your money, and then owe your own "bank" forevermore. You just have to be responsible enough to do it and maintain it. Your credit limit is the amount that you can save up in one year's time (that way you will keep your spending limits reasonably in line with your income, and be able to keep the number of monthly payments back to yourself short).

    Do this and you'll never owe a credit card company again.

    Note: I'm talking only about credit card debt on unnecessary items that don't affect your livelihood, such as all the toys and crap we all buy. But houses, cars, education, etc., are a different kind of credit altogether.
    .
     
  14. usablefiber

    usablefiber Active Member

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    yeah i defintely sympathize with the poster saying it’s frustrating not being able to afford the Guitar of your dreams while watching other people have a huge collection. That feeling of missing out on that great tone and perfect guitar you just can’t get out of your head yearning for, i know the feeling.

    I know it sucks but you can’t get jealous or envious of others. Most of the people who have multiple guitars are older or have had a career and steady money for a while. And it really isn’t the norm most of us players out there have to make compromises. I too always wanted an authentic american les paul or a USA EVH wolfgang or an actual custom shop vintage style strat but it’s just not in the cards. I’ve always wanted a phish languedoc that trey plays but they are 10 grand so it just ain’t gonna happen lol.

    as i’ve said. using ams or seeetwater is fine and you can defintely use it to get a really nice guitar. I am of the mindset that the 1-2k range can get you a spectacular guitar and you really don’t need to pine over that next level of 3k and up custom shop type stuff.

    And also, i remind myself of Eddie van halen who used one of the most iconic, sought after guitars that he made himself with the reject guitar parts he bought cheap. you can always upgrade parts, pickups, tweak your guitar to get closer to what you want! He said much of his tone and tweaking came about specifically because he couldn’t afford more gear and pedals so he had to get creative.

    As I mentioned i really wanted to get a USA wolfgang but they are stupidly expensive at 4k, so settled for the mexican special wolfgang which i could actually afford. And it’s working great. at some point i may upgrade some of the parts to usa specs but not worrying about it now. It’s still working great for me and having a great time with it.

    I totally understand that nagging frustration in your head over mot being able to get these high end gear and seeing others seemingly take for granted access to multiple top line les paul’s and fancy guitars but you just can’t let it get to you. Save up, do some research, look for some cheaper alternatives or clones, be diligent about what you want and you can find something that will work out just fine for yourself.
     
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  15. GregM

    GregM Well-Known Member

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    Unless of course you spend all your time whinging and less time making it happen, then oh well.... Sucks to be him ( even though he has better gear than I have but can't for the life of himself make it happen)
     
  16. anitoli

    anitoli Well-Known Member Gold Supporting Member

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    Having access to high end gear does not mean i take it for granted but rather physically put in the 70-80 hours a week to get the stuff. If having a lot of high end guitars bothers someone else then they need to look at their situation and their wants and needs and put it in perspective. But to be jealous or envious just proves that person is a tad bit on the immature side.
     
  17. TheToneDig

    TheToneDig Well-Known Member

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    A big take-home message I learned about guitars is that in the hands of a luthier, a budget guitar well setup can be transformed into a high-end sounding guitar that plays every bit as good as something else ten times its value. That guitars ten times it value also need a proper setup and even some luthier adjustment to bring it into the class of entry it should be.

    I can actually say that all is one sentence - "take an Epiphone to a good luthier", lol.
     
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  18. Msharky67

    Msharky67 Well-Known Member

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    I love the guitars that I have at least. I am upgrading my Fender Strat now finishing it. I was going to unload it but decided to keep it. The neck is dead straight. Put new saddles in it. Waiting for my pickups to get here. I am putting Wilkinson alnico V's . Affordable but better than the stock ones. Can't wait until its finished.
     
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  19. Wezie Guitar lover

    Wezie Guitar lover Well-Known Member

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    You take a guitar you want and spread the payments out. Any price it does not matter. It helps some people out. Are guitar players shallow now that doing just that also offends them?:(:confused:
     
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  20. Jethro Rocker

    Jethro Rocker Well-Known Member

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    Credit cards?
    I have 2. Wife has 3.
    Pay em off in full every month.
    They aren't a bad thing, great for booking hotels etc. Just pay them off. Don't live beyond your means whether credit card, line of credit, etc. I buy rafts on credit card.
    And never pay a cent of interest.
     

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