water heater rental - contract

[GreyGhost]

If you don't care about it now, trust me, there will be some point in the future you wish you had.

Anyhoo....

Maybe not. If he is past the loan stage of his life and moved on to pile of undeployed capital, he may be correct that credit rating doesn't matter to him. He may lose some opportunity cost (like zero percent interest on a vehicle and instead has to pay cash) but that may not affect him much.

I finally got a 900. I didn't know if it was possible. Wobbling around just below for a while. It was more just a game to see if it was possible. My in-laws don't borrow so their credit scores are much lower as there is nothing to track. Since they don't borrow, don't sign up for new credit cards, etc, the score is interesting to know but means nothing in their lives.

 

[PrivatePilot]

I finally got a 900. I didn't know if it was possible. Wobbling around just below for a while. It was more just a game to see if it was possible. My in-laws don't borrow so their credit scores are much lower as there is nothing to track. Since they don't borrow, don't sign up for new credit cards, etc, the score is interesting to know but means nothing in their lives

Similar situation here, but all fine and dandy until (but to use one example) all of a sudden your "old faithful" car craps out and you decide you want something that you actually have to finance versus buying outright. Then that crappy credit history comes back to haunt you. I've known a few older people in the YOLO stages of their life who stopped caring and then regretted it as well.

I look after my credit history pretty carefully and it's paid off a lot in the last 5 years alone. Did some major work on the house in the last few and I apply for and take full advantage of things like in-house financing deals - IE, Lowes Canada always has "12 months no interest" on their card.. Applied for and was given what was apparently an eye-bulging limit (the employee who'd been there many years said she'd never seen a limit that high) and charged a ton to it as part of a big reno last November. Just paid it off a few weeks ago and completely waived all that interest as a result. About to do it all over again with a bathroom reno in the coming months as well. Good credit gives you flex in this regard.

 

[bakaboy]

Similar situation here, but all fine and dandy until (but to use one example) all of a sudden your "old faithful" car craps out and you decide you want something that you actually have to finance versus buying outright. Then that crappy credit history comes back to haunt you. I've known a few older people in the YOLO stages of their life who stopped caring and then regretted it as well.

I look after my credit history pretty carefully and it's paid off a lot in the last 5 years alone. Did some major work on the house in the last few and I apply for and take full advantage of things like in-house financing deals - IE, Lowes Canada always has "12 months no interest" on their card.. Applied for and was given what was apparently an eye-bulging limit (the employee who'd been there many years said she'd never seen a limit that high) and charged a ton to it as part of a big reno last November. Just paid it off a few weeks ago and completely waived all that interest as a result. About to do it all over again with a bathroom reno in the coming months as well. Good credit gives you flex in this regard.

I have had 2 loans in my life. My 2nd car and my mortgage.

I am sure that I would be wealthier in life if I had expanded my investments by using other people's money.

The farm boy in me hates debt.

And therefore I avoid it.

I am sure my credit score sucks.

And I am ok with that.

 

[crankcall]

@bakaboy , you and my farmer dad would have got along great . Guy never had a car loan , credit card or a mortgage.

He called me one day from the local chevy dealer to pick him up and drive him to the bank, I was working from home near by. I asked whats up on the way to the bank, he said he needed to get a bank draft to pay for a new car. I say, why not just write Tommy a cheque , you guys have dealt with each other for 30+yrs.
He tells me a chegue would have a .75cent service charge and bank drafts are free for seniors at his branch. I take an hr off work , drive across town and he saves .75 cents, which is why he was paying cash for a 38K car.

 

[Wingboy]

@bakaboy , you and my farmer dad would have got along great . Guy never had a car loan , credit card or a mortgage.

He called me one day from the local chevy dealer to pick him up and drive him to the bank, I was working from home near by. I asked whats up on the way to the bank, he said he needed to get a bank draft to pay for a new car. I say, why not just write Tommy a cheque , you guys have dealt with each other for 30+yrs.
He tells me a chegue would have a .75cent service charge and bank drafts are free for seniors at his branch. I take an hr off work , drive across town and he saves .75 cents, which is why he was paying cash for a 38K car.

Mennonite?

 

[bakaboy]

@bakaboy , you and my farmer dad would have got along great . Guy never had a car loan , credit card or a mortgage.

He called me one day from the local chevy dealer to pick him up and drive him to the bank, I was working from home near by. I asked whats up on the way to the bank, he said he needed to get a bank draft to pay for a new car. I say, why not just write Tommy a cheque , you guys have dealt with each other for 30+yrs.
He tells me a chegue would have a .75cent service charge and bank drafts are free for seniors at his branch. I take an hr off work , drive across town and he saves .75 cents, which is why he was paying cash for a 38K car.

I would have got you to buy me lunch on the drive.

 

[timtune]

I don't worry about my credit rating. If my paid off house isn't a good enough backstop for a loan I'm off to the next bank.
I walked into my bank and said I need a LOC what's the rate? The rate was X. I said I just came from the bank down the street, they can do Y "will you match it"
They said they had to check with the head office. "fine call them". "oh we can't call them it has to be done by email, we'll know the response tomorrow morning"
Walked out of my bank down the street and got the LOC.

I don't think the credit rating is the be all end all. If you have solid collateral you can make them twist in the wind. (it's actually kind of fun)

 

[mimico_polak]

Ya getting an LOC has been such a pain for me. 8% and you’ll like it (TD)…

Meanwhile Tangerine emailed an offer of 30k at 2%….I now have a cheap LOC.

 

[bitzz]

Your credit rating affects your insurance premiums.
Lower credit rating = higher premiums

 

[bakaboy]

Your credit rating affects your insurance premiums.
Lower credit rating = higher premiums

Not in Ontario.

 

[bitzz]

Not in Ontario.

Not Auto insurance... but everything else

 

[bakaboy]

Not Auto insurance... but everything else

I was just reading that consent must be requested and granted

And with multiple policies running at present I can say that consent has never been requested over decades of time.

Sounds like a bunch of worry about nothing.

That said. New immigrants and people of lower income would likely be the people most exposed.

 

[crankcall]

Mennonite?

He went Scots Presbyterian after marrying my mom , but yes the grass roots were that . My KW brother has returned to the flock as Mennonite Bretheren . He has a Range Rover , but it is black. And diesel LOL

 

[timtune]

Ya getting an LOC has been such a pain for me. 8% and you’ll like it (TD)…

Meanwhile Tangerine emailed an offer of 30k at 2%….I now have a cheap LOC.

8% is crazy. How long ago was that?
If Tangerine emailed you an offer of 3% you likely could have gotten 2.75. Those numbers are always padded.

 

[GreyGhost]

8% is crazy. How long ago was that?
If Tangerine emailed you an offer of 3% you likely could have gotten 2.75. Those numbers are always padded.

My CIBC unsecured is prime + 3%. Boo. It was setup in 2007 and I don't think I've ever used it. It is intended to be fast and easy access cash if required. Scotia secured is prime. Tangerine says 2.45% (30K at 1.99 for 90 days and then 2.45) unsecured.

 

[Brian P]

Farm boy here, too. I've only ever had two loans that I actually needed, mortgage, and first decent (used) car. Both were paid off early. I have a car loan now, but only because they had a 0% deal going and it made zero sense to pay cash up front with that on the table. Credit card is on full-balance autopay. That ought to maintain the credit rating, although I have no idea what it is and don't care.

 

[timtune]

Farm boy here, too. I've only ever had two loans that I actually needed, mortgage, and first decent (used) car. Both were paid off early. I have a car loan now, but only because they had a 0% deal going and it made zero sense to pay cash up front with that on the table. Credit card is on full-balance autopay. That ought to maintain the credit rating, although I have no idea what it is and don't care.

Same here. One car loan and a mortgage on 3 houses and a condo. All paid off early. Zero balance on the card.

A smart friend says borrow money for what you need, pay cash for what you want. Think about it.

 

[sburns]

Hmm kinda late to this thread. I have a rental with Enbridge (charges from other companies) at $31.45 a month. Curious some of the numbers here seem lower, with 1 being close to my rental. My tank is from 2007. Had a few issues with the control panel crapping out a few times over the years. Other then that mostly ok.
Should I consider installing my own tank?
If so did you install it yourselves or have someone do it?

 

[GreyGhost]

Hmm kinda late to this thread. I have a rental with Enbridge (charges from other companies) at $31.45 a month. Curious some of the numbers here seem lower, with 1 being close to my rental. My tank is from 2007. Had a few issues with the control panel crapping out a few times over the years. Other then that mostly ok.
Should I consider installing my own tank?
If so did you install it yourselves or have someone do it?

Since you say enbridge, I am assuming you have gas. At our last house, I asked a gas fitter that was in for something else how much he would charge to check and sign off on a tank I installed. The answer was exactly the same as if he installed the tank (many hundreds), I was hoping for $100 drop by after work and look for bubbles. Second question was where is install documented? The little paper hang tags will disappear in a fire. According to that guy, the paper hang tag is all there is. If your water heater burns down your house, it is hard to prove in any direction whether it was installed by someone with a valid ticket.

With a tank that old, try and buy it out asap. I bought out the old tank at my last house for $100 and it was still there when I sold the house years later. In retrospect, I should have paid those bastards almost $1300 for the current tank but I didn't think it had two more years in it. Full of deposits and rust streaks across the floor. Sadly, it seems to be holding up. The flammable vapour sensor acted up one night but as I had screaming children having a cold bath and a grumpy wife that wanted a shower, I fixed it.

I am reasonably convinced that heatpump hot water is a better way to go for many people if you can deal with the upfront cost (dehumidifies basement, cheaper to run than resistance, can be cheaper to run than gas in the summer as it reduces A/C load). If you previously had an electric hot water heater installed, there is a good chance sufficient power is right there.

 

[FullMotoJacket]

The flammable vapour sensor acted up one night but as I had screaming children having a cold bath and a grumpy wife that wanted a shower, I fixed it.

Had the water heater in a 4plex I was living in go out on a Friday night. Landlord lived in the house in front of it and had gone away for the weekend, and was the only one with a key to the electrical room. GF was not impressed Saturday morning. Shower sex was definitely off the table.