4 ms·
You know what's weird? I biked to work for years, and bought a car in cash. I lived in a cot on a boat for years, and bought a condo in cash. The most debt I
by spiritplumber 11y ago
You know what's weird?
I biked to work for years, and bought a car in cash.
I lived in a cot on a boat for years, and bought a condo in cash.
The most debt I ever had in my life was $6K when I lost my scholarship for a year, and paid it back the following year.
All this for some reason combines to give me a horrible credit rating, to the point that BofA refused to loan me $5K for two weeks in order to finish a prototype run... which is when I ditched them for a credit union.
- wmat 11y agoNone of those things you list are credit based. A credit rating is determined by your ability to repay debts, such as credit cards, mortgages, etc. If you never have those, how can you have a credit rating. http://www.myfico.com/crediteducation/whatsinyourscore.aspx http://www.myfico.com/crediteducation/whatsinyourscore.aspx
- spiritplumber 11y agoThen the problem is in the model. A credit rating is supposed to index your financial stability. I'm obviously stable enough to not have debts, but my credit score does not reflect this. The bank guy I explained this to got physically agitated.
- nimblegorilla 11y agoIt doesn't really index your financial stability. It indexes your history of paying bills on time. People in debt that make regular payments are much better customers than people that don't need to use debt.