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re: As crazy as Dave Ramsey can be about credit cards and FICO scores ...
Posted on 6/9/18 at 9:33 am to Will Cover
Posted on 6/9/18 at 9:33 am to Will Cover
it's a risk signal to a lender. those without any debt may not be very good at managing it. may not want to give then a lot of money
4
Posted on 6/9/18 at 9:43 am to oklahogjr
quote:
it's a risk signal to a lender. those without any debt may not be very good at managing it. may not want to give then a lot of money
Shouldn't history carry more weight then?
I got warned about my credit score dropping (it's a small drop but still going down) after selling my house. We haven't had a car payment in 2 years. My wife's student loan was paid off 3 years ago. We sold our rental home and now have 0 debt.
But paying off two cars, a student loan, and paying down a mortgage should be a way to prove long term credit safety. Especially since we're paying our bills on a credit card and can show that we have no issues with managing money.
Posted on 6/9/18 at 9:51 am to oklahogjr
quote:
it's a risk signal to a lender. those without any debt may not be very good at managing it.
Shouldn't one's history or experience be given more weight? I have 25 years of "credit history" -- and have never been late on a payment.
quote:
those without any debt may not be very good at managing it.
I would argue otherwise. Having zero debt, while having access to multiple credit card lines, in my opinion, demonstrates knowledge, will power, control and discipline.
Posted on 6/9/18 at 10:52 am to oklahogjr
quote:
it's a risk signal to a lender. those without any debt may not be very good at managing it. may not want to give then a lot of money
In his situation there is nothing to alert the risk signal. He has a debt history and a history of handling it responsibility. The formulation is obviously not perfect.
Posted on 6/11/18 at 1:33 pm to oklahogjr
quote:That, but it can also signal that we won't be making alot of money from interest with this person because they don't carry debt for too long.
it's a risk signal to a lender. those without any debt may not be very good at managing it. may not want to give then a lot of money
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