Quote:
Originally Posted by wdb
All of our major life purchases have been paid off for years. We don't carry any debt beyond 30 days, i.e. the credit cards are paid in full each month. (Awfully nice of those folks to give us those short term loans interest free!) Even so we do not have an ideal credit rating. Why? Something you didn't list. "Payment history." We no longer make regular payments on any outstanding debt, such as a car payment or mortgage.
Moral: the credit folks don't like people who don't carry debt.
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Payment History" is the same thing as "On-Time Payments" or as I said - Pay your bills on time - every time.
No you won't have ideal credit because you only have one type of debt. Credit history is based on taking credit and the paying it off on time. It really is that simple. Closed accounts (good or bad) only stay on your report for 7 - 10 years. If you wanted to boost your credit history there are lots of options for 0% financing on just about anything big or small.
You should have good credit though and everything I've read and been told once you get to 740 going higher doesn't matter.
My wife an I have identical credit history besides one thing. I leased the Spark for $100 a month in 2016 and she did not. Everything else is in both of our names. That car lease bumped me to 820 while she is at 800. Her credit history is based on credit cards and the mortgage. We haven't had any other types of credit in the past 10 years. Student loans and car loans are all older than that. That is why we are both are careful to keep that one old credit card even though the rewards aren't great and we hardly every use it. As long as it stays open and is reported each month it says on our credit report.
I'm sure you know you can check your credit history for free once a year at annualcreditreport.com