FastSRT8 wrote:LOL maybe just maybe the fact that I don't know what the hell gardening is all about is part of the reason I eventually got a Cent.
I read all the gardenning comments are realized I unconciously did all the 'right' things such as NOT applying for cards I don't want/need and letting those I like age like good wine.
If these strategies are true, then that may be one reason why I am where I am now.
You all have me curious. I should get on FICO and see what the heck my score is. LOL it may be scary low LOL
Some people do have surprisingly low FICOs. If someone has only one or two credit cards, paid off a mortgage many years ago, and has not needed a car loan for decades, then the credit history may be long in time but appears extremely limited in variety. The old car loans and mortgage have fallen off the reports.
That's one area where I think the FICO algorithms are less than ideal. With basic, no-AF rewards cards, there are clear financial incentives for someone with good credit and plenty of cash to use them to make small purchases.
With car loans and mortgages, that's not the case. There is no reason to pay even 2% on a car loan when someone has plenty of money in a savings account earning maybe 0.5% (other than adding credit diversity and a FICO boost, that is). If someone can buy a house without a mortgage, there is no reason to pay even 3.5%.
Yes, I get that a mortgage, car, or student loan is different in some sense...but how different, really, is paying one bill on time vs. another?
Edit: I know you could use the money elsewhere - maybe buying stocks and earning 8%. Also, mortgage interest can be tax-deductible. Some car dealers will give '0% financing', but I expect that comes with fees. I've not seriously investigated.