Is it possible to maintain a good credit score without debt? - Page 1

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[ARCHIVED THREAD] - Is it possible to maintain a good credit score without debt?

Posted: 2/16/2017 11:36:22 PM EDT

I'll have my house paid off soon and other than utilities, insurance and taxes won't have much bills.
Is a credit card, paid off monthly, sufficient to maintain an excelent credit score?
What are some ways to maintain my good credit rating?
I currently have No loans or car payments other than the house.
I may want to buy a newer vehicle in a few years so I may or may not need credit.
Thanks, mp.

Posted: 2/16/2017 11:52:11 PM EDT

[#1]

Most financial advisors suggest 3 tradelines and you might want to consider opening a home equity line. They should not have any closing costs, you only make a payment if you borrow money, and I use mine to track what I spend in home improvements.

Posted: 2/17/2017 12:09:54 AM EDT

[#2]

Wife and I had top notch credit our entire lives (owned a fairly large business) and we worried a bit about your question when we retired. Been retired for almost seven years now and with only utilities, insurance and normal credit card expenses we still have top notch credit. I have NO idea how they score us as we haven`t owed anyone anything for well over ten years.

Posted: 2/17/2017 12:11:45 AM EDT

[#3]

No debt for 2 plus years. 817.

Posted: 2/17/2017 3:49:42 AM EDT

[#4]

It seems so...

Posted: 2/17/2017 4:03:40 AM EDT

[#5]

Just have a few cc's with high limits and low balances.

Posted: 2/17/2017 6:16:16 AM EDT

[#6]

Mortgage paid off for 10 years, no car debt ever, zero cc debt. No debt what so ever.

820 credit score.

Posted: 2/17/2017 10:23:32 AM EDT

[#7]

I don't have any debt, I pay off my CC each month, my FICO 8 score stays around 800-809 every month.

Posted: 2/17/2017 10:56:52 PM EDT

[#8]

A good credit-card history plus a 3-year 0% industrial equipment loan I took out when I was 16 was sufficient credit history for me to buy a house with zero down at age 23.

I have no clue how that equipment loan affected my history/score, it most definitely had to have a positive influence but how much I don't know. The amount of the loan was $17k

With that loan by itself I doubt it would have been sufficient so I'll say credit cards have to be decent but I think they want to see some form of installment loan on the history as well.

Posted: 2/18/2017 12:07:18 AM EDT

[#9]

Get a couple secured credit cards and pay them off at the end of the month. Technically you carry a positive balance on them and really aren't in debt.

Posted: 2/19/2017 3:18:01 PM EDT

[#10]

It is based on the ability and willingness to take on debt and your effectiveness at repayment. Just because you don't have a loan doesn't mean much. Your score could actually go up because the metrics mean you can or have a habit of taking on more debt. I have 1 cc that I told them to close that never has, other than that no debt to anyone for years and my credit is 720 or so. I should call them again to close it but who cares it doesn't affect my life one way or another and I bought two used cars last week.

Posted: 2/19/2017 3:30:09 PM EDT

[#11]

It is based on the ability and willingness to take on debt and your effectiveness at repayment. Just because you don't have a loan doesn't mean much. Your score could actually go up because the metrics mean you can or have a habit of taking on more debt. I have 1 cc that I told them to close that never has, other than that no debt to anyone for years and my credit is 720 or so. I should call them again to close it but who cares it doesn't affect my life one way or another and I bought two used cars last week.

Posted: 3/17/2017 2:57:25 PM EDT

[#12]

My credit score is over 800 and has been for years with ZERO debit. I do have ever have and use several credit cards where I charge anywhere from a few thousand to 10K a month on. But these charges are always paid at the end of the month. I do not pay credit car interest.

Posted: 3/20/2017 11:29:50 AM EDT

[#13]

yes, but you get a "great" one if you pay lots of interest

Posted: 3/21/2017 12:13:15 PM EDT

[#14]

I would think so. I had a pretty good credit score prior to having a mortgage and I had no debt. I used my CC on a monthly basis but paid it off in full and did not carry a balance

Posted: 3/23/2017 5:07:01 PM EDT

[#15]

Been completely out of debt since April of 08. Have a debit card and a regular Visa that we pay off monthly and enjoy usually $500. or so in "rewards" every year or so.

We've paid cash for two new vehicles in that time period and always have them pull credit to check the "beacon" score at the dealership.

It went from 711 around the time we got out of debt to 800 (can't remember the exact number, just remember it was the first time I saw 800) in 15 when we bought a new truck.

So the whole "you have to finance something every 2.5 seconds or your credit will go to $hit" lie is just that....

Posted: 3/23/2017 6:14:52 PM EDT

[#16]

I haven't had a house or car payment in over 20 years.

I do have some high limit cards which I use heavily at times but they get paid off monthly.

My last score was 798.

Posted: 3/23/2017 6:21:28 PM EDT

[#17]

I've found my credit sucked since I had zero debt and paid with cash for everything. So I got some credit cards and used them for food and gas and everyday stuff and paid them off every month so I didn't get hit with interest. Next thing I knew my credit was awesome!!

Posted: 3/25/2017 9:33:38 PM EDT

[#18]

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Quoted:
It seems so...

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Same here. Upper 700s with just a credit card when I financed a new vehicle recently.

Posted: 3/26/2017 10:22:06 AM EDT

[#19]

You will need some form of debt to build a decent credit score.

IMO check out Dave Ramsey and learn to live a debt free life. I wish I would have discovered his years early.

[ARCHIVED THREAD] - Is it possible to maintain a good credit score without debt?

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