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A credit score is really a "I love debt" score. Despite the claims of people who say they have a high credit score but always pay it off, that doesn't match the components of a credit score. They are:
1. Payment History: 35 Percent of the Total Credit Score It tracks both credit cards and loans. Having no loans will lower your credit score.
2. Outstanding Debt Amounts -- 30 Percent Again having no outstanding debt lowers your score.
3. Length of Credit History -- 15 Percent
4. New Credit -- 10 Percent
5. Credit Mix -- 10 Percent
So people who claim to have an 800 credit score and no debt are completely full of it. I have a 760 credit score and I'm in debt up to my eye balls. A credit score has no connection to how well off financially you are. It is a score that says you will take out debt often, carry the debt so they collect interest, and make your payments on time.
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Dont worry about having the highest credit score. Its a fools game that will keep you in debt forever.
under 700 eh?
A credit score is really a "I love debt" score. Despite the claims of people who say they have a high credit score but always pay it off, that doesn't match the components of a credit score. They are:
1. Payment History: 35 Percent of the Total Credit Score It tracks both credit cards and loans. Having no loans will lower your credit score.
2. Outstanding Debt Amounts -- 30 Percent Again having no outstanding debt lowers your score.
3. Length of Credit History -- 15 Percent
4. New Credit
-- 10 Percent
5. Credit Mix
-- 10 Percent
So people who claim to have an 800 credit score and no debt are completely full of it. I have a 760 credit score and I'm in debt up to my eye balls. A credit score has no connection to how well off financially you are. It is a score that says you will take out debt often, carry the debt so they collect interest, and make your payments on time.
LOL, no. Just got my quarterly credit score update - 818.
Mortgage paid off in 2009. I had a previous mortgage, paid in full when I sold the home in 2003.
Have not had an auto loan since 1991. Bought a new car in Dec of '99 and Jan 2010, paying cash both times.
I charge $2K-$3K on credit cards per month depending on expenses (gas, groceries, cable, cell, ammo, guns, alcohol, dining out, gifts, charitable donations, etc) and pay it off in full, on time.