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Personal Finance and Investing

3Hotdogs

(14,411 posts)

5. That is true for not having any loan. The loan in question, seems to be a personal or maybe auto loan.

Reply to question everything (Reply #1)

Wed Jul 2, 2025, 06:00 PM

Jul 2

When those are paid off, there is no available credit to "tap." FICO is based on the % of credit that is available and being used.

Have. 10,000 of credit card available and don't use any, credit score is 800+.

But to get in the weeds, there are other factors. How old is the available credit? Older credit lines are better than newer ones.

Do you have any late fees or judgements on your record? Have you applied for any new credit?

But here's the best piece of advice: Forget about the credit and pay cash for as much as you can.

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I have a question about something, please [View all] Marthe48 Jul 2 OP

One explanation is that if you don't have a loan, you do not generate a record of payments question everything Jul 2 #1

I had friends with no credit score Marthe48 Jul 2 #3

That is true for not having any loan. The loan in question, seems to be a personal or maybe auto loan. 3Hotdogs Jul 2 #5

It was a car loan Marthe48 Jul 2 #8

Paying it off, had a more important benefit: You stopped paying money to the car loan company. 3Hotdogs Jul 2 #10

My grandfather once told me that paying interest (or rent).... lastlib Jul 3 #13

I use my credit card for gas Marthe48 Jul 3 #14

more accounts (that are active, paid regularly and on time) stopdiggin Jul 2 #2

It's a labyrinth Marthe48 Jul 2 #4

That is because the company gets to ding the merchant. And better, if you don't pay it at the end of the month, they 3Hotdogs Jul 2 #11

Your credit score is opposite of any common sense. You pay your bills it goes down, you doc03 Jul 2 #6

I have trouble with cash payments - actually I prefer to pay cash, but progree Jul 2 #7

My ATM offers 20s and 5s Marthe48 Jul 2 #9

Me? I go to TD bank on the first or second of the month. I withdraw $50 in 1's, 360 in. 10's and 3Hotdogs Jul 2 #12

You're making the cards work for you Marthe48 Jul 3 #15