Quote:
Originally posted by mrblue
In terms of my credit score, does having some continuing debt look better than having no current debt because I paid it all off?
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I'm no expert on how they determine credit score (there are others on the board who apparently are) but I do know people that were turned down for loans because they did not have sufficient credit histories despite the fact that they paid their debt off quickly whenever they developed it. They also had a tendency to pay for things (like cars) in cash and it seemed to hurt them. It was almost like they were just beginning in the world of finance despite being in their 30's and living a very comfortable life. It seem that sometimes having no significant history of paying things off over time hurts since the credit companies can't predict how you will be at it.
Just my .02.