Car Loans Tougher To Get, More People Getting Rejected By Lenders

[Balr14]

Thats the backwards way of thinking about credit. Credit scores and credit history is based on how you pay over time. Paying things off quickly is not showing your long term credit worthiness. Banks make money on interest, and paying off loans and credit cards quickly doesnt show them you are reliable and also going to make them money.

I haven't had a credit card balance in over 20 years. I wonder what my credit score is? Probably pretty bad.

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[RagmopInKona]

I haven't had a credit card balance in over 20 years. I wonder what my credit score is? Probably pretty bad.

I have them , use them and pay it in full. I make sure I have the cash put a side before I buy anything with them . Then pay them before I get charged with interest.
One card is cash back 2% on everything and 5% on fuel and food. So that is my debit card and is paid in full every month. So far it has been 3500.00 of free cash back and no interest. Till they pull the plug on this . I'm playing ball.

 

[Strokerswild]

I have them , use them and pay it in full. I make sure I have the cash put a side before I buy anything with them . Then pay them before I get charged with interest.
One card is cash back 2% on everything and 5% on fuel and food. So that is my debit card and is paid in full every month. So far it has been 3500.00 of free cash back and no interest. Till they pull the plug on this . I'm playing ball.

Same, I buy all the usual monthly expense items on a cash back CC and pay it in full every month and reap the rewards. Never carry a balance.

 

[Hack]

I don't use credit cards and I always pay loans off ahead of schedule. And I'm pretty sure my credit score is really good. Unless you guys complaining about scores going down have 849 credit scores and they went down to 845 after paying a loan early there must be something else going on to lower your score. Maybe checking it too often?

 

[shogun32]

6.6% was a recent used car rate by a local CU.

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