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will my ins cred scoret go up I paid cash 4 a newer car at dealers? Shouldnt it help my credit 602
I had to liquidate some cash & paid cash for a car at dealers. Its now insured (at full coverge -MY request, dont "have" too), no accidents, no late ins pays, why doesnt my credit go up? (602!)
Asked by
jana8591
7 months ago
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Paying cash for something has no refection on your credit score. It never even hits the credit bureaus. It is like paying cash as the grocery store.
hardeight 7 months ago
Unfortunately, saving for purchases, paying off homes, etc. are penalized in the credit score system, not rewarded. We paid cash for a home we had built 10 years ago and have paid cash for our cars for the past 30 years. We do use credit cards as a convenience, paying any balance in full upon bill presentation. My "reward" for all this is a bad rating on the "quality" of my credit. I guess it's because I don't have a mortgage or car loans or other "high quality" credit. My opinion is that the whole credit score thing is a scam of sorts that forces people to use credit, even if they don't need to, just to have a decent score. With all the ways the score is used, we really can't ignore it.
pvan42 6 months ago