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Originally Posted by Ima saver
I was told by the agency that my score would be higher if I had a mortgage loan. I have had my house paid free and clear for years, but that doen't count!! Oh well, I have an 817 out of 850, so that is ok.
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Some similar situations really show the ridiculousness potential of these scores for people who have little or no debt. To highlight, a person I know who has never had a credit card (but paid cash for his house and pretty much everything he owns) and has a very substantial amount (this person is "financially independent" in the full sense of the word) invested in a bank was turned down for a simple credit card at that very same bank. A call to the bank manager cleared the situation, but the processing people at the CC company initially wanted to hear nothing of it. Some people can be incredibly shortsighted, and so can some systems.