Quote:
Originally Posted by rikkidoxx
I own my house outright. It's brand new on 6 acres of wooded land. I have no mortgage, but yet when I review my credit score one of the negatives is I don't have a real estate loan. Are they saying I should have a real estate loan rather than owning my house? They're saying that maybe my score would be higher if I did. My current FICO is 798 and the three credit bureau's are reporting 773.
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Your score is more about your history of borrowing and paying back money, than actually having any money. Do you plan on borrowing a large sum of money with a paid off house? Without a house payment you could probably pay cash for future cars. I wouldn't worry about your FICO score at all, other than to watch your credit for any unauthorized activity.