Quote:
Originally Posted by Alfisti
It is remarkable to see how hard Americans work at getting and maintaining a credit rating. It's kind of unheard of here or back home (Australia).
It's a bit odd doing business in the US too, vendors want a credit card or up front payment and i'm like, what planet are you on buddy, it's 60 days.
Weird.
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I agree, the only thing it does is to ensure you get a loan, and at the best rate.
Both my wife and I have 880+. Does it mean I can get a M3? Yes it does. Does it mean I have one? No, it does not. Does it mean I can afford one? Negatory.
The way I see it, one place you can overextend within reason and justify, is on your home. So having a high FICO will enable banks to overextend to you, at the lowest rate. Other than that, if you deal cash only, who cares about your credit...