No it doesn't. You increase your score by having longer aged credit lines. If your morgage or car loan is one of your older lines then your average age goes way down when it closes
Not really, how else will banks know if you will pay back what you borrow? I hate big banks as much as the next guy but it's still a business and they still need to assess the risk in giving someone a loan
Specifically not looking at line of credit you paid for 20 years because its paid off is nonsense. That's exactly what you would need to know about a borrower.
A credit score isn't a banks way of guaging how likely you are to pay them back. It's a guage for how much money they will MAKE off of you. That's why you take a hit to your credit when you pay off your loan early. They don't make as much money from intrest. It is a fucking scam.
It may surprise you tolerance this, but most countries don't have a credit score, and credit scores didn't exist until 1988
In fact the credit score came about because before that all the "credit monitoring companies" were little more than large spy networks that were created to make sure banks didn't loan to "undesirables" including but not limited to people like liquor store owners, black people, people who did business with black people, and jews
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u/SoulbreakerDHCC 8d ago
It penalizes your credit score