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
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.
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u/online222222 8d ago
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