Reply #28: No credit history is almost as bad as having bad credit.

[wartrace]

Up until I was 40 years old I did not have any credit history, I always paid cash & rented. After I bought a home I ran into a "cash flow crunch" and decided to get a loan. I was quoted a 30% apr for a small 2500 dollar loan. I did not take that loan & did without until I had cash. I then decided to refinance my owner held mortgage to a five year loan with a major lender, I ended up paying 7.99% for that one. Now I have a credit score of 720 after five years of using & paying off credit. I can qualify for some of the lowest rates if needed.

I would hate to go back to 30% APR due to a lack of credit history again despite the fact I do not intend to borrow ever again. It took too long to get here to do it over again.