cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Home ownership

I purchased my home with cash $102,000 from my parents inheritance. My car is also paid off. Why isn't this a part of your credit record. Can it be to help?

1 Reply
Highlighted
Level 15

Home ownership

Your credit score is designed to tell lenders how much debt you have and how good you are at paying off your debts.  Buying things with cash is very responsible in its own way, but it does not tell the lender what to expect from you if they loan you money.  If you do apply for loans, the fact that you own your home and your car free and clear will be points in your favor, it just is not reflected in the credit score, which is designed for a different purpose. 

*Answers are correct to the best of my ability but do not constitute legal or tax advice.*
**If a post answers your question, choose it by clicking on "Mark as Best Answer".**