2007-07-08 05:17:46 · 4 answers · asked by LJRobbie 5 in Business & Finance ➔ Personal Finance
Your credit score only affects you ability to borrow money. The person you buy the home from never knows your FICO score anyway.
Note to PUB: If LJRobbie has CASH to buy a home, the problem with her credit is probably NOT bad credit. More likely it it is complete lack of credit resulting from never borrowing money. PS. that is a GOOD thing.
2007-07-08 07:57:50 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Somethings missing here. If you have this money, why didn't you pay your bills?
Anyways, to answer your question, your assets will increase, and so will the loanability. But: one of three reasons for having or caring about a FICO score is to purchase a home. The second is for a car, and the third is for some loan.
We really don't care about your credit score, if you can pay cash. That is only what people who want to make money off your interest are concerned wih. See? It matters when you think you need to get a loan only.
2007-07-08 05:27:08 · answer #2 · answered by Nifty Bill 7 · 0⤊ 1⤋
If you're paying 100% cash, you won't even be talking to a mortgage company - credit will have nothing to do with it. How are you pulling that off? Inherit money? win the lottery?
2007-07-08 05:21:24 · answer #3 · answered by Anonymous · 2⤊ 0⤋
When you buy a home for cash you are probably going to trigger a reporting requirement on large cash transactions! But, it won't affect your credit score except for insurance purposes.
2007-07-08 05:43:13 · answer #4 · answered by saurus3118 5 · 0⤊ 1⤋