this post was submitted on 17 Jul 2025
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My dad paid off his mortgage and owned his vehicles outright. He had been that way for about 10 or 12 years when he tried to buy a small cabin. Even though his finances said he could buy it outright, he tried to get a small mortgage....the banks REFUSED to give him a mortgage. They said he basically didn't have a credit history. Its all made up bull excrement that screws with peoples lives for the fun of it.
"damn this guys responsible, we won't make a buck!"
If you took 10 loans, paid them all off and never missed a payment on any of them, then you have proven you are safe to lend money to.
If you never took a loan, who knows if you can pay one back.
Yes, it's stupid that being responsible means you are untrustworthy, but it does make logical sense that paying back loans proves you can pay back loans, and not doing so, well, doesn't.