[quote=ucodegen]
Finally there is another problem. Current credit reports are not really a measure of credit-worthiness. [/quote]
I respectfully disagree.
If you do not have a credit history then you are not creditworthy.
It is important to finance a large purchase, such as an automobile even though you can afford to pay cash for it. All you need to do is keep making payments on the car for about 12 months then write a check for the balance and pay it off.
When you go to finance a car, the lender does not ask you how much money that you have in the bank and they don’t care.
Financing a vehicle does wonders for your FICO score. I have not financed a vehicle for years, but the credit history of the few that I have in the past makes for a nice looking credit bureau.
