Hi all, I just wanted to get people's thoughts on the relatively new FICO Expansion Score. I currently don't use debt to make purchases of any kind. For all purchases (other than my future home) I plan on using cash. I have used credit cards in the past and other installment debt (1 auto loan and 2 student loans).
From what I read on the Fair Isaac web site, it looks like the Expansion score is just what I will need in order for a potential mortgage lender assess my risk without me having to use debt. The plans for the home purchase are about 5-6 years out, and in that time we won't be using debt, so I know my credit score will go down (I have heard from somewhere that if you don't use any type of debt for 10 years or more that eventually you will have a FICO score of 0).
So does anyone know anything about this? I have an account at PRBC and have my accounts listed (as does my wife). Can this non-traditional data be what we use to secure a home loan? I mean, if it were up to me, we would just save up for a home and pay it in cash (which might take an additional 3-4 more years on top of the 5-6), but the wife wants it a little sooner.
