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Best and Worst Used Vehicles of 2007

With our cars being around 7 years old now, it will soon be time to look into the car market again.  This time around though, we won't be purchasing NEW vehicles as they depreciate 15% as soon as you drive it off the lot.  Why not buy a car that is 2-3 years old and let someone else pay for the depreciation?

This article on MSN Autos caught my eye as they listed the best and worst used vehicles of 2007.   Here is the list:

Decent:

  • Chevy Aveo – Minor timing belt issues.
  • Pontiac Wave – Again timing belt issues.
  • Suzuki Aerio – Failing air conditioning problems.
  • Ford Ranger – Uncommon problems include automatic transmission, front end components may wear quickly.
  • Mazda B-Series – Same as above as they are made from the same assembly line.
  • Kia Sorrento – Uncommon problems include driveshaft replacement, bad transfer cases and transmissions.
  • Mitsubishi Outlander – No mechanical deficiencies to speak of.  Models built after 2003 have better engines.
  • Cadillac CTS – avoid 2003 model as it had various problems with power steering, batteries and transmission.

Not so Decent:

  • 2003 Acura TL – Faulty automatic transmissions
  • 1999-2002 Saab – Catalytic converter placed under oil pan, causing sludge.
  • 2003-2004 Saturn Ion – Faulty automatic transmissions and broken ignition switches.
  • Audi TT Coupe (first gen) – Numerous mechanical and electrical glitches.  2003 and later is ok.

Ugly: 

  • Mercury Cougar – Short lived alternators, fuel pumps, battery cables along with numerous other electrical problems.  In addition, transmission, air conditioner, catalytic convert and sunroof issues.  In other words, avoid altogether.

My question is, where are the Honda's and Toyota's in the decent list?  Aren't they known to be the longest lasting cars?

What are your thoughts on the best used cars in the market today in terms of "bang for your buck"? 

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 49 comments… add one }
  • The Financial Blogger February 21, 2008, 7:52 am

    My car is actually 6 years old and I am slowly thinking to replace it.

    It term of used car, I would go with a BMW ;-) Much more expensive but they can’t be killed. I saw nice 2007 3 series for 33K – 34K… not so bad and this kind of car keeps its retail value.

  • SavingsJourney February 21, 2008, 8:45 am

    I’d go for a 2006 A3 if you’re looking in the compact near luxury category…it’s not the most prudent purchases but you’ll get a lot of driver and comfort benefits plus good fuel economy considering the 200HP 2.0L turbo engine that really makes it a fun car. You can get one in the 22K – 31K category – 31K being a fully loaded, winter package, moonroof, premium stereo, plus one of the nicest interiors in a car of its class…guess I’m an Audi fan and have surprisingly received true enjoyment from that little gem of a car.

    • FrugalTrader February 21, 2008, 9:03 am

      I’m too cheap to spend $30k on a used car. Even if you buy a used expensive brand name in the $30k range, will they really last longer than a used Toyota or Honda in the $10k-$15k range?

  • Michael February 21, 2008, 9:43 am

    Consider taking a vacation to the US, ie New York or the like, I hear Vermont has no state taxes?. One way plane ticket and then buy a used vehicle down there and drive it back. You will have to pay HST on it here when you register it.

    Check out the prices, I bet you could get a nice vaction and still save money over buying one here in Newfoundland. I like Honda/Toyota as a rule myself.

    Kids are a coming for you I hear. We have two now and got a Honda Minivan last year, it is awesome, loads of room for all the kids stuff and still drives like a race car. Think about it.

    Have a great vaction.

    Michael

  • FourPillars February 21, 2008, 10:30 am

    Get a minivan!

    Mike

  • Traciatim February 21, 2008, 10:40 am

    I’d kind of recommend the 2007 ford fusion if you can find one of the V6 ones cheap. I have the same engine in my 2002 Ford Taurus and they’ve been running for a long long time on the same Duratec engines. They put it in pretty much everything.

    Though I think the Taurus (pre-2008) was a near perfect family car (with the Duratec, the Vulcan [IE, like a rental] was a little underpowered [200HP vs 155HP]) the fusion is a little smaller and has a sportier transmission. That makes it a little more fun to drive. If you want you can look for the all wheel drive if you drive in areas that don’t have great snow removal.

    Whatever you do, don’t get a civic . . . unless you want to park in the lawnmower sale isle at home depot to feel good about the engine ;)

    Plus, at least the fusion is assembled somewhere in North America and the company is here too. Remember, buying anything is your way of voting you want more of something. The fate of North America could very well be decided by your car purchase.

  • Mike February 21, 2008, 10:46 am

    If you want a really good car you should buy German. I have a 7 year old Audi A4 and it is in perfect shape (not to mention fun to drive). Toyota and Honda are living off past reputations. Those cars are made in North America now and the quality is no different than GM.

    Before you buy a used car you should carefully look at the interest rate you will have to pay on a loan (if you need one). You can often get a new car at 0% and prime is 6% at the moment. A $25K new car will cost you $25K at 0%. A $15K used car will cost about $17.5K at 6% over 5 years (18.3K at 8%). Is the difference in the total purchase cost going to offset the better resale value of the new car in 5 years? When you factor in repair costs on the used car compared to the new one being under warranty the calculation gets even closer.

  • Traciatim February 21, 2008, 10:55 am

    Hey mike, I don’t mean to burst your bubble, but what Audi are you getting for 25K? From what I can tell the A3 starts at 32K and the A4 starts at 35K.

    I mean, for drive-ability and looks there is no competition but a 2007 used Ford Fusion will still go 120 on the highway and will only cost around 17K for the V6 one.

    Then again, using my argument why not just get a 2007 Aveo for 10K and it will still go 120 down the highway (with a tail wind, down a hill at least) . . .

  • Mark Toljagic February 21, 2008, 10:57 am

    Hi! I wrote the original article for the Toronto Star and MSN Autos. Just to clarify, that list was based on the 30-odd used vehicles I reviewed in 2007. It was not meant to be an exhaustive list, just a recap of what I learned last year. One reason I recommend the Aveo and Aerio is that they don’t command premiums in the market the way a used Civic or Corolla does. It’s about bang for the dollar, rather than what is absolutely the best car out there. Why spend $25,000 on a used Tacoma when a $10,000 Ranger will do the job – with surprising reliability? The list challenges what you know about cars. At the very least, it gives you some bargaining power when you’re negotiating for that Acura, knowing that the autobox is a liability (as it is in the V6 Accord and Odyssey). Drive smarter!

  • mjw2005 February 21, 2008, 11:16 am

    I have had nothing but bad experiences with American used cars….I find they start off good but after 5 to 6 years they really start to fall apart…and my experience at the US car makers dealers has been terrible.

    The two used Toyota’s that I bought have never caused me any major problems. The one I am driving now is nearing its 10th birthday and I see no need of selling it any time soon.

    And the Toyota dealership I go to is CAA certified and I have had nothing but excellent honest service from them.

  • Deborah February 21, 2008, 11:19 am

    7 years old and thinking of replacing? My car is 19 years old and I am not thinking of replacing.

    there is still a heck of a lot of depreciation you are paying for by replacing cars at this point…

  • Nicolas February 21, 2008, 11:27 am

    Mike raises an interesting point about where cars are built.

    He says german but let me tell you that Volkswagens built in Bresil or Mexico are full of what my dealership calls “factory defects”. The models built in Germany, now that’s another story. Germans don’t take kindly to crappy cars.

    As for japanese, there seems to be a difference on those built in North America and those built in Japan. That is one thing to consider.

    Final comment: PLEASE DON’T LET THE SALESMAN TELL YOU IT’S THE SAME QUALITY WHEREVER IT COMES FROM. That’s another crappy lie.

  • Dividendgrowth February 21, 2008, 11:42 am

    My personal best salesperson lie is “it’s a good investment. The price would not fall.”
    My car is a 1998 Ford Escort Zx2.I would keep on driving it untill it disintegrates. I have also heard though that Toyota and Honda are the best used cars. I have heard though that the parts for these cars are really expensive. Do you guys know if that’s true?

  • Mike February 21, 2008, 12:14 pm

    Hi Traciatim, I did not imply that you can get an Audi for $25K. I am well aware of their cost. My post was two separate points. #1 is about quality and #2 about price/interest. The ‘value’ of a car purchase will fall somewhere in between the two.

    FT, you are probably in a tough spot when it comes to buying used. I expect that good used cars are hard in find in NFLD since the market is small. You might be best to travel to Halifax or further. This would potentially ad cost but hopefully you would save that on the purchase price and the selection should be better.

  • Clever Dude February 21, 2008, 12:19 pm

    I like to pride myself on being a “car guy” in that I’m on top of new models and what’s available on the market. I’m very disappointed in myself that I’ve seriously never heard of the Pontiac Wave. Granted, it’s just a rebranded Aveo, but I hadn’t seen or heard about it anywhere. It’s a blow to the ego.

  • nobleea February 21, 2008, 12:34 pm

    i can agree on the 98 ford escort zx2. i had 2 of them (the first one was written off when someone went through a stop sign and hit me). they have a mazda engine which increases the reliability (same with the ford ranger mentioned in the post). decent performance too for an econobox.

    i can also comfirm that the country where a car is built is also important. i have an 06 acura that was made in indiana. the assembly’s just not as tight as a japanese made car.

    might be a little more difficult in your location, but many people out in edmonton are buying one way tickets to phoenix, las vegas, LA, and buying used cars there and driving them back. you pay gst (only 5% now!) and some paperwork fees, but used vehicles are waay cheaper down there. warranties don’t become an issue as you’re not buying a used car for the warranty. cars are almost 30% cheaper in the US.

  • Trevor February 21, 2008, 12:37 pm

    I bought a used 2002 Toyota Echo in 04 (it had 15,000km on it) and I have not had a single problem with it and it’s amazing on gas (600-700km on a tank, which costs maybe $35). Granted, not the most powerful car in the world, but I still think it’s awesome. And it holds its value well… My two cents.

  • nobleea February 21, 2008, 12:40 pm

    as far as recommendations, i would say mazda3 or mazda6 (4cyl std tranny versions), mistu lancer (great warranty on em), mazda protege, subaru outback sport if you can find one for decent price. all 2002 or newer.

    i’m partial to standard transmissions.

  • MunEconomist February 21, 2008, 12:54 pm

    IF you get a car with 0% financing this costs the dealers something. So I’m sure that you can get it for a lower price if you provide your own money.

    FT. I don’t know if you have looked at this option but tell me if its out to lunch.

    Buy a nice used car that is 5 to 6 years old. Then buy an older car that you drive just during the harsh winters of Newfoundland. Might save a bit on insurance as well because of trashy old car you drive in the winter. Plus your good used car will last much longer.

    Anyone tried this?

  • Cow February 21, 2008, 1:23 pm

    I bought a 2000 Honda Civic in 2004–I totally agree about not buying used cars–and it served me very well for the three years I had it. I kept up on regular maintenance, and other than that, never had a problem. They’re fairly fuel-efficient (30 mpg or so), too.

    I sold it a couple of months ago for not too much less than what I paid for it. (I live in Vancouver, and realized I was almost never driving the thing, so I sold it; why spend the money on maintenance and such when I can live off transit instead?)

  • George February 21, 2008, 2:56 pm

    “Toyota and Honda are living off past reputations. Those cars are made in North America now and the quality is no different than GM.”

    I beg to differ. I’ve got a 2002 Toyota Highlander (bought used last year) and it’s been rock-solid reliable. Before that we had a Nissan Sentra, which was also rock-solid reliable. Consumer Reports ranks vehicles based on ACTUAL reliability, not just anecdotal reports from a few people, and Honda/Toyota consistently score better than North American and European automakers.

    As to the advantage of buying a new vehicle with “0%” financing, I say bunk. I bought my Highlander for less than half the cost of a brand new one, and I paid cash – no financing cost to worry about.

  • nobleea February 21, 2008, 3:05 pm

    George,
    I agree that the toyota and honda products are still highly reliable, but I would suggest that some new, or nearly new american vehicles have just as good reliability. Same with the korean manufacturers. The further you go back in model years, the more pronounced the difference is.

  • George February 21, 2008, 4:30 pm

    nobleea: The North American automakers (Ford especially) have improved their quality quite a bit in recent years, but for anything more than 3-4 years old, the Japanese companies win out every time, at least as far as quality goes. The “bang for the buck” factor might be lower, though, since used Toyotas and Hondas cost a lot more than comparable used Fords and GMs.

  • Canadian Dream February 21, 2008, 5:47 pm

    I think the case to replace a car is more driven by usage than age. For example, I have a 2001 Echo that still under 100,000 KM. I would have to be crazy to get rid of it since I have yet to have a problem with it.

    Don’t get sucked into a minivan just because you have a kid. You may not need it. Or perhaps you will only need it once a year. So buying something you only need 1 to 10% of the time seems a little overkill.

    Best of luck,
    Tim

  • squawkfox February 21, 2008, 6:40 pm

    I’ve been really fortunate to live in cities with decent public transportation. Decent is passable, not fabulous. But I’ve managed to live without a car for 12 years now. It takes some planning (for groceries etc.) but it is doable. I also commute via bike a lot. I save lots of money and sidestep the whole “which car” to get issue. I do own three bicycles though. ;)

  • Dividendgrowth February 21, 2008, 7:04 pm

    squawkfox, it’s very difficult to live without a car in the US midwest, unless you own a self-sufficient farm and you use renewable energy for your daily needs.
    People who are using public transportation are people who are dangerous to be around..

  • supersocco February 21, 2008, 7:15 pm

    Best of the best

    These are models that have performed well in CR road tests over the years, and have proved to have several or more years of better-than-average reliability. Listed alphabetically.

    Acura Integra
    Acura MDX
    Acura RL
    Acura RSX
    Acura TL
    Acura TSX
    BMW M3
    Buick LaCrosse
    Honda Accord
    Honda Civic
    Honda Civic Hybrid
    Honda CR-V
    Honda Element
    Honda Odyssey
    Honda Pilot
    Honda S2000
    Infiniti FX
    Infiniti G20
    Infiniti G35
    Infiniti I30, I35
    Infiniti QX4
    Lexus ES
    Lexus GS (RWD)
    Lexus GX
    Lexus IS
    Lexus LS
    Lexus RX
    Lexus SC
    Lincoln Continental
    Lincoln Town Car
    Mazda Millenia
    Mazda MX-5 Miata
    Mazda Protegé
    Mazda3
    Mitsubishi Endeavor
    Mitsubishi Outlander
    Nissan Altima
    Nissan Maxima
    Nissan Murano
    Pontiac Vibe
    Porsche 911 (except ’03)
    Scion tC
    Scion xB
    Subaru Baja
    Subaru Forester
    Subaru Impreza
    Subaru Legacy
    Subaru Outback
    Toyota 4Runner
    Toyota Avalon
    Toyota Camry (except ’07 V6)
    Toyota Camry Solara
    Toyota Celica
    Toyota Corolla
    Toyota Echo
    Toyota Highlander
    Toyota Land Cruiser
    Toyota Matrix
    Toyota Prius
    Toyota RAV4
    Toyota Sequoia
    Toyota Sienna
    Toyota Tundra (except ’07 V8 4WD)
    Volvo S60

  • supersocco February 21, 2008, 7:16 pm

    Worst of the worst:

    These models have multiple years of much worse than Used Car Verdicts in the 1998 to 2007 models. Listed alphabetically.

    Buick Rendezvous (AWD)
    Buick Terraza
    Chevrolet Astro
    Chevrolet Blazer
    Chevrolet Colorado (4WD)
    Chevrolet S-10 Pickup (4WD)
    Chevrolet Uplander
    Chevrolet Venture
    Chrysler Town & Country (AWD)
    Dodge Grand Caravan (AWD)
    GMC Canyon (4WD)
    GMC Jimmy
    GMC S-15 Sonoma (4WD)
    GMC Safari
    Jeep Grand Cherokee
    Kia Sedona
    Land Rover Discovery, LR3
    Lincoln Aviator
    Mercedes-Benz SL
    Nissan Armada (4WD)
    Nissan Titan (4WD)
    Oldsmobile Bravada
    Oldsmobile Silhouette
    Pontiac Aztek
    Pontiac G6
    Pontiac Montana, Trans Sport, Montana SV6
    Saturn Relay
    Volkswagen Cabriolet
    Volkswagen Jetta Sedan (turbo)
    Volkswagen Jetta Sedan (V6)
    Volkswagen Touareg

  • nobleea February 21, 2008, 7:24 pm

    damn…and here I was hoping to get an ’03 porsche 911…

  • dropby February 21, 2008, 10:27 pm

    My family has only one car now. With the new little one coming, we would need another car. Although I totally agree buying used car saves you money, we plan just buy a new car as it saves you trouble. Ahh, I guess when coming to saving money, sometimes I am just too lazy.

  • thickenmywallet February 21, 2008, 10:29 pm

    I owned a 2002 Mazda Protege 5 for 5 years. Put a lot of hard city driving on it and other than a tube leaking, it never had much issue. A co-worker owns the same model and year and he has over 300,000 km on it- his story is the same as mine; all he had to repair were minor things. Its too small for a family of 4 but its a car with a simple build so less breaks down. Good luck.

  • George February 21, 2008, 10:34 pm

    dropby: Why not buy a reliable late-model used car (i.e. something that’s just come off of a lease) instead of a new car? If you get a good model from a good automaker, and get it inspected before purchase, your chances of getting a “problem” car are actually fairly low. And, you’ll save a bundle since many cars depreciate 30-40% in the first three years. That way, you get little trouble, and get to save your money.

  • Sarah February 21, 2008, 11:52 pm

    When we car shop, I always get the latest Lemon-Aid Guide from the library. There are various versions: new cars, used cars, minivans and trucks, etc. Pick up the one that fits your situation. The author even talks about which years to purchase and avoid. I HIGHLY recommend these books. We’ve gone with his recommendations and never been sorry.

  • The Financial Blogger February 22, 2008, 8:29 am

    FT,
    they might not last longer (My wife once had a 350 000 km Toyota but I had a 20 years old BMW that was in a better shape), but they sure have heated leather seats ;-)

  • DAvid February 22, 2008, 11:51 am

    So,….. is it cheaper to buy a used car every 5 years, or a new one every 10 – 12? I currently have a ’95 Dakota (needed a new rear diff this year (caused by towing?) and the ECU died). Once the loan was paid, I had 7.5 years of trouble- and repair-free driving. I still have it, but bought a smaller vehicle this year (also new) which I expect to keep for a similar lifespan. The new vehicle has a 7 year bumper to bumper warranty, so I should have no repair expense during that time.
    Living in a rural community, the dependability and certainty of the one owner (me) vehicle has value.

    DAvid

  • Traciatim February 22, 2008, 1:47 pm

    I just thought I would mention, I found a cool slidewhow (originally linked from Yahoo Canada) of the to 10 cheapest cars.

    http://www.forbesautos.com/slideshows/advice/toptens/2007/least-expensive-to-own-all.html

    I bet if you picked the three you liked out of this, went to a few dealers and asked for a 1-2 year lease return on one of these bad boys you would probably find a great deal come your way.

    Plus, David, I think that may end up being determined by the maintenance cost of the 10 year old new car. Plus, many people just get tired of their cars after a while and just want to get a new one anyway, that usually ends up happening after 5-7 years or so. Not a lot of people really want to keep a car for 12 years (my goal is replacing my 2002 in 2012, I puchased it in 2004 used).

  • Mike February 22, 2008, 5:26 pm

    MunEconomist – you talk about buying a car with your own money being cheaper than taking the 0% financing. If you have 15+K that you can sink into a new car you would still have to consider the savings of the price of the car versus what that 15+K could be earning you invested while you ‘borrow’ money at 0% to buy the car. Interest is a killer and people are usually shocked when they see the numbers for buying new (@ 0%) versus used.

  • Dividendgrowth February 22, 2008, 6:48 pm

    My brother-in-law always pays off his credit card balance every month. He paid for his car in cash when he bought it ( he saves a lot). My sister on the other hand had some credit card problems for several years and she bought her car on credit. At the end of the day, my sister, who had a lot of credit card ( but was always making at least the minimum payments) managed to get a higher credit score than my brother-in-law, who always purchased stuff for cash, and always paid off his credit cards. I would buy stuff on credit, just for the sake of improving my credit score, vs buying a new car with cash.

  • DAvid February 24, 2008, 10:28 pm

    Traciatim,
    I wonder if the car replacement at 5-7 years is the consumer succumbing to marketing hype? If you chose well, a vehicle should easily last 10 years plus. I’ve done considerable research on each of the vehicles I’ve purchased, and kept each for a fair while.

    DAvid

  • Ed February 29, 2008, 7:53 pm

    I thought this was Million Dollar Journey…what’s up with recommending $30,000.00+ used cars?

    Hondas and Toyotas are terrific for reliability and fuel efficiency. Civics, Fits, Yaris, Corollas and Echos are tough to beat if you’re on a budget.

    Use this site for used car reviews: http://www.canadiandriver.com/used.htm.

    Use this to compare fuel economy: http://oee.nrcan.gc.ca/transportation/tools/fuelratings/ratings-search.cfm?attr=8

    Disclosure: I drive a 2007 Honda Fit, I got it brand new for $20k and I LOVE it. Zippy, roomy and darn fuel efficient.

  • RH March 13, 2008, 2:55 pm

    Go to a large GM dealer and ask for a off-rental minivan. They will be 50% off the retail value with 4 years left on the bumper to bumper warranty. Get a base level with no fancy electronics or automatic gates.

  • anon April 16, 2008, 9:00 pm

    Our car is an 18 year toyota corolla. It’s still running pretty good! It might last a few more years. You shouldn’t buy into the idea that you HAVE to replace your car every 10 years.

  • Brian1945 April 26, 2009, 1:16 am

    I heard David Bach on CBC Radio 1 this week [the save/invest smart fellow] and he said, as someone mentioned here, the best bet is the car that has just come off-lease that has been with a reputable lessee. They take the time to have their vehicles serviced because a vehicle off the road costs them/their staff downtime.
    We’re blessed with a used car dealer in our town who only deals with off-lease vehicles, checks each one he buys, stands behind his sales, and is straight-arrow honest. It’s a combination that can’t be beaten.
    My last Toyota station wagon had over 300,000 *miles* on it when in a fit of generosity I gave it to a buddy who was a high school shop teacher. A year later I would have gladly traded him for the Ford Aerostar van I’d made the mistake of buying new. Fortunately someone ran into me. I replaced it with a loaded Pontiac Transport – end-of-lease, from a relative. See Worst-of-the-Worst list above – ’nuff said! My next car will be a back-to-Toyota RAV4, built by quality Canadian auto workers in Woodstock, Ontario … 2-years old, off-lease!

  • Kathleen October 10, 2011, 10:38 pm

    I am looking to buy a used car. I am looking to find out which is my better options. I am looking at several different ones. Any car people out there with knowledge and opinions are appreciated. I am looking at Ford Focus, Chev cobalt, Pontiac G5, Chev Malibu, Mazda 3, Toyota Corolla, Toyota Matrix and Ford Fusion. All that I am looking at are 2006 or 2007. I have driven a van for the last 15 years and want to downsize to a car that is good on gas and that I won’t feel like I am crammed in a sardine can…I love the room in the Malibu and the Ford Fusion, but am thinking I would go smaller for the better gas mileage. Anyway, look forward to advice.,

  • Traciatim October 12, 2011, 12:35 am

    Wow, old thread.

    Kathleen, going from a van moving down and you don’t want to feel crammed I would think that the Focus, Cobalt, G5, Mazda 3, and possibly the corolla would be out. The Malibu, and Fusion are nice sedans and the matrix is a nice versatile hatchback so you wouldn’t have to give up everything the Van had by down sizing. Both my spouse and I are below average size and we essentially rub up against each other if we lean toward the middle of a focus, but can barely even reach each other to give a good bye kiss in the morning in our van. That’s a huge space change.

  • Kathleen October 12, 2011, 9:36 am

    Thanks for replying, Didn’t realize how old the thread was until after I posted. Certainly gives me something to think about.

  • Moti February 12, 2013, 4:35 pm

    Old thread, but I really need to reply to a few things I have read

    First, thanks @supersocco and everyone who has provided lists. Like Top gear presenter, James May has said on the show, and I believe, “buy Japanese, lease German” …though I really really want to buy German! haha

    @Dividendgrowth – I agree that having and using credit makes your credit score better and that is very important… but I feel there are many better ways of improving your credit score than buying a new car with high depreciation, even at 0%. Pay invoices on time, have 2-3 of them and your score will be good too.

    Credit scores look at the number of ‘trade lines’ (car payment, cell phone, credit cards,etc) and how upto date you are on the payments. Not how -DEEP- you are in debt. If you are upto date on payments, even if you are financially in trouble, a credit score will be high and you will get approval for debt that if not managed will keep taking you down the rabbit hole of debt,etc.

    I have 2 credit cards, and i paid for my car in cash. I have a 89%+ credit rating.

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