Current Events > Wow my credit score took a 20 point dive for like no reason

(+) Yeah! (+)

or is it because I paid off my auto loan a couple weeks ago.

That's kinda creepy. It was above 790 last I checked now it's in the low 770s
---

It's because you paid something off, rather than continuing to make payments. Which is really fuckig dumb imo.
---

are you looking at something like credit karma? those scores are dumb and useless. literally no bank uses them

get your FICO8 score. Google "Discover Credit Score Card". its by discover card and its free and gives you a fico8 score. credit karma and all those other free credit report sites all use transvantagescore or some shit. for whatever reason, itll just jump around randomly.

for me, it was in the mid 700s, then dived to 670 for NO reason. my fico8 score kept going up though.
---

lww99 posted...

It's because you paid something off, rather than continuing to make payments. Which is really fuckig dumb imo.

I imagine they do that because I don't have a debt now and so that makes it more likely that I will want to go out and get debt from another source... or something.

I don't know. Sucks though I took pride in my almost 800 score :(
---

I pay my credit card in full every month and my score has been steadily going up. Currently at 811
---

Skurvy_1 posted...

I pay my credit card in full every month and my score has been steadily going up. Currently at 811

Do you have an auto loan or mortgage?
---

you dont really need a 800+ score for anything. most lenders will give their best rates starting at 740.
---

Credit scores fluctuate all the time, it's entirely normal.
---

Hexenherz posted...

lww99 posted...

It's because you paid something off, rather than continuing to make payments. Which is really fuckig dumb imo.

I imagine they do that because I don't have a debt now and so that makes it more likely that I will want to go out and get debt from another source... or something.

I don't know. Sucks though I took pride in my almost 800 score :(

Another thing I've heard, which I don't know if it actually true or not, is that you're placed into a group (of people) and part of the determination of score is how your factors are relative to other people in your group. It's possible for you to move into another group of people, and your credit factors are not quite as good compared to the people in your new group which could affect your score.

However, I wouldn't worry about it too much. I've had similar drops for no apparent reason and it always goes back up.
---

Hexenherz posted...

lww99 posted...

It's because you paid something off, rather than continuing to make payments. Which is really fuckig dumb imo.

I imagine they do that because I don't have a debt now and so that makes it more likely that I will want to go out and get debt from another source... or something.

I don't know. Sucks though I took pride in my almost 800 score :(

I think it's more because you're no longer paying something off, so there's less proof you're capable of taking out a loan etc and paying it off.

It's a bit of a scam imo, in order to promote people having debt.
---