Current Events > Credit reporting agencies are ****ing scams

(+) Yeah! (+)

What happened since Aug 2019:
Paid off $140,000 in student loans
Paid off $13,000 in car loan

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DarkRoast posted...

What happened since Aug 2019:
Paid off $140,000 in student loans
Paid off $13,000 in car loan

Creditors don't want debtors who actually pay off the loans.
Duh.

https://www.nerdwallet.com/article/finance/credit-age-length-of-credit-history

also consider the fact that having a lack of mixed credit (i.e. credit card + installment loan [e.g. car, student]) also LOWERS your credit

when i paid off my car in March my score dropped 30 points

You posted this topic less than a month ago. Credit score is an indicator of your ability to pay money over time. If you pay off loans quickly you're not going to be a profitable investment. Also if you have cash on hand like that than you don't really even need credit.
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Your credit score measures how profitable you are to lenders. It isn't just about how responsible you are at repaying loans.

Spooking posted...

As somebody said in your other topic, keeping it above 720 is ideal. Stressing about it all of the time because it's not 850 is just going to give you a headache.

What's wrong with having a higher and better score

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I'm still fucking pissed that I paid Equifax for my credit score like 7 years ago because my credit union said that's who they'd pull from for an auto loan refinance. Needed at least a 650 to get the rate I wanted.

Equifax said I had a 670.

Went to the bank. They pulled Equifax and it came back as a 620.

Called up Equifax and asked wtf the deal was and they said the FICO score they provide to banks is calculated different from the score I received.

What's the fucking point then?! $30 wasted, an unnecessary hard pull to my credit, and they wouldn't refund me.

Doesn't matter now cause I fluctuate between the high 700s and low 800s now but fuck that was some bullshit.

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Tired-Insomniac posted...

I'm still fucking pissed that I paid Equifax for my credit score like 7 years ago because my credit union said that's who they'd pull from for an auto loan refinance. Needed at least a 650 to get the rate I wanted.

Equifax said I had a 670.

Went to the bank. They pulled Equifax and it came back as a 620.

Called up Equifax and asked wtf the deal was and they said the FICO score they provide to banks is calculated different from the score I received.

What's the fucking point then?! $30 wasted, an unnecessary hard pull to my credit, and they wouldn't refund me.

Doesn't matter now cause I fluctuate between the high 700s and low 800s now but fuck that was some bullshit.

And everytime you do a credit check your credit goes down too.

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Veggeta X posted...

What's wrong with having a higher and better score

Nothing, but people don't tend to realize it takes years to develop credit. It's not something you can shoot up to 800 overnight.

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I was gonna say...a little over a year of credit history with a score of over 700 is pretty good.

YellowMustard69 posted...

I was gonna say...a little over a year of credit history with a score of over 700 is pretty good.

After paying off 8 years of student loans and 4 years of car loan. Apparently those years don't count anymore.

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DarkRoast posted...

After paying off 8 years of student loans and 4 years of car loan. Apparently those years don't count anymore.

your report might need amended then if you've been making payments for 8 years

DarkRoast posted...

After paying off 8 years of student loans and 4 years of car loan. Apparently those years don't count anymore.

How much is your credit card debt?

Yours says 5%. Bring it down to atleast 3%

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If you don't need the credit score right now just open up a couple credit cards, use one every couple months for a convenience store purchase and use the other for a recurring bill and just pay them off... And that's it. You'll establish a steady, lengthy credit age with time that won't be as heavily impacted by new loans or debts.

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Veggeta X posted...

And everytime you do a credit check your credit goes down too.

Absolutely wrong. Only hard inquiries affect your credit score. Getting a credit report for yourself or someone else doing a soft inquiry like when getting pre-approved for a loan does not affect your score in the slightest.
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Paragon21XX posted...

Absolutely wrong. Only hard inquiries affect your credit score. Getting a credit report for yourself or someone else doing a soft inquiry like when getting pre-approved for a loan does not affect your score in the slightest.

I did not know this. Thank you for for informing me.

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Why did you make this topic again? You got every possible explanation you could have wanted the last time you made this a few weeks ago.

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s0nicfan posted...

Why did you make this topic again? You got every possible explanation you could have wanted the last time you made this a few weeks ago.

TBF it's good resource for other users like me too.

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s0nicfan posted...

Why did you make this topic again? You got every possible explanation you could have wanted the last time you made this a few weeks ago.

idk some people get caught up on topics. I have a bad habit of making repetitive topics about games I'm playing :|

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Ive only ever had 1 credit card that I always pay off every month, everything else Ive paid with cash. Last month, when I applied for a credit card at a new credit union Equifax said that my credit score is 797.

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I just paid off my credit card fully and my score went down at least 20 points from what it was. I wonder if I received a lump sum that got paid to my college between the last dates because that is the only thing that I can think of that would be significant.

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ProfDE posted...

I just paid off my credit card fully and my score went down at least 20 points from what it was. I wonder if I received a lump sum that got paid to my college between the last dates because that is the only thing that I can think of that would be significant.

Did you keep the card open or did you close it?

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I keep the card open as it is my Skymiles card.

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