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Posted: 4/21/2017 3:54:16 PM EDT
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
Link Posted: 4/21/2017 3:54:58 PM EDT
Why do you care?  How do you even know this?
Link Posted: 4/21/2017 3:55:55 PM EDT
You're being too prudent, stop that. Spend, spend, spend. 
Link Posted: 4/21/2017 3:56:16 PM EDT
I don't believe a word you said.
Link Posted: 4/21/2017 3:57:07 PM EDT
"Credit" score. Stop using credit and the score goes down.
Link Posted: 4/21/2017 3:57:45 PM EDT
If you're not using credit the banks aren't making money.  Score drops.
Link Posted: 4/21/2017 3:58:32 PM EDT
Doubt it. What did you do, compare a credit karma score to the real score?
Link Posted: 4/21/2017 3:58:37 PM EDT
It's a Credit Score, not a Financial Grade.
Link Posted: 4/21/2017 3:59:23 PM EDT
Your mortgage was probably your oldest line of credit.  Closing it dropped the average age of your credit history.
Link Posted: 4/21/2017 4:02:03 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
"Credit" score. Stop using credit and the score goes down.
View Quote
I believe this comment has a lot of merit. People who've saved their whole life and buy everything with cash have shit for credit. Otoh maintaining a balance on a credit card month to month keeps your score higher.
Link Posted: 4/21/2017 4:03:44 PM EDT
Just a thought...

Did you close all your accounts or just pay them off?
Link Posted: 4/21/2017 4:04:45 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


35% of your score is based on your debt history.
30% is based on your debt level.
15% is based on the length of time you’ve been in debt.
10% is based on new debt.
10% is based on type of debt
Link Posted: 4/21/2017 4:04:52 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Your mortgage was probably your oldest line of credit.  Closing it dropped the average age of your credit history.
View Quote
I'm with this guy^^^^
Link Posted: 4/21/2017 4:05:08 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Your mortgage was probably your oldest line of credit.  Closing it dropped the average age of your credit history.
View Quote
Bingo. Plus it was likely the biggest payment. While he was making the payment they had solid reason to believe he had regular income and was credit worthy. The longer it has been paid off the less recent history they have to make that same call. So the score goes down a little.

BTW, 770 is not likely to make any difference vs 800+. They are both considered good. As a former lender most people would be shocked how much their scores fluctuate month to month. We're not talking sub-600 here or anything. Just don't worry about it OP. Sounds like you don't NEED credit and that's a good thing.
Link Posted: 4/21/2017 4:06:46 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


Credit scores are a scam. Clos all your cards. Never use credit or debt again!
Link Posted: 4/21/2017 4:09:52 PM EDT
Who gives a fuck? I'd rather have a credit score in the low 700s and a paid off mortgage than an 850 with a bunch of debt hanging over my head...
Link Posted: 4/21/2017 4:13:25 PM EDT
If you read or study up on Dave Ramsey's method of handling money, then yes, your credit score will drop when you have zero debt and no credit cards.  He claims his credit score is zero, I believe.  I don't 100% agree with everything he says on how easy it is to live with a credit score of zero, but that's what he says.  I've taken Financial Peace University twice now.
Link Posted: 4/21/2017 4:14:56 PM EDT
your score is still excellent and if you tried to go get a loan you would still get the same offers with either score.

It went down because you have fewer revolving accounts.
Link Posted: 4/21/2017 4:15:03 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


You are obviously a bad person to loan money to(you pay is back early, and I cant charge late payments to you, so obviously you are a less desierable barrower vs deadbeat bill)
Link Posted: 4/21/2017 4:15:25 PM EDT
Who knows if its the truth but when that happened to me, the credit union guy said it was because I could go out and buy a bunch of stuff since the credit report was showing I had no debt against my income and then screw a bunch of lenders.
Link Posted: 4/21/2017 4:20:23 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Credit scores are a scam. Clos all your cards. Never use credit or debt again!
View Quote
No, hopefully that's a joke. Wealthy people often get that way by using other people's money (aka "debt"). Having loaned money to 1000s of people I can say the smartest, richest folks I know tend to utilize debt more than your average person. We're not talking $500 Payday loans and in store financing (which is the type of debt stupid, poor people use). I mean, if you're going to make investments you try to mitigate that risk by using someone else's money. Credit is a fantastic tool if used responsibly.
Link Posted: 4/21/2017 4:26:03 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:

No, hopefully that's a joke. Wealthy people often get that way by using other people's money (aka "debt"). Having loaned money to 1000s of people I can say the smartest, richest folks I know tend to utilize debt more than your average person. We're not talking $500 Payday loans and in store financing (which is the type of debt stupid, poor people use). I mean, if you're going to make investments you try to mitigate that risk by using someone else's money. Credit is a fantastic tool if used responsibly.
View Quote
That doesn't apply to day to day stuff normal people do.
Link Posted: 4/21/2017 4:31:00 PM EDT
A credit score is an indicator whether you're more likely to pay your monthly payments or default on your loans.

If all your loans are paid off, you're not actively demonstrating to new creditors that you are financially stable enough to make your minimum monthly payments.  That's all they give a shit about.
Link Posted: 4/21/2017 4:31:01 PM EDT
Not sure if true, but I heard insurance companies use your credit score with quoting your rates.

Bad credit = higher insurance rates
Link Posted: 4/21/2017 4:33:14 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote

You are obviously renting scum with no vehicle if you don't have mortgage/car loan! Is that your official FICO or just the fake scores you get from sites like creditkarma?
Link Posted: 4/21/2017 4:44:13 PM EDT
You no play the game right....
Link Posted: 4/21/2017 4:47:36 PM EDT
Is this your car wash?

Link Posted: 4/21/2017 4:48:41 PM EDT
Welcome to the future, where they punish you for being responsible with money!!
Link Posted: 4/21/2017 4:51:42 PM EDT
Odd.  I paid off my house and my credit got a boost to 845.
Link Posted: 4/21/2017 4:55:51 PM EDT
So what? sounds like you don't need to borrow money anymore. Congratulations.
Link Posted: 4/21/2017 4:55:57 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


Did you close out the CC's?
Link Posted: 4/21/2017 4:56:50 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Credit scores are a scam. Clos all your cards. Never use credit or debt again!
View Quote
Link Posted: 4/21/2017 4:58:57 PM EDT
You win, sucka.
You only need to concern yourself with credit if you're borrowing fucking money.

Your credit score is going to suck if you pay everything off.  You're not playing the game, Gwaine!
Link Posted: 4/21/2017 4:59:18 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Not sure if true, but I heard insurance companies use your credit score with quoting your rates.

Bad credit = higher insurance rates
View Quote
True
Link Posted: 4/21/2017 4:59:19 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Your mortgage was probably your oldest line of credit.  Closing it dropped the average age of your credit history.
View Quote
This when we paid off the rental house and built a new house our score went to 723

I could care less never been turned down for credit.
Link Posted: 4/21/2017 4:59:35 PM EDT
Must be nice to be a idle rich trust fund child.
Link Posted: 4/21/2017 4:59:36 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
You're being too prudent, stop that. Spend, spend, spend. 
View Quote
Indeed. The more in debt we had become the better our credit score combined was. Now we have been working really hard paying it down and I am sure it has fallen.
Link Posted: 4/21/2017 5:02:13 PM EDT
Having *some* debt, especially a mortgage, helps your credit.

Anything north of 750 is really all the same anyway.

You can get anything you can afford once you're in that range of scores.
Link Posted: 4/21/2017 5:03:07 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Must be nice to be a idle rich trust fund child.
View Quote
This isn't DU.

Fucking liberals are filling this board.
Link Posted: 4/21/2017 5:06:44 PM EDT
Get back up on your Hamster Wheel, prole.
Link Posted: 4/21/2017 5:07:30 PM EDT
Credit score is your banking good paying sucker score. Problem is other important stuff is tied into that stupid credit score.

Best example - your auto insurance rates can be drastically affected by your credit score - as it has nothing to do with your driving or the companies loss risk.

So - keep your credit cards. Run basically a zero balance, but have one or two bills per card account paid by the card. Then pay off the card right before the statement close date each month.

Example - I have my internet and Netflix billed to one card, and I have my checking account auto pay the card that amount 3 days before the statement closing date. On another CC account my cell phone is billed, wash, rinse, repeat...

Another CC is used only for motor fuel and fast food. This has to be attended to in person on the proper date (online banking) because the amount will never be consistent.

Make a bigger purchase than you can pay off at the end of the month? - float it on your CC for under 30 days then transfer it to a "Line of Credit" and pay 1/3 to 1/4 the rate of the CC.

While the banks won't be skinning you for much in the way of fees - they will be making money on the merchant processing fees they charge those bills. Most places don't offer the cash discounts anymore, but when you find one, use it to you best advantage.
Link Posted: 4/21/2017 5:11:58 PM EDT
Lol, no.
Link Posted: 4/21/2017 5:15:39 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I don't believe a word you said.
View Quote
Me neither.
Link Posted: 4/21/2017 5:18:00 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote
Your credit score is nothing more that a representation of how good you are at whoring yourself out to the banks..

if if you never open another account and pay with cash. Your credit score will cease to exist. 
Link Posted: 4/21/2017 5:18:11 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Credit scores are a scam. Clos all your cards. Never use credit or debt again!
View Quote
Credit is only a scam for dumb people that don't know how to make it work for them.
Link Posted: 4/21/2017 5:23:45 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


Duh....it's a credit score not a debit score.
Link Posted: 4/21/2017 5:26:13 PM EDT
You buy everything with a cash back / rewards points card and pay it off at the end of the month, right?
Free money with no worries.
Link Posted: 4/21/2017 5:28:16 PM EDT
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Quoted:
Who gives a fuck? I'd rather have a credit score in the low 700s and a paid off mortgage than an 850 with a bunch of debt hanging over my head...
View Quote
This, again this, and one more time this. If you don't own your home then you are a slave. Would you rather be a slave and an 850 credit score, or a free man with a 770?

The only way to win is to not play their game.
Link Posted: 4/21/2017 5:29:41 PM EDT
I paid cash for a car and my score dropped. The next report had it go right back up to where it had been before. To the point.

Devil's Magic.
Link Posted: 4/21/2017 5:33:36 PM EDT
Quoted:
Paid off house and about $45K of other debt ( Vehicle & equipment land & about $15K on a CC ).

My credit went from 849 to 798 and now more recently 770.

What gives?
View Quote


Do you plan to spend more than you have to spend?

A lower credit score means you are not borrowing money and paying the bank interest. Great job.
Link Posted: 4/21/2017 5:34:49 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Credit scores are a scam. Clos all your cards. Never use credit or debt again!
View Quote
That's just dumb.
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