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Posted: 4/21/2017 3:54:58 PM EDT
[#1]
Why do you care? How do you even know this?
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Posted: 4/21/2017 3:55:55 PM EDT
[#2]
You're being too prudent, stop that. Spend, spend, spend.
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Posted: 4/21/2017 3:56:16 PM EDT
[#3]
I don't believe a word you said.
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Posted: 4/21/2017 3:57:07 PM EDT
[#4]
"Credit" score. Stop using credit and the score goes down.
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Posted: 4/21/2017 3:57:45 PM EDT
[#5]
If you're not using credit the banks aren't making money. Score drops.
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Posted: 4/21/2017 3:58:32 PM EDT
[#6]
Doubt it. What did you do, compare a credit karma score to the real score?
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Posted: 4/21/2017 3:58:37 PM EDT
[#7]
It's a Credit Score, not a Financial Grade.
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Posted: 4/21/2017 3:59:23 PM EDT
[#8]
Your mortgage was probably your oldest line of credit. Closing it dropped the average age of your credit history.
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Posted: 4/21/2017 4:02:03 PM EDT
[#9]
Quote HistoryQuoted:
"Credit" score. Stop using credit and the score goes down. |
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Posted: 4/21/2017 4:03:44 PM EDT
[#10]
Just a thought...
Did you close all your accounts or just pay them off? |
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Posted: 4/21/2017 4:04:45 PM EDT
[#11]
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? 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 |
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Posted: 4/21/2017 4:04:52 PM EDT
[#12]
Quote HistoryQuoted:
Your mortgage was probably your oldest line of credit. Closing it dropped the average age of your credit history. |
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Posted: 4/21/2017 4:05:08 PM EDT
[#13]
Quote HistoryQuoted:
Your mortgage was probably your oldest line of credit. Closing it dropped the average age of your credit history. 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. |
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Posted: 4/21/2017 4:06:46 PM EDT
[#14]
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? Credit scores are a scam. Clos all your cards. Never use credit or debt again! |
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Posted: 4/21/2017 4:09:52 PM EDT
[#15]
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...
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Posted: 4/21/2017 4:13:25 PM EDT
[#16]
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.
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Posted: 4/21/2017 4:14:56 PM EDT
[#17]
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. |
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Posted: 4/21/2017 4:15:03 PM EDT
[#18]
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? 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) |
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Posted: 4/21/2017 4:15:25 PM EDT
[#19]
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.
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Posted: 4/21/2017 4:20:23 PM EDT
[#20]
Quote HistoryQuoted:
Credit scores are a scam. Clos all your cards. Never use credit or debt again! |
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Posted: 4/21/2017 4:26:03 PM EDT
[#21]
Quote HistoryQuoted:
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. |
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Posted: 4/21/2017 4:31:00 PM EDT
[#22]
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. |
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Posted: 4/21/2017 4:31:01 PM EDT
[#23]
Not sure if true, but I heard insurance companies use your credit score with quoting your rates.
Bad credit = higher insurance rates |
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Posted: 4/21/2017 4:33:14 PM EDT
[#24]
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? 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?
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Posted: 4/21/2017 4:44:13 PM EDT
[#25]
You no play the game right....
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Posted: 4/21/2017 4:47:36 PM EDT
[#26]
Is this your car wash?
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Posted: 4/21/2017 4:48:41 PM EDT
[#27]
Welcome to the future, where they punish you for being responsible with money!!
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Posted: 4/21/2017 4:51:42 PM EDT
[#28]
Odd. I paid off my house and my credit got a boost to 845.
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Posted: 4/21/2017 4:55:51 PM EDT
[#29]
So what? sounds like you don't need to borrow money anymore. Congratulations.
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Posted: 4/21/2017 4:55:57 PM EDT
[#30]
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? Did you close out the CC's? |
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Posted: 4/21/2017 4:56:50 PM EDT
[#31]
Quote HistoryQuoted:
Credit scores are a scam. Clos all your cards. Never use credit or debt again! 
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Posted: 4/21/2017 4:58:57 PM EDT
[#32]
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! |
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Posted: 4/21/2017 4:59:18 PM EDT
[#33]
Quote HistoryQuoted:
Not sure if true, but I heard insurance companies use your credit score with quoting your rates. Bad credit = higher insurance rates |
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Posted: 4/21/2017 4:59:19 PM EDT
[#34]
Quote HistoryQuoted:
Your mortgage was probably your oldest line of credit. Closing it dropped the average age of your credit history. I could care less never been turned down for credit. |
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Posted: 4/21/2017 4:59:35 PM EDT
[#35]
Must be nice to be a idle rich trust fund child.
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Posted: 4/21/2017 4:59:36 PM EDT
[#36]
Quote HistoryQuoted:
You're being too prudent, stop that. Spend, spend, spend. |
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Posted: 4/21/2017 5:02:13 PM EDT
[#37]
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. |
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Posted: 4/21/2017 5:03:07 PM EDT
[#38]
Quote HistoryQuoted:
Must be nice to be a idle rich trust fund child. Fucking liberals are filling this board. |
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Posted: 4/21/2017 5:06:44 PM EDT
[#39]
Get back up on your Hamster Wheel, prole.
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Posted: 4/21/2017 5:07:30 PM EDT
[#40]
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. |
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Posted: 4/21/2017 5:11:58 PM EDT
[#41]
Lol, no.
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Posted: 4/21/2017 5:15:39 PM EDT
[#42]
Quote HistoryQuoted:
I don't believe a word you said. |
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Posted: 4/21/2017 5:18:00 PM EDT
[#43]
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? if if you never open another account and pay with cash. Your credit score will cease to exist. |
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Posted: 4/21/2017 5:18:11 PM EDT
[#44]
Quote HistoryQuoted:
Credit scores are a scam. Clos all your cards. Never use credit or debt again! |
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Posted: 4/21/2017 5:23:45 PM EDT
[#45]
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? Duh....it's a credit score not a debit score. |
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Posted: 4/21/2017 5:26:13 PM EDT
[#46]
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. 
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Posted: 4/21/2017 5:28:16 PM EDT
[#47]
Quote HistoryQuoted:
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... The only way to win is to not play their game. |
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Posted: 4/21/2017 5:29:41 PM EDT
[#48]
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. |
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Posted: 4/21/2017 5:33:36 PM EDT
[#49]
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? 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. |
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Posted: 4/21/2017 5:34:49 PM EDT
[#50]
Quote HistoryQuoted:
Credit scores are a scam. Clos all your cards. Never use credit or debt again! |
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