Well this sucks

[GRADS]

I paid off 100% of my debt a couple months ago and my credit score dropped 45 points. I was at 805 just a few months ago, now 760. Doesn't really seem fair.

 

[mjc]

You have to have some debt to make them happy.

 

[Carlson-jet]

I thought they bumped the minimum up to 900?
Stay on it. I focked up and am clawing my way back up from an 826.

 

[185EZ]

yep, they changed the way they do credit scores
I don't owe a penny to anyone and mine went down

 

[JFMFG]

Did you close an account?

 

[Activated]

Thanks Kamala

 

[Flatsix66]

Congrats on paying off everything and your house. Better than taking a cash out refi and buying something dumb like a boat. Save Ramsey would be proud!

 

[GRADS]

Did you close an account?

I didn't close any accounts but I paid off a couple of our cars.

 

[RiverDave]

I just checked mine and it did the same damn thing.. wtf?

dropped exactly 45points?

 

[beertruck]

need to keep some balance, charge some, then pay it down. They get nervous when you pay things off, as they think you might now max out your credit lines now.

 

[The Prisoner]

Do they drop it if a company closes it for non use? Recently had Sears and Khols close mine because I haven’t used them in years. Credit cards I mean.

 

[GRADS]

I just checked mine and it did the same damn thing.. wtf?

dropped exactly 45points?

I thought it was because I paid everything off but maybe they are dropping everyone's? My wife's also dropped.

 

[RiverDave]

I thought it was because I paid everything off but maybe they are dropping everyone's? My wife's also dropped.

I paid off something’s

 

[GRADS]

Do they drop it if a company closes it for non use? Recently had Sears and Khols close mine because I haven’t used them in years. Credit cards I mean.

I'm using a credit card(s) and have been. Charging probably $3K a month but pay it off every 2 weeks.

 

[185EZ]

Like i said,
they changed the way they do credit scores
quityerbitchin

Changes are coming to your FICO score calculation

Fair Isaac's new model for assessing borrowers' creditworthiness could hurt those who rely on personal loans.

www.cbsnews.com

 

[monkeyswrench]

I have no clue what my credit score is. I know I done F'kd it up about 10 years ago. Since then, cash and carry. I would think it's pretty horrid, so happy I'm not trying to buy a home.

 

[Flatsix66]

These days if you have 100% payment history, under 5% card utilization and no derogatory remarks with at least an 8 year history your score will be 800-825.

 

[GRADS]

These days if you have 100% payment history, under 5% card utilization and no derogatory remarks with at least an 8 year history your score will be 800-825.

Um, that's not true. Did you see the pic I posted.

 

[Activated]

Um, that's not true. Did you see the pic I posted.

Gavin saw that you got a haircut and is punishing you.

 

[Turnup]

Its a score based on the performance of your ongoing debt and past obligations, now you have none. Anyone in your position should keep open revolving debts to keep the score clock counting upward.

 

[LargeOrangeFont]

Um, that's not true. Did you see the pic I posted.

The problem might be related to how many open lines of credit/accounts you have now. You can’t have too few or two many. How many open credit accounts/loans do you have now?

 

[LargeOrangeFont]

Its a score based on the performance of your ongoing debt and past obligations, now you have none. Anyone in your position should keep open revolving debts to keep the score clock counting upward.

This. You want multiple lines of credit you have a history of using very little of, and pay off on time.

 

[GRADS]

The problem might be related to how many open lines of credit/accounts you have now. You can’t have too few or two many. How many open credit accounts/loans do you have now?

I haven't closed or opened any in at least 3 years?

EDIT: Not true, I got my AppleCard a year and a half ago, but still?

 

[was thatguy]

Lol
Fag.
I bought a corvette on credit and have no job and no income and mines higher than yours!
Lol

the difference is I could give a shit.
wanna buy a gun with ammo??

 

[LargeOrangeFont]

Do they drop it if a company closes it for non use? Recently had Sears and Khols close mine because I haven’t used them in years. Credit cards I mean.

Yes they will. It could affect your score because of length of account history, if they are your older/oldest accounts that close.

 

[LargeOrangeFont]

I haven't closed or opened any in at least 3 years?

EDIT: Not true, I got my AppleCard a year and a half ago, but still?

How many accounts total though, that are open in good standing? Not just cards, but mortgage, etc.

 

[GRADS]

How many accounts total though, that are open in good standing? Not just cards, but mortgage, etc.

Probably 6 or 7.

 

[LargeOrangeFont]

Probably 6 or 7.

I think that is the reason the score dropped because of the closed accounts. The sweet spot for your situation is probably between 8-10.

 

[GRADS]

I think that is the reason the score dropped because of the closed accounts. The sweet spot for your situation is probably between 8-10.

I'm not sure any accounts closed. The car loans were through our credit union and the main account is still open.

 

[USMC2010]

Mine just went up a bunch. Credit scores are wacky. I have a friend that contracted in the middle east for almost 15 years straight. Retired mid 30's with a butt ton of money saved up and invested. He could not even buy a pickup without a cosigner because he wasn't using a credit card to build up any kind of history. He had to get through that before he could buy his house.

 

[LargeOrangeFont]

I'm not sure any accounts closed. The car loans were through our credit union and the main account is still open.

The credit associated with the auto loans is closed if you pay them off. That would drop your number of open credit accounts.

The account at the credit union has nothing to do with your credit score.

 

[RCDave]

Credit scores are overrated. If you don't need to borrow, a credit score is meaningless.

 

[GRADS]

Credit scores are overrated. If you don't need to borrow, a credit score is meaningless.

Well I need to borrow, lol. We just put our name on a list for this lot today...

 

[RCDave]

Well I need to borrow, lol. We just put our name on a list for this lot today...

View attachment 911786

Looks sweet

 

[4Waters]

Well I need to borrow, lol. We just put our name on a list for this lot today...

View attachment 911786

Where is that?

 

[bk2drvr]

I wouldn’t stress unless you just like telling people your score is over 800. You will get the same financing and terms at 760 as you would at 805.

 

[GRADS]

Where is that?

El Dorado Hills

 

[2droppedchevs]

Debt to high credit changed. When you first make a large purchase your debt to high limit is high(100%), as you pay it down it looks awsome because your only using $5k with an original loan of $40k (12.5%). When you pay it off you are essentially erasing the $40k of available credit but still have the payment history.

 

[was thatguy]

I wouldn’t stress unless you just like telling people your score is over 800. You will get the same financing and terms at 760 as you would at 805.

Exactly.

I love it when they say “oohh you cant float that much” and I say OK, here’s half down cash.

 

[Gelcoater]

I paid off 100% of my debt a couple months ago and my credit score dropped 45 points. I was at 805 just a few months ago. Doesn't really seem fair.

View attachment 911751

Who gives a shit?
A 760 score and 15% down, Anderson will build you the Shockwave of your wet dreams.
Run along now.

 

[SoCalDave]

Well I need to borrow, lol. We just put our name on a list for this lot today...

View attachment 911786

Nice Grads, an early congratulations if your bid is accepted.

 

[GRADS]

Who gives a shit?
A 760 score and 15% down, Anderson will build you the Shockwave of your wet dreams.
Run along now.

Really?

 

[78Southwind]

El Dorado Hills

That doesn't look like...

 

[SKIDMARC]

I had about 4 credit cards closed on me recently because I wasn’t using them.

 

[GRADS]

That doesn't look like...

View attachment 911804

Yeah I know.

 

[yz450mm]

When you paid off the auto loans, it closed the accounts. That would affect your average credit account age, which could drop your score.

 

[GRADS]

When you paid off the auto loans, it closed the accounts. That would affect your average credit account age, which could drop your score.

That sucks but I guess it's better than a payment...until I need to borrow again. What a vicious circle.

 

[yz450mm]

That sucks but I guess it's better than a payment...until I need to borrow again. What a vicious circle.

Do a little research and open a new credit card account that you could use to get rewards or cash back every month, the credit line increase would positively affect your score after 30 days.

 

[GRADS]

Do a little research and open a new credit card account that you could use to get rewards or cash back every month, the credit line increase would positively affect your score after 30 days.

I have some of those...I don't need another card.

 

[yz450mm]

I have some of those...I don't need another card.

35% of your credit score comes from the percentage of credit used. The more available credit you have, the lower your percentage used is, and the better your credit score.

But if you're in the 760s, you're not gonna gain anything by going to 800.