WTF Going on? I paid my CAR and Motorcycle off, cleared my Credit Card Debit, No Late Payments. Credit Score Dropped from 835 to low 700s.

[hatealot]

Pay your debts brehs

But seriously I close off all major debt but keep my credit cards. I got a notice from my check score company I’ve had my oldest for 15 years with no late payments.

I’m 999 on one and the other is closer to 800

Do yall brehs in UK get rated by the same three agencies like us?

 

[Dafunkdoc_Unlimited]

The object is to keep debt active. Closing an account lowers your debt which lowers your score due to average debt being spread among less accounts.

At least that's how they explained it at the Credit Union.

The drop is temporary.​

 

[MoveForward]

Your average

Average age of your accounts went down.

This but it will bounce back…

 

[Zero]

Stealth brag thread

 

[StretfordRed]

Do yall brehs in UK get rated by the same three agencies like us?

Yeah, TransUnion, Equifax, and Experian.

TransUnion goes by Credit Karma (or uses their services)

I only use TransUnion and Experian.

 

[fscballin]

Maintain a 30% utilization and make your payments on time

 

[Htrb-nvr-blk-&-ug-as-evr]

Maintain a 30% 10% or less utilization and make your payments on time

---

 

[Back4The1stTime]

Credit score is a scam. We are the only country that has this kind of system. It basically rewards you for keeping debt and paying it on time and penalize you for paying it off early.

 

[NoMorePie]

Credit score is a scam

 

[Dameon Farrow]

You can't divide by 0.
The algorithm doesn't respect zero balance.

Yep. Paying too much shyt off hurts on the face BUT anyone who takes a detailed look will understand.

 

[Big Mountain Hélà]

Your score is highest when you have
-5+ open accounts
-10-30%dti
-less than 5 inquiries
-no collections
-excellent payment history

 

[Canon]

buy more stuff

 

[DJ Paul's Arm]

The system wants to keep you in debt.

 

[Luke Cage]

My credit score has been over 800 for years.

Both my Car and Motorcyle account closed out this year
I opened a Nordstrom Rack account
Paid my Credit Card down to zero this year
Only debt I have is 1 payment left on a loan I renovate my home.
$37,000 Credit Card Limit with no Balance.

One of my scores in like 753, the other is 682. WTF



Somebody explain this shyt to me.

What kind of motorcycle did you buy? Never occurred to me to take a loan for one. You can find them brand new at pretty much any price level. Used even more so. Insurance on them cost nothing when they fully paid as well so it literally pays for itself eventually on the savings.

 

[Legal]

Yeah, you got fukked off of having two less accounts, and those two bringing down your average age of credit. The credit score system is dumb like that.