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.

[At30wecashout]

Isn't credit largely a government scam?

It's a tool that can give you an incredible power: leveraged debt. For those with less means and know-how, it is a prison.

 

[Bboystyle]

Isn't credit largely a government scam?

Explain, because creditors are their own companies and have no ties to the gov

 

[The Half-Blood FKA Prince]

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.

I know im late asf but ill help u out breh. U can just cosign this credit card im finna apply for.

Then every month when i make the payments, bam! BOTH our credit scores shoot up.

No need to thank me, we coli family. Ur daps and rep are all the appreciation i require breh.

 

[Legal]

i was just gonna make a thread, i finished paying off a $7000 loan and my credit dropped 26 points

How old was the loan?

Between you now having one less account and potentially lowering the average age of account, most people see a dip when paying off loans.

The thing folks got to keep in mind is credit isn't necessarily about not having debt. It's about having proof to creditors that you can responsibly handle debt. That's where all the 30% advice and whatnot usually comes from.

 

[Mr. Manhattan]

How old was the loan?

Between you now having one less account and potentially lowering the average age of account, most people see a dip when paying off loans.

The thing folks got to keep in mind is credit isn't necessarily about not having debt. It's about having proof to creditors that you can responsibly handle debt. That's where all the 30% advice and whatnot usually comes from.

3 years old paid everything on time

 

[Legal]

3 years old paid everything on time

Then yeah, it likely brought your average age of credit down. Nnd I'm also guessing you don't have a large amount of other credit cards, lines of credit, or loans, right?

 

[maxamusa]

OP's flabby ass finally paid off the trike

 

[Mr. Manhattan]

Then yeah, it likely brought your average age of credit down. Nnd I'm also guessing you don't have a large amount of other credit cards, lines of credit, or loans, right?

Just my car and credit cards

 

[At30wecashout]

This just reminded me, im 4 payments from my car being paid off and they probably gonna drop my credit like crazy. Getting a mortage dropped it from mid 820 something to mid 700s and it rebounded in about a year. I have 20 years of credit but my average age dropped to 4 thanks to letting a bunch of old low-balance cards closeThankfully credit age is a small factor.

 

[Tommy Lee Jones]

how do you check your score without it hurting your score?

 

[Bboystyle]

how do you check your score without it hurting your score?

Credit karma and experian