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Holy s!$+. My credit score just plunged.

Discussion in 'Topical Discussions (In Depth)' started by ErrosionOfAccord, Feb 10, 2018.



  1. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    In December my score was 803 based on two payback credit cards, paid in full monthly and a mortgage. Just checked it again today, 772 after paying the mortgage off in January. So by maintaining the same income and lowering my debt to essentially zero I am destroying my credit worthiness. The people running the show are idiots.
     
  2. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    I haven't checked a credit score in years.
    One less thing to worry about.
     
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  3. hammerhead

    hammerhead Not just a screen name Gold Chaser

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    Sounds like they want to keep you hanging.
     
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  4. newmisty

    newmisty Duppy Conqueror Midas Member

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    If there's anything I learned here it's credit=debt.
     
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  5. Mujahideen

    Mujahideen Black Member Midas Member

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    Your credit score can go down because of arbitrary reasons.
     
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  6. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    My mortgage finalizes in September. My FICO score is anywhere between 831 and 840 depending upon what agency you are asking.

    I’ll need to keep an eye on this. I do know length of longest account is factored in but paying off a mortgage should not be detrimental to you score.

    If the same happens to me, ErrosionOfAccord and I will be shopping for Class Action lawyers. Positive actions should not have negative results.
     
  7. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    Mine is and has been over 800 for years, not that I really care.
    Haven't had a mortgage since 2003. Paid it off.
    No installment loans, or any other loans.
    Pay all insurance in full annually.
    No carry over credit card balances.
    Don't know if my mortgage pay off resulted in lower score, wasn't watching that at the time and also did not care.
    Now the CC companies provide monthly free scores so I take a look now and then.

    As I heard Dave Ramsey tell a caller once, why do you care about your credit score if you are debt free? Don't borrow money and it will not be a factor.
     
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  8. hoarder

    hoarder Midas Board Mmbr Platinum Bling

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    Credit score rates your worthiness to banksters. If you pay a mortgage off early you're less worthy to them. Makes sense.
    In borrower terms, credit rating is sucker rating. The better your credit, the better a sucker you are in the eyes of the banksters.
     
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  9. keef

    keef Пальто Crude Platinum Bling

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    You're in good company, pal.

    Moody's is getting ready to downgrade the USTreasury.
     
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  10. gliddenralston

    gliddenralston Gold Member Gold Chaser

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    The lower your score the less they bother ya!. Got into it with a foot doctor one time for incompetency and refused to pay him. He sicked a collection agency on me, I told them "I disputed the charge and wasn't paying", they said "they would ruin my credit score", I said "how soon can you do that? can you do it right now?". Phone went quiet, I said "are you still there", she said " I've never had any body say that before" I said " that response isn't on your script", she says "no, but why would you want me to clip your credit score?" I said " every week I get 3/4 credit card offers, if you could knock my score down may they'll leave me alone", click she hangs up on me. It did end up on my credit score as a disputed charge, funny thing my score remained the same.
    I also am completely debt free, and will be till I'm planted, so don't give a rats ass what they do to my credit score!!!
     
    Last edited: Feb 10, 2018
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  11. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    they can't ding you for disputes. I haven't had credit in years so my score just shows as no score. I get charged an extra 5 bucks a month on my car insurance because of it. Not sure what my credit score has to do with my auto insurance.
     
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  12. DodgebyDave

    DodgebyDave Metal Messiah Midas Member

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    I didn't know I had a credit score! It's about 26!
     
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  13. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Mine was 842 wifes was 850 when we refinanced our last mortgage a few years ago (on our 2nd house) down from a 30 year to 10.
    Our primary residence has been paid off for years.
    Since then I got rid of a big credit card I kept in the safe for emergencies and didn't use, paid off my car, wifes motorcycle, she got rid of a CC also.
    Both our credit ratings dropped into the mid 700's in 2017. So yeah if you don't play their game their way they try to penalize you.
    Fuck 'em.

    .
     
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  14. JayDubya

    JayDubya Platinum Bling Platinum Bling

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    As crazy as it sounds, I completely understand the drop. Note I didn't say I agree with it, I just understand it.

    Part of your score is based on your debt utilization ratio,. That's calculated by dividing your total debt (numerator) by your combined credit limits (denominator).

    Obviously, when you pay off a loan, any loan, that account is considered closed. That means the credit limit on that account is no longer recognized.

    So, think of it strictly in that numerator and denominator sense.

    When you pay off an account, you remove a portion of your combined credit limit (the denominator).

    For example, let's say you had $5,000 in outstanding debt and $1,500 of that was your final house payment.
    In addition, all your available credit limits totaled $250,000, (this includes your home loan figure). This means you carried a 2% debt utilization ratio.

    When you paid off the home loan you closed a very large available credit line. If the home loan was $200,000 you just eliminated $200,000 from your denominator. Now, your debt utilization ratio is $3,500 of outstanding debt against $50,000 of available credit lines and your debt ratio now soars to 7%.
     
    Last edited: Feb 10, 2018
  15. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    I guess people forget bank want globalization and debt is bad.

    Dave Ramsey is winning.
     
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  16. Rollie Free

    Rollie Free Midas Member Midas Member

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    I am somewhat in the don't give a darn category. Per my credit card statement it fluctuates over and under 800. Least that's what it says. I guess that's good because I co-signed an auto loan recently for my son and the dealership commented me on it (fwiw). Other than that the only credit I use is on my credit card and I've never, ever paid interest on it. Home was paid off many years ago. Why it would fluctuate is a mystery to me as I've been in the same pattern for a very long time. Have heard that there are multiple credit scores for any one person.
     
  17. Rollie Free

    Rollie Free Midas Member Midas Member

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    Good for you not paying the medical bill. That industry needs to be held to a standard of competent service like everyone else but isn't because of the intimidation factor.
     
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  18. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    My first thought ran to Ramsey saying "I want my credit score to be zero".
     
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  19. newmisty

    newmisty Duppy Conqueror Midas Member

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    That's the key word. Person. You are not a person, you have a person. It's the Corporate Entity (Your all caps name) that actually has a "credit score", not the flesh and blood human being. Contracts.
     
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  20. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    Good thing for him his listeners do care.

    Never heard him advocating that his audience should read modern money mechanics by the Federal Reserve nor beating up on debt collectors by Richard Cornforth.

    The latter may be bad for business.
     
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  21. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    If you're using a SSN you're liable.

    If you are interested in being a common law free-men not a socialist then you have to leave US citizenship not the country.
    http://georgegordon.org/audio/radio/mp3/355f-32.mp3
     
  22. newmisty

    newmisty Duppy Conqueror Midas Member

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    State Citizen.
     
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  23. Po'boy

    Po'boy Midas Member Midas Member Site Supporter

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    Non 14th amendment citizens.
     
  24. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Credit scores are calculated using no known logic. These days retired people who have a tiny income can walk into a car dealership and lease a brand new SUV for $169 month. Our economy is chugging along using debt for jet fuel. Nobody makes any money refusing a loan these days! Thank about that! Credit scores are becoming a joke!
     
  25. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Mr Ramsey needs to review his credit score notes. Credit scores are used for setting auto and life insurance rates, by employers in hiring and landlords in renting. If you are an excellent credit risk you get the best rates and employees with excellent credit tend to have less risk to embezzle, steal or scam while tenants with excellent credit are less likely to pay their rent late.
     
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  26. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

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    Do not
    Fear
    The
    FICO
     
  27. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    If you are debt free and concerned about your precious score...don't cancel you CCs. Throw them in a safe and forget about them. The $10-$20,000 in unused debt heps you utilization score as someone mentioned earlier.
     
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  28. FthePolice

    FthePolice Seeker

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    I paid off all CC debt last April and it was an awesome feeling. I haven’t checked my score but I have zero debt also. Credit card companies, insurance companies, casinos, and Banks are evil...
     
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  29. stAGgering

    stAGgering Silver Miner Seeker

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    I truly do not care.
    Well... there is one angle worth pursuit.
    As this next "crash" continues, as the govts bail out the crash creators, with my damn taxes.
    I will max out mine in order to regain payment for my financing of "saving" the economy.
    Then, I'll receive no offers in the mail anymore, just threats of ruining of which I have no care.
    How goes it; A man walking down the street with no debt and $10 in his pocket, is richer than 80% of US population ?
    My pocket is YUUGGE !
     
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  30. Mr Paradise

    Mr Paradise Midas Member Midas Member

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    Professor why did white people go extinct?

    They were so focused on keeping their credit scores up they forgot to make babies.
     
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  31. southfork

    southfork Mother Lode Found Mother Lode

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    I had over 800 scores, been going down because old credit cards i never use are getting closed out by the stores and companies.
     
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  32. Treasure Searcher

    Treasure Searcher Platinum Bling Platinum Bling

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    Running a tight ship in regard to your finances, does pay off. In the last two years, I was without work two times. Now my current employer messed up my personnel code and "lost" me in their computer system. I am awaiting 11 1/2 weeks of back pay. At least I only have one small payment to sweat.

    Always keep that cash cushion. If you need it, it keeps the wolves off the front step.
     
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  33. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

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    If you have no debt why do you need a credit score?
     
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  34. Area51

    Area51 Silver Miner Seeker

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    I like that strategy too. Get the credit limits as high as possible then max out and tell them to go piss up a tree. Need to have the house in the wife's name or else under a numbered company before doing it though.
     
  35. newmisty

    newmisty Duppy Conqueror Midas Member

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    As soon as I got my credit score down to 14 my buddy says, "Misty, it ain't like golf." And I'm like @$&!
     
  36. Krag

    Krag Planet earth Platinum Bling

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    It moves in crazy cycles, makes you wonder what the IQ is of those running the show there.
     
    Last edited: Feb 19, 2018 at 6:12 PM
  37. Merlin

    Merlin Gold Member Gold Chaser Site Supporter ++

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    When my roommate Sammy added my name (and FICO score) to his auto insurance, his monthly premium went down. Seems that auto insurers believe that people who care for their money and pay their bills on time are probably more careful with their cars as well.
     
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  38. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    My car insurance went down due to FICO as well. Several hundred.
     
  39. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    Understood but that hurts those who pays their bills on time, never use credit and has never had an accident.
     
  40. TomD

    TomD It blowed up, y'all Platinum Bling

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    Worked with a construction company that ran credit scores on pre-hire superintendents and project managers. I think based on the principle that someone who won't take care of their own money damn sure isn't going to take care of yours.

    I paid cash for my house and have no debt at all other than what's on a credit card at the time and will get paid 100% at the end of the month. My combined limit is around $50K but it's pretty rare to have more than $2K on them at any one time. Based on that, my score runs in the mid-800's. Both my cards give me free looks at my score.

    My wife can't handle a credit card, no impulse control at all. She's one of those people who would spend every cent they have, no matter how much, without a thought for what comes next. She doesn't have access to any of the money accounts or cards.
     

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