Page 1 of 2 12 LastLast
Results 1 to 15 of 28
  1. #1
    Please clap. Real Men Wear Green's Avatar
    Join Date
    Jun 2006
    Location
    Boston, MA
    Posts
    28,776

    Default They dropped my credit score by 15 points as a reward for paying off my car loan.


  2. #2
    Banned
    Join Date
    Jun 2012
    Location
    California of America
    Posts
    18,184

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Penalty for paying off early.

    This is nothing new.

    I believe Trump wants to change this.

  3. #3
    Please clap. Real Men Wear Green's Avatar
    Join Date
    Jun 2006
    Location
    Boston, MA
    Posts
    28,776

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by 9erempiree
    Penalty for paying off early.

    This is nothing new.

    I believe Trump wants to change this.
    I'm high enough off of irritation to reply to your trolling: When has Trump ever talked about changing he rules by which these ultramegabanks assign us credit scores? Especially this particular fun rule where they lower your score for paying off a debt? The extent of his fiscal policy is some loose ideas on lowering taxes. He has certainly never discussed increased regulation as a positive idea.

  4. #4
    NBA Legend UK2K's Avatar
    Join Date
    Jan 2014
    Location
    Indianapolis
    Posts
    18,196

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Credit scores are the most obscure, random form of judging someones ability to pay off a loan.

    You make 500k a year, but don't have a credit card? Your credit score sucks.

    The only reason I own a credit card is because you have to these days.

  5. #5
    Banned
    Join Date
    Jun 2012
    Location
    California of America
    Posts
    18,184

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by Real Men Wear Green
    I'm high enough off of irritation to reply to your trolling: When has Trump ever talked about changing he rules by which these ultramegabanks assign us credit scores? Especially this particular fun rule where they lower your score for paying off a debt? The extent of his fiscal policy is some loose ideas on lowering taxes. He has certainly never discussed increased regulation as a positive idea.
    As mentioned before...its a penalty for paying off your loan too fast.

    I negotiated with the salesman the last time I bought a car and I asked him whether I was going to penalize for paying it off early, as my intention was to always pay off a car as fast as you can.

    Anyways, the credit system is setup against us. It's a system setup to detect bad creditors so it comes as no surprise that not only did you get penalize but your credit didn't improve.

    If anything it should have improved drastically for paying off your loan.

  6. #6
       
    Join Date
    Sep 2006
    Posts
    13,119

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    do we know for sure that it was because he paid off it early, or is it possibly another reason?

    such as... the trade / banking principle of having healthy, open debt being a net positive for a nation. could that also be true for individuals in terms of credit score?

  7. #7
    All For *One* For All Meticode's Avatar
    Join Date
    Feb 2008
    Posts
    35,098

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    No surprise. The credit system is designed to suck the most amount of money from people who are good for it as long as possible.

  8. #8
    All For *One* For All Meticode's Avatar
    Join Date
    Feb 2008
    Posts
    35,098

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    I worked in collections for almost 2 years and another thing that amazed me about creditors reporting to debtors credits reports was the lack of information. All they needed was a name/address. No, SSN, no birthday, etc. So many times there would be a son/father with that were Jr. and Sr. and the son USED to live with the father, but because they had the same name the sons credit history would show up on the fathers even though the son was like in his mid 20s.

    Another thing I saw a lot of was minors being reported. Kids would go to hospitals and because the parents wouldn't pay the bills off the kids name would end up in the credit reporting agencies for unpaid medical bills because they were the patient.

    The system has MAJOR flaws in it.

  9. #9
    Please clap. Real Men Wear Green's Avatar
    Join Date
    Jun 2006
    Location
    Boston, MA
    Posts
    28,776

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by gigantes
    do we know for sure that it was because he paid off it early, or is it possibly another reason?

    such as... the trade / banking principle of having healthy, open debt being a net positive for a nation. could that also be true for individuals in terms of credit score?
    The technical reason was that "an account was closed." Had nothing to do with the rate I paid it off as far as I know. I was told to pay $267 a month, I paid it, after almost three years it was paid off.

  10. #10
       
    Join Date
    Sep 2006
    Posts
    13,119

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by Real Men Wear Green
    The technical reason was that "an account was closed." Had nothing to do with the rate I paid it off as far as I know. I was told to pay $267 a month, I paid it, after almost three years it was paid off.
    sounds like that's it, then.


    @9er,
    looks like it's even worse than you thought!

  11. #11
    NBA Legend UK2K's Avatar
    Join Date
    Jan 2014
    Location
    Indianapolis
    Posts
    18,196

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by Real Men Wear Green
    The technical reason was that "an account was closed." Had nothing to do with the rate I paid it off as far as I know. I was told to pay $267 a month, I paid it, after almost three years it was paid off.
    Yep...

    I paid an $800 balance off on a credit card then closed the account, and I was penalized as well.

    Now I've got three credit cards, two of which are somewhere in my office desk at home. I think. All because I don't want to close them.

  12. #12
    Banned
    Join Date
    Jun 2012
    Location
    California of America
    Posts
    18,184

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by gigantes
    sounds like that's it, then.


    @9er,
    looks like it's even worse than you thought!
    They probably dropped his credit score for all the cursing and insults he says towards members and he's a moderator.

  13. #13
       
    Join Date
    Sep 2006
    Posts
    13,119

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    that elevated quickly.

  14. #14
    Good college starter COnDEMnED's Avatar
    Join Date
    Jun 2008
    Posts
    3,230

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    This is one of the mistakes I know I've made in life. I'm of the mindset that if I can't pay cash for something, I don't need it this second. I save up the cash until I can buy. I turn 31 soon and I've never had a credit card because all my life growing up all I ever heard was how credit card debt ruined peoples lives and how they lost their houses etc. etc.. For that reason anything I've ever bought has always been cash or directly from my debit card. If anything hits the fan I know I'm on my own. No bank would approve me for a loan without putting up property as collateral. **** that noise.

    I guess it's time to start baby stepping my credit up. I was thinking of getting a Costco membership. They offer a credit card with the merchant membership. Maybe I'll start small with that.

    Sorry to hear they ****ed you Real Men Wear Green. That's complete bullshit.

  15. #15
    #Trump4Treason nathanjizzle's Avatar
    Join Date
    Apr 2011
    Posts
    14,787

    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    its likely either one of 3 things or all of them. 1 being you have a closed line of credit, 2. you no longer have an open line of credit. 3, your average age of open lines of credit have decreased. having a certain amount of open lines of credit is good for your credit score. having a certain amount of closed accounts can be bad for your score. having a long average age of open lines of credit is good for your credit score.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •