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Please clap.
They dropped my credit score by 15 points as a reward for paying off my car loan.
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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.
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Please clap.
Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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.
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NBA Legend
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.
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Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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.
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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?
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All For *One* For All
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.
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All For *One* For All
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.
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Please clap.
Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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.
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Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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!
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NBA Legend
Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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.
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Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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.
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Re: They dropped my credit score by 15 points as a reward for paying off my car loan.
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Good college starter
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.
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#Trump4Treason
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.
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