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  1. #16
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    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
    Hold this eternal L

  2. #17
    Game. Set. Match. bdreason's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Closing long standing credit lines will lower your score. The older they are, the worse hit you will take. I have a credit card I haven't used for almost a decade... but I leave it open just so it doesn't hurt my credit. I couldn't get my score into 800's until I took out a 2nd car loan. I could have just paid for the car, but at 1.9% it won't cost me that much over the court of the loan, so fukc it. I have more extended credit than I would ever need, but all of their balances, except my monthly rewards Visa, are at zero. It doesn't really bother me except for the liability of having 4 high-limit cards (AMEX, Disc, MC, Visa). I just keep a close eye on my accounts.

  3. #18
    Game. Set. Match. bdreason's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by COnDEMnED
    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.

    Just get a credit line from your bank. Use it like a debit card, and pay it off at the end of each billing cycle. If you have self control, there's no reason to fear credit.

  4. #19
    Barefoot Bandit enayes's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by UK2K
    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.
    What about rewards such as cash back, free hotel stays and flights?

    Those aren't good reasons?

  5. #20
    I usually hit open layups
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Same thing happened to me. It's a meaningless number though, so who the heck cares.

  6. #21
    NBA Superstar SpecialQue's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by enayes
    What about rewards such as cash back, free hotel stays and flights?

    Those aren't good reasons?
    This is the main reason why I still use credit cards, even though I have zero debt aside from a dirt-cheap mortgage and a small car loan. Just from rewards I have two free round trip flights from making purchases that I needed to make anyway, plus a few free hotel stays. If you need to get a card, get one with some decent rewards.

  7. #22
    I usually hit open layups
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    credit cards also have better fraud protection than debit cards

  8. #23
    NBA Legend coin24's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    That whole credit score thing is complete bullshit, fkn stupid Americans

  9. #24
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    in some ways, yes, credit scores are bullshit because a credit score of 770-ish and 850 are pretty much the same in terms of risk measurement. for some banks, the threshold may even be lower than that. you don't get any extra bonus points for having an extraordinary awesome credit score. they don't really care what it is as long as your shit don't stink.

    in other words, credit scores are not meant to reward responsible people who are ontop of their shit. they are only meant to weed out and raise red flags for people who aren't.

    if your score is 800, you'd be treated the same as the guy with 848 or 772. raising that score higher doesn't really do much other than maybe massaging your ego or giving yourself retarded credit score bragging rights.

    however, it doesn't work like that on the other side. a credit score of 580 will be punished more severely than a score of, say, 630. so the lower you go, the more difficult terms they're going to dump onto you. pretty much, your credit score only matters when it's a shitty ass score and full of red flags.

  10. #25
    Impartial NBA analyst sd3035's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Americans seem like credit slaves

  11. #26
    Barefoot Bandit enayes's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by sd3035
    Americans seem like credit slaves
    If you know what you're doing the credit companies become the slaves.

    I've already had Chase ban me from getting any new cards. I guess they don't want me earning all their rewards and never paying any interest

    I raped them for over $3K

  12. #27
    ... on a leash ArbitraryWater's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by enayes
    If you know what you're doing the credit companies become the slaves.

    I've already had Chase ban me from getting any new cards. I guess they don't want me earning all their rewards and never paying any interest

    I raped them for over $3K


    Its hilarious how determined you are with all this credit card stuff... sticking with it from beginning to end. Youre probably generally lazy, but for this credit card stuff you do everything and know ALL the loop holes.

  13. #28
    Barefoot Bandit enayes's Avatar
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    Default Re: They dropped my credit score by 15 points as a reward for paying off my car loan.

    Quote Originally Posted by ArbitraryWater


    Its hilarious how determined you are with all this credit card stuff... sticking with it from beginning to end. Youre probably generally lazy, but for this credit card stuff you do everything and know ALL the loop holes.
    I go through phases. At this point I'm a bit underwhelmed because I've taken advantage of all the offers currently out there.

    I'm not lazy but I do try to make everything as easy as possible for myself.

    I've been able to help a lot of my friends/family start using credit wisely, so I get some satisfaction from that too.

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