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re: Paid off my last car loan in full
Posted on 7/18/14 at 11:18 am to vuvuzela
Posted on 7/18/14 at 11:18 am to vuvuzela
That is absolutely insane. The whole purpose of credit score is as a quick predictor of risk. By having PAID OFF your car, you have proven both that 1) you fufill your obligations and 2) you have additional money available now per month. In other words, you are a better risk today then you were last week.
Having an installment loan close out, because you paid it off, should not hurt your credit score.
Again, absolutely insane. This is why I don't play the credit score games. I just try to handle my obligations and try to avoid new credit unless I have a good reason for it.
Having an installment loan close out, because you paid it off, should not hurt your credit score.
Again, absolutely insane. This is why I don't play the credit score games. I just try to handle my obligations and try to avoid new credit unless I have a good reason for it.
Posted on 7/18/14 at 11:27 am to LSUFanHouston
quote:
This is why I don't play the credit score games. I just try to handle my obligations and try to avoid new credit unless I have a good reason for it.
Same. I'm almost 40 and have found that your score doesn't matter all that much for most credit needs, as long as it is over 700 or so. Even when my credit score was in the 600's, I didn't have much problem getting credit, just not the best interest rates. People get too hung up on the actual score. Sure it matters, but showing you can handle your debts timely matters more.
I have a mortgage, 2 student loans, a HELOC, 2 car loans, and 1 credit card on mine and can't seem to get it over 750 even after 10 years of consistently paying on time on each, though I rarely use the credit card or HELOC. I quit worrying about it 5 or 6 years ago.
Posted on 7/18/14 at 11:29 am to LSUFanHouston
quote:
absolutely insane.
Agreed. Pisses me off the more I think about it.
Posted on 7/18/14 at 1:06 pm to LSUFanHouston
quote:
Having an installment loan close out, because you paid it off, should not hurt your credit score.
Again, absolutely insane. This is why I don't play the credit score games. I just try to handle my obligations and try to avoid new credit unless I have a good reason for it.
Yep me too. House is paid off, vehicle is paid off. Fawk the credit game.
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