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re: Once again, credit scores are a scam
Posted on 2/21/24 at 7:35 am to HeartAttackTiger
Posted on 2/21/24 at 7:35 am to HeartAttackTiger
quote:
Reasonable logic would seem to say my credit score should go up, assuming less debt.
Nope. Pay off your mortgage, and after some time your score will likely be less than a similar person who is timely paying on a big mortgage debt. I paid mine off early, and my credit report now says that my score is reduced for no recent history of mortgage service. LOL.
If your score is 800+, then you may be able to take the position of my dad. He got in a dispute with a merchant who threatened that the issue would affect his credit report. Dad replied that he did not need credit, so he did not give a shite.
2
Posted on 2/21/24 at 10:32 am to Twenty 49
quote:
Nope. Pay off your mortgage, and after some time your score will likely be less than a similar person who is timely paying on a big mortgage debt. I paid mine off early, and my credit report now says that my score is reduced for no recent history of mortgage service. LOL.
If your score is 800+, then you may be able to take the position of my dad. He got in a dispute with a merchant who threatened that the issue would affect his credit report. Dad replied that he did not need credit, so he did not give a shite.
Fortunately, mortgage is paid off. I'm in a blessed position, owing nothing at this point. Of course, that will change with my next vehicle purchase.
Again, not concerned about my credit score at all. Just another example of it being a scam.
Posted on 2/21/24 at 2:50 pm to Twenty 49
quote:
Pay off your mortgage, and after some time your score will likely be less than a similar person who is timely paying on a big mortgage debt.
My son was 21 years old and my dad was 75. Dad had no debt and plenty of money in the bank and in investments. Paid cash for his last few cars, house paid off for decades, etc. He and my son went to look at apartments and the rental office suggested running my dad’s credit for the lease. They turned him down because of “no credit.” My son, however, was fine as far as credit even though he was a college student with a fast food job. WTF.
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