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Started By
Message
re: Credit score frickery.
Posted on 12/19/25 at 2:53 pm to mule74
Posted on 12/19/25 at 2:53 pm to mule74
quote:
Unless you are looking to take out loans for real estate purchases, or a business, your credit score is irrelevant.
My dad died in Oct. He was 88 & my mom is 86. They have not borrowed any money since the late 1980s and when they did the
loans were in my dad's name.
This month my mom went to her State Farm agent to update Auto, HO, and umbrella policy after my dads death. Auto insurance went up 40% because my mom had a low or no credit score. She's been on the State Farm policies for 25+ years and the only risk change is my dad died.
Waiting to see if HO & Umbrella policy also have huge premium increase at renewal date.
0
Posted on 12/19/25 at 2:58 pm to Popths
quote:
Doesn’t make sense to me either but since I never plan to borrow money ever again, who cares.
Exactly correct
Or have a good relationship with your banker who knows you are good for the loan payback and he/she could care less about your credit score at that time
Posted on 12/21/25 at 6:47 pm to bhtigerfan
quote:given that a credit score is how well you play “Kissy face” with the banks, paying off those things would not make the banks happy therefore your credit score went down
Paid off our mortgage and my truck within a month of each other
Posted on 12/22/25 at 9:06 am to bhtigerfan
quote:
I just think it’s such bullshite that I should be punished for not having any debt. Credit scores should be based on your past payment history, income and debt ratio.
The income is considered as part of any loan approval, but is not part of credit score. I get your frustration. One thing to remember is credit scores have ranges of good, fair, poor. You can lose points but stay in the same classification of credit rating.
Posted on 12/22/25 at 9:41 pm to bhtigerfan
It’s computer algo and you just have to look at it in its simplistic form as each factor is a positive or negative. If you have things it’s counting as a negative (no installment loans open) then you need other factors that it counts as positives to outweigh the negatives.
A lot of fuss is made about removing negative info from reports but another important factor is simply diminishing anything negative by overwhelming it with positive info. You have one tradeline reporting on time payments each month, if you had 10 it would be 10x the amount of positive factors getting counted each month. Avoid negative factors as much as possible and try to add a few things that are considered positive. Most credit cards only need to be used once every six months or so to keep them open.
Someone with only one account with any recency doesn’t give a lender a lot of info to go off of and most consumer loans don’t get bogged down in personal financial statements etc. they just want to run a credit report and see you’re a reliable payer.
You can probably add a couple credit card accounts even if you don’t frequently use them and have a visa/MC as a backup to your Amex you’ll see a big bump up in your scores.
Also as a person with a thin file it’s a good idea to have a relationship with a smaller local bank or a financial institution who holds your investments they will consider relationship more than just score.
A lot of fuss is made about removing negative info from reports but another important factor is simply diminishing anything negative by overwhelming it with positive info. You have one tradeline reporting on time payments each month, if you had 10 it would be 10x the amount of positive factors getting counted each month. Avoid negative factors as much as possible and try to add a few things that are considered positive. Most credit cards only need to be used once every six months or so to keep them open.
Someone with only one account with any recency doesn’t give a lender a lot of info to go off of and most consumer loans don’t get bogged down in personal financial statements etc. they just want to run a credit report and see you’re a reliable payer.
You can probably add a couple credit card accounts even if you don’t frequently use them and have a visa/MC as a backup to your Amex you’ll see a big bump up in your scores.
Also as a person with a thin file it’s a good idea to have a relationship with a smaller local bank or a financial institution who holds your investments they will consider relationship more than just score.
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