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Message
Once again, credit scores are a scam
Posted on 2/19/24 at 2:24 pm
Posted on 2/19/24 at 2:24 pm
My soft credit score, according to credit wise, was 835. It was showing, for almost 2 months, that I owed $115 on a cc. I did not owe that but whatever.
Now, according to credit wise, my credit score is 825. It shows I owe $11 on a cc, which I don't but again, whatever.
Reasonable logic would seem to say my credit score should go up, assuming less debt. Credit scores are a scam.
Now, according to credit wise, my credit score is 825. It shows I owe $11 on a cc, which I don't but again, whatever.
Reasonable logic would seem to say my credit score should go up, assuming less debt. Credit scores are a scam.
9
Posted on 2/19/24 at 2:36 pm to HeartAttackTiger
This kind of "drop" is not worth the heart attack, Tiger.
Can't imagine a scenario where that would matter
Can't imagine a scenario where that would matter
Posted on 2/19/24 at 2:48 pm to HeartAttackTiger
Credit scores are just a numeric value to help consumers gauge their creditworthiness. Most people cannot tell you if their credit profile is poor, good, very good, or excellent if you remove the "score" portion of their credit profile. There are few financial institutions, if any, that approve loans, credit, mortgages, etc, solemnly based on your numeric score value.
Posted on 2/19/24 at 2:50 pm to castorinho
quote:
This kind of "drop" is not worth the heart attack, Tiger.
Can't imagine a scenario where that would matter
Absolutely agree. It is just a matter of principle - owe less should equate to a higher credit score.
Posted on 2/19/24 at 4:16 pm to HeartAttackTiger
If you ran a Fico credit pull your score would be a 790
Who gives a shite since you are over 720
Who gives a shite since you are over 720
Posted on 2/19/24 at 4:22 pm to HeartAttackTiger
quote:
Reasonable logic
Credit scores are not reasonable logic.
They are a quantifiable analysis of your chances that you will become 90 days past due on your debt.
And it isn't just 1 credit score card.
The repositories use about 8 scorecards. Someone 20 years old with limited history does not get placed on the same rubrik as someone who is 40 years old and has paid off 3 mortgages as agreed.
Quit looking at a credit score like a dick measuring contest and you will be much happier in life.
Posted on 2/19/24 at 5:43 pm to HeartAttackTiger
Only poor people care about their credit score. Unless you are buying a house it's irrelevant.
Posted on 2/20/24 at 11:52 am to HeartAttackTiger
Your rate isn't going to change much after around 760.
Posted on 2/20/24 at 12:08 pm to HeartAttackTiger
Oh yeah
I was around 810-815
Mailed a check to my mortgage company.. it got FUBAR’d in their sorter.
It somehow got mailed back to me weeks after it was supposed be cashed by mortgage company.
The check was late. I didn’t realize they never got it until then . Got hit with a missed payment on my credit report.
Nukes my stellar credit score down 100 points. All the way to the 720’s.
One “missed” payment not even due to my fault.
3 years later and it’s around 775 now and on my credit report as a ding.. it shows missed payment as what’s bringing my score down. That is the one missed payment it’s referring to
Such horseshite
I was around 810-815
Mailed a check to my mortgage company.. it got FUBAR’d in their sorter.
It somehow got mailed back to me weeks after it was supposed be cashed by mortgage company.
The check was late. I didn’t realize they never got it until then . Got hit with a missed payment on my credit report.
Nukes my stellar credit score down 100 points. All the way to the 720’s.
One “missed” payment not even due to my fault.
3 years later and it’s around 775 now and on my credit report as a ding.. it shows missed payment as what’s bringing my score down. That is the one missed payment it’s referring to
Such horseshite
Posted on 2/20/24 at 9:04 pm to HeartAttackTiger
If you care this much about your credit score you’ve bought into the “scam” hook line and sinker.
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.
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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