Credit is frozen....

Don't care about credit score .... aka "I Love Debt Rating"

My credit score is zero, ziltch, nada. Has been for years.

Hasn't stopped me from buying houses or cars or boats.

Andrew

Religion,politics, financial institutions,
What will be the next controlling tool?

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Originally posted by ARman:

quote:

Originally posted by PHPaul:

Bearing that in mind, I'm pretty sure a long stretch without using credit can affect your score negatively.

A long with paying off/down debt. I just paid off my car, and my score took almost 100 point drop.

ARman

It’s the biggest scam ever pulled. I couldn’t car less if my credit score was 200. The higher it is is just proof that you constantly borrow money.

My score is lower than it has been in probably 20 years because I haven’t taken a loan out in 15 years and don’t owe on anything. Met net worth is high enough that there is nothing a lending institution would ever have to worry about if lending money. See how dumb it is.

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Originally posted by blueye:
Mine dropped about 30 points after paying off the house. Still above 800 but WTF.

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Originally posted by PR64:
Mine went down when the house was paid off.

Go figure.

Because by paying it off, you closed a long-running open credit line that you've had for 15-30 years.

We paid off our home, that still had 11 years left on the loan, and our credits scores dropped 75 points on mine and almost 80 on my wife’s and both were in the 825-837 range before this occurred.

When I inquired with my bank president friend he said most likely it occurred because we paid our house off early - exactly what Rogue and others stated in this thread.

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Originally posted by PASig:
Why do you guys get all worked up about some arbitrary number in a game these credit companies want you to keep playing?

OMG, it’s not even 9am and you’ve won the internet today for the most ironic post ever.

quote:

Originally posted by 92fstech:
Mine took a big hit when we paid off the house. That was the only debt we had. I couldn't care less, as I don't plan to incur any more debt, so the score itself is meaningless to me. The criteria they use to determine it are clearly idiotic.

I was the same way. But then I found that insurance companies factor in the credit score when coming up with your rate. Nationwide specifically says so every time they send notice that have checked my credit score. I could give a rat's ass what my score is just as long as it's high enough to not negatively impact my insurance.

I would say basically so what?

Does this impact you in anyway such as a pending credit application, loan or something else financially?

Or are you just curious?

I can see the curiosity, I have had a similar high score 840 +/- for a long time but if it changed it would not impact me in any way.
I do not need to borrow money any and paid the house off when I was much younger by overpaying mortgage payments.
Always pay off CC monthly or pay cash whenever I can.

Now I would still investigate to see if something nefarious has happened but otherwise it doesn't make any difference in my life.
Pull your record and review accordingly.

Credit Scores base credit history, debt and finances but otherwise is nothing more and it's accuracy could be debated.

Nothing to be taken personal, only a tool and if you don't need it then don't fret it.

FWIW, the Dave Ramsey philosophy of earn interest not pay interest is one I have adopted early on and very valuable, IMO.

quote:

Originally posted by egregore:

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But we noticed a pretty big drop in November and another drop in December …

How much?

about 35 points over the last two months

I wouldn't worry about it, 700+ you are good to go

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Originally posted by PASig:
Why do you guys get all worked up about some arbitrary number in a game these credit companies want you to keep playing?

It is my understanding that in many areas your credit score impacts you insurance rates on home and auto.
That info came directly from and insurance company many years ago:
"People with good credit are less likely to commit fraud."

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My credit score is zero, ziltch, nada. Has been for years.

The lowest possible score is 300.

To the OP, here are the things that can drop your credit score:

1) a hard credit check like you applying for a new credit card or a home loan.

2) your credit card balance increases

3) one of your credit accounts got closed and as a result, your total loan balance ratio to your total credit amount increased

4) you got a credit report ding for late payment.

It’s good that you’re concerned if you don’t know what’s causing the drop as someone might have opened an account in your name. Figure out the cause then freeze your credit reports. It’s free.

For those who wonder why people play the game, if you’re independently wealthy and will never borrow money from a financial institution then you don’t have to play the game. But if you want to pay the lowest rates possible for money borrowed then you have to play the game because of the golden rule - he who has the gold, makes the rules.

Yep. My 820+ credit score was why I was able to get a 2% mortgage at the same time that my ex-wife was struggling to get approved at 5-6% with her 600ish credit.

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Originally posted by SW_Sig:

quote:

My credit score is zero, ziltch, nada. Has been for years.

The lowest possible score is 300.

I think you missed his point.

Here's my input after a crazy month...I was one of the 36.7 million people effected by the massive Xfinity/Comcast data breech which occurred in Oct. 1st notice from Xfinity came is a low-key email in November, truth came out in Jan. Took the necessary steps to fortify my various accounts, one of them being checking my FICO score (for the 1st time) and the monthly results: July, Aug & Sept all 870. Nov was 827 and that 'dip' was due to a 'Hard Inquiry' as noted by all 3 credit reporting agencies...This am I received an email from AT&T Universal Card / Citibank and I am back at 870...

You're being difficult to get information out of.

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about 35 points over the last two months

From what? If it fell from 800-plus and put you in the high 700s, no big deal, that is still considered excellent and there can be any number of reasons for it. If it fell from low 700s into 600s, that puts you into mediocre territory and would be more cause for concern. If it was mediocre and went to poor, that would be bad.

quote:

For those who wonder why people play the game, if you’re independently wealthy and will never borrow money from a financial institution then you don’t have to play the game. But if you want to pay the lowest rates possible for money borrowed then you have to play the game because of the golden rule - he who has the gold, makes the rules.

Very well put. In addition, there are things other than credit cards and loans where a credit check is run on you. Insurance, employment (both to get and keep jobs), renting a dwelling, just to name a few. If you have no credit cards at all, good luck renting a car if you need one.

quote:

Originally posted by ronin11:
Here's my input after a crazy month...I was one of the 36.7 million people effected by the massive Xfinity/Comcast data breech which occurred in Oct. 1st notice from Xfinity came is a low-key email in November, truth came out in Jan. Took the necessary steps to fortify my various accounts, one of them being checking my FICO score (for the 1st time) and the monthly results: July, Aug & Sept all 870. Nov was 827 and that 'dip' was due to a 'Hard Inquiry' as noted by all 3 credit reporting agencies...This am I received an email from AT&T Universal Card / Citibank and I am back at 870...

870?
I thought the highest was 850.

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Originally posted by egregore:
Very well put. In addition, there are things other than credit cards and loans where a credit check is run on you. Insurance, employment (both to get and keep jobs), renting a dwelling, just to name a few.

Security clearances. My near-perfect credit was apparently one of the reasons I was able to sail through my recent clearance investigation in record time.

quote:

Originally posted by egregore:
You're being difficult to get information out of.

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about 35 points over the last two months

From what? If it fell from 800-plus and put you in the high 700s, no big deal, that is still considered excellent and there can be any number of reasons for it. If it fell from low 700s into 600s, that puts you into mediocre territory and would be more cause for concern. If it was mediocre and went to poor, that would be bad.

quote:

For those who wonder why people play the game, if you’re independently wealthy and will never borrow money from a financial institution then you don’t have to play the game. But if you want to pay the lowest rates possible for money borrowed then you have to play the game because of the golden rule - he who has the gold, makes the rules.

Very well put. In addition, there are things other than credit cards and loans where a credit check is run on you. Insurance, employment (both to get and keep jobs), renting a dwelling, just to name a few. If you have no credit cards at all, good luck renting a car if you need one.

Were now in the low 800's after being over 840 for as long as we've been checking.