credit score took a -25 pt hit

[legendndisguise 10+ year member]

My score goes up and down like a roller coaster as I travel a lot for work and use high interest travel cards. However, when I am on travel I can rack up anywhere from 1k to 10k in a few weeks. Yes, roughly, if your total used percentage is around 20 ish percent it makes your score increase, but I usually get an expense check cut before it hits my billing cycle. One check was late and I carried a 3K amount on an 11K card and my score went up 50 points, but as soon as I paid it in full my score dropped by about 60 points. It's all a numbers game that's meant to help the big banks and businesses out when you apply for a loan and they can jack your interest rate up. I learned the hard way that credit cards are the devil. Put myself in a big hole of debt, made some serious changes and will never again put myself in that situation.

 

[lew-e 10+ year member]

I just took out a car loan and the credit union I've been with for 13 years denied me because I didn't have "similar credit" . Went to a different credit union and they gave me a loan right away. I did have car credit, I am paying it off, and I'm never late. Credit karma said I had a 780 but my score was more like a 750. I'm assuming student loans help with that. My father and I complain about the credit bullshit all the time. It's a ridiculous system that is set up to take advantage of people. **** it all

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[Jroo 10+ year member]

When my mom passes away, I get the entire 2.2 million dollar inheritance because I'm an only child. That dollar amount includes our assets like the house and land though. We've got a little over a million in the stocks right now. It's not just a bunch of cash in the bank

At some point you will need credit. Ive discussed this before with people that say they use cash for everything and don't need or have credit. You'll end up paying more because you don't have credit. One example would be gas or power connections. Sure mom buys you a house but you call to get the phone connected, water, gas, power connected. Since you don't have credit and have been a cash buyer for everything, you pay deposits because they don't know if they can trust you to repay timely or at all. In those daily instances you are paying significantly more that a person with credit for the same services. This may not matter to you if your mom puts everything in her name, but that would be a whole separate discussion. Hell some banks and financial institutions wont let you open accounts without credit files. They will either ask for credit history or alternative credit file. Funny thing about alternative credit file, those sources usually use some form of a credit pull to get services or products with them or you have had history paying things in your name. If mom is paying everything, you are showing no history. The loop all circles back to you need credit at some point. Locally as everywhere, we have some bobo banks and financial companies that open accounts for people with no credit or bad credit. They lump both situations together. They make money because they charge more for all their service fees. Again, you are paying more because you don't have credit Also knock on wood. We all have seen people with significantly more money and assets than you listed and their situation changed. Never and I mean never say never.

 

[BoomTaco64]

-25 point hit is not ****. quit bitching/worrying. it will go up in a month.

 

[Jroo 10+ year member]

Who the fuck cries over a 25 point hit on a credit score. Holy fucking beta problems.

I would be crying over that crap especially for a paying a car payment on time and then paying off early. Dude goes to get house or another car and he could paying a completely different rate for that 25 point hit. Lets say dude had a 700 and now has a 675, those are completely different credit tiers and completely different payments.

 

[los33 10+ year member]

How long has the car loan actually been on your report?

For the average person having a low score is better.

If you have a 700-800 then a car payment maybe 125 month or less for 10 years compared to 500-600 with a 325 or more for 3-4 years.

The wealthy people need higher scores just to be able to buy expensive stuff.

If you have a 725 or lower then no maserati/Lamborghini/rolls royce/bentley dealership will even give you a deal other then cash price.

I was previously a few years back turned down to purchase a maserati, but now i was offered 785$ a month for 5 years.

A higher number will help low income people, but how do you get a high number like that if you have no money?

Its just the game.

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[BoomTaco64]

the reason the credit went down was the CLOSED account. once it actually gets reported as a pay off/complete transaction (whatever they call it) it will go up prob two fold. will be close to 800. same thing happened to me when i paid off my motorcycle. was pissed for about 3 weeks then all was better as the credit score went up.

 

[Jroo 10+ year member]

How long has the car loan actually been on your report?
For the average person having a low score is better.

If you have a 700-800 then a car payment maybe 125 month or less for 10 years compared to 500-600 with a 325 or more for 3-4 years.

The wealthy people need higher scores just to be able to buy expensive stuff.

If you have a 725 or lower then no maserati/Lamborghini/rolls royce/bentley dealership will even give you a deal other then cash price.

I was previously a few years back turned down to purchase a maserati, but now i was offered 785$ a month for 5 years.

A higher number will help low income people, but how do you get a high number like that if you have no money?

Its just the game.

Sent from my Z970 using Tapatalk

not following what you said. You saying you got turned down on a car loan with a higher score and then later got approval with a lower score? Who was doing the financing?

I haven't heard stuff like that since the subprime mortgage days. I had a partner that we used to swap loans back and forth. He was subprime and I worked for a prime, A paper lender. I wanted good credit clients because I couldn't approve bad credit scores. My company didn't want those clients or loans. His company wanted bad scores because they got paid on clients with bad credit. They had crazy high yield spread on crap paper, so the company he worked for basically priced out good clients. They didn't decline them, the rate didn't make sense for anyone with 700 and above, so he sent them to me. All the 620 down stuff I sent to him and he ate it up because he was busting them on back end fees.

 

[los33 10+ year member]

not following what you said. You saying you got turned down on a car loan with a higher score and then later got approval with a lower score? Who was doing the financing?
I haven't heard stuff like that since the subprime mortgage days. I had a partner that we used to swap loans back and forth. He was subprime and I worked for a prime, A paper lender. I wanted good credit clients because I couldn't approve bad credit scores. My company didn't want those clients or loans. His company wanted bad scores because they got paid on clients with bad credit. They had crazy high yield spread on crap paper, so the company he worked for basically priced out good clients. They didn't decline them, the rate didn't make sense for anyone with 700 and above, so he sent them to me. All the 620 down stuff I sent to him and he ate it up because he was busting them on back end fees.

Yeah i am horrible at typing cr4p.

I was turned down when i had lower credit.. Now my credit score is over 780

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[adulbrich 5,000+ posts]

At some point you will need credit. Ive discussed this before with people that say they use cash for everything and don't need or have credit. You'll end up paying more because you don't have credit. One example would be gas or power connections. Sure mom buys you a house but you call to get the phone connected, water, gas, power connected. Since you don't have credit and have been a cash buyer for everything, you pay deposits because they don't know if they can trust you to repay timely or at all. In those daily instances you are paying significantly more that a person with credit for the same services. This may not matter to you if your mom puts everything in her name, but that would be a whole separate discussion. Hell some banks and financial institutions wont let you open accounts without credit files. They will either ask for credit history or alternative credit file. Funny thing about alternative credit file, those sources usually use some form of a credit pull to get services or products with them or you have had history paying things in your name. If mom is paying everything, you are showing no history. The loop all circles back to you need credit at some point. Locally as everywhere, we have some bobo banks and financial companies that open accounts for people with no credit or bad credit. They lump both situations together. They make money because they charge more for all their service fees. Again, you are paying more because you don't have credit Also knock on wood. We all have seen people with significantly more money and assets than you listed and their situation changed. Never and I mean never say never.

I've got a couple bank accounts already, but haven't taken out loans. I don't see how borrowing money and having to pay interest will save me money.

 

[Boomin_tahoe 5,000+ posts]

Also credit scores depend upon late payments too on thing such as loan amount for a car, a house, bills, etc.

Every little thing counts.

When I bought my house, it was suggested to me to get my credit score up a little more to make it look good/better when buying a house. I did that, but had to pay $$ to do so also. At the time it wasn't bad tho...

 

[Boomin_tahoe 5,000+ posts]

Thos 800 score guys have a giant dept like a house and cars that they steadily pay off, its one of the beauties of being wealthy. You have bills but dont care for them because you know they will be paid off and you can pay them off if you wanted to but to keep that credit they just keep making that sams payment all their life

Not necessarily. My mom's credit score is pretty high....she wouldn't tell me but I would guess 800+(Like it's some big secret). Lives in her parents house which has been paid off already, pays her bills on time and has a small loan on a car she bought a few years ago.

 

[trust fund baby]

Ohhh your a silver spoon baby

I've never had a loan in my life either. Everything i own was bought cash (home, cars, etc) i had a credit card once though, i didnt get the appeal. My bank card counts as a credit card, but ive no idea if that goes on a credit score.

 

[trust fund baby]

How long has the car loan actually been on your report?
For the average person having a low score is better.

If you have a 700-800 then a car payment maybe 125 month or less for 10 years compared to 500-600 with a 325 or more for 3-4 years.

The wealthy people need higher scores just to be able to buy expensive stuff.

If you have a 725 or lower then no maserati/Lamborghini/rolls royce/bentley dealership will even give you a deal other then cash price.

I was previously a few years back turned down to purchase a maserati, but now i was offered 785$ a month for 5 years.

A higher number will help low income people, but how do you get a high number like that if you have no money?

Its just the game.

Sent from my Z970 using Tapatalk

What kind of maserati qre youbuying for like 42000? Or is this a lease?