Replies: 11
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Oculus Spirit [97328]
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IE was talking about credit score shenanigans
Mar 5, 2021, 8:07 AM
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recently. So updated score dropped to a 10-year low recently, and I have no clue why. No major credit card balances. No auto loans. Bills paid on time.
ONLY thing that changed was we did a refi about 2-3 months ago. So the number of mortgage payments we have made to our mortgage reset, obviously. But then there's this crap about too many accounts with balances. WFT is that? I have a credit card I pay off each month. A mortgage. And that's darn near IT. I mean I have the standard accounts everyone else has, and pay them all on time. Cell phone, internet, water,electricity, auto/home insurance, medical providers, etc. Not behind with any of them.
I dunno. Not like it's real important at the moment. Maybe punishment for getting an insane refi rate? I dunno. Closing lawyer said it was the lowest rate he'd ever closed in 30+ years on a 15yr fixed mortgage. Granted that was at the market low, and we tossed in some money to lower the rate 1/4 point.
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Heisman Winner [118858]
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Mine has ranged from 820 to 848 the past several yrs
Mar 5, 2021, 8:16 AM
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Not sure either the reason as we havent had any monthly payments in over 5 years. Same as you, credit card balance that gets paid off each month....
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Oculus Spirit [97328]
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Same here. Well, until this month.***
Mar 5, 2021, 8:32 AM
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All-In [49020]
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same here, except Jan '21
Mar 5, 2021, 8:38 AM
[ in reply to Mine has ranged from 820 to 848 the past several yrs ] |
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it dropped to 803, according to the graph on my Discover card acct. Don't know why, don't care. Notably, it didn't make any difference when I paid off my mortgage last year.
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All-In [47707]
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too many hard hits on your credit?
Mar 5, 2021, 8:57 AM
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did you apply via multiple different lenders for the refi? that can do it
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All-In [40798]
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I bought a car are refinanced a house
Mar 5, 2021, 9:48 AM
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the car gave me two hard hits and the refinance gave me three. My credit score dropped about 30 points. Plus in winter my credit card balances are high. Even though I pay them off every month the average is a couple thousand higher than normal months.
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All-In [47707]
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that might be it. I think it goes down at 4 hits***
Mar 5, 2021, 4:21 PM
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Hall of Famer [22257]
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probably because the refi killed off an account and started
Mar 5, 2021, 9:44 AM
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another from scratch... affects the Average Age of Open Accounts. It's a small component of the formula, but it does matter.
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Hall of Famer [22257]
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on second thought, Neal is probably right... closing out one
Mar 5, 2021, 10:08 AM
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account shouldn't have a big impact, when "age" is averaged in with several others. Where I saw it matter is when I sprung my surprise divorce on my ex, after months of getting my ducks lined up in a row. Spent the day before closing out all accounts, so she couldn't pull the old "run up debt and he'll have to pay it" bullcrap. I'm killing off a lot of accounts that were 20+ years old, and opening new ones in my name only.
So my Average Age is just now hitting 6-7 year mark.
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Hall of Famer [21709]
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don't get me ####### started
Mar 5, 2021, 10:47 AM
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on the sham that is the credit score in the united states of america
what a heaping pile of bureaucratic ########. they did the same #### w/ my wife. took her score down to the 680s, for no ####### reason, then when we pressed them they sent a print out of her score and it was in the 790s. how is that allowed to happen? did a full deep dive on all bureaus. no id theft, no late payments, literally not a god #### ############# thing. might as well be the city of atlanta government (equifax is based in ATL)...worthless as a set a ##### on bull.
there's a few industries in this country that I whish their employees had their nuts dipped in sulfuric acid. these ####### are for sure one of them. they get to hide behind the typical bureaucratic ########, knowing their "service" is a requirement to execute simple transactions, and don't give a flying #### that they're impacting hard working people.
i put the ISPs in this same category.
in my industry, and many others in this country, failure to execute said service levels and/or agreements with your customer base results in a degradation of revenue due to lost sales. nope. not these cocksuckingmotherfuckers. just go to work, clock in, ride the bureaucracy, and clock out. be ecstatic with complacency and thankful that you don't have to do anything of significant value to this country's economy while handicapping people trying to make moves.
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Oculus Spirit [97328]
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I have a theory. If you get lucky and make bank at their
Mar 5, 2021, 12:20 PM
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expense, they find ways to penalize you, unofficially of course. I mean it's a penalty to not carry a balance on credit cards? Who knew. So I always pay off all but $1. That way I carry a balance, which somehow makes them think my score should be higher.
Point is if everyone was responsible enough to have an 820 credit score, all the lenders who use that score would go broke. They make money on irresponsible people. And as long as they have enough irresponsible people making dumb moves, they're fine lending you money. But if you're a Dave Ramsey fanatic and do everything right, and are probably the SAFEST to lend to, then they penalize you.
Just a theory.
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Hall of Famer [22257]
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I think there's some truth to that... for ex, I have no installment
Mar 5, 2021, 12:57 PM
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debt (vs revolving)... for ex, a car payment. That actually hurts you a bit, they want to see a mix of both. But I hate car payments, haven't had one in years, I stroke a check. Paying interest on top of a depreciating asset never made sense to me...
The logic is weird... I need to be in more debt. LOL
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Replies: 11
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