FICO score pissing me off - Page 1

[ARCHIVED THREAD] - FICO score pissing me off (Page 1 of 5)

Posted: 1/1/2022 11:38:41 AM EDT

51 y/o, house is paid off, cars are paid off, CC's are paid in full every month. Four weeks ago my score was at 752, today it drops to 744. I am almost out of the Very Good range.

What is this nonsense? How do I not look like a great credit risk when it comes to finances? I've not had any hard credit inquiries for financing

Posted: 1/1/2022 11:40:53 AM EDT

[#1]

744 is hardly a credit risk.

Posted: 1/1/2022 11:41:54 AM EDT

[#2]

Your score isn't used by financing companies like you think it is.

It's actually a measure of how much $$$ they can drain from you. Your history shows them that you don't like to keep much debt, so this means they can't extract as much $$$ from you

Posted: 1/1/2022 11:42:03 AM EDT

[#3]

Take out some interest free credit, that's what we did on a home remodel.

Posted: 1/1/2022 11:42:08 AM EDT

[#4]

FICO score is more about how well creditors can make money off you than how well you manage money.

They aren't making money off you when everything is paid off.

Posted: 1/1/2022 11:42:35 AM EDT

[#5]

Age of credit, debt ratio when the credit is checked(maybe pay your CC earlier in the month?), did you use credit a bunch more for Christmas?

Posted: 1/1/2022 11:42:53 AM EDT

[#6]

Everything is paid off and you pay the cards off every month. Not enough credit/loan utilization?

Posted: 1/1/2022 11:43:18 AM EDT

[#7]

Quoted:
51 y/o, house is paid off, cars are paid off, CC's are paid in full every month.

View Quote

You don't need a credit score.

Posted: 1/1/2022 11:44:24 AM EDT

[#8]

To get a really high score you need to borrow lots of money and pay it down. When your mortgage is almost paid off, get an equity loan. When your car is paid for, get a loan for another. HVAC goes out, they finance at very good rates. High credit scores are reserved for those that have proven they can handle credit, not those that don’t use it or need it.

Posted: 1/1/2022 11:44:33 AM EDT

[#9]

take out a small loan and watch it go up

Posted: 1/1/2022 11:44:38 AM EDT

[#10]

Quote History

Quoted:
Your score isn't used by financing companies like you think it is.

It's actually a measure of how much $$$ they can drain from you. Your history shows them that you don't like to keep much debt, so this means they can't extract as much $$$ from you

View Quote

didn't take long.

its a measure of how likely you are to pay to them back. meaning what risk you are that you don't pay at all. nothing more or less

Posted: 1/1/2022 11:45:27 AM EDT

[#11]

What are your credit statements each month? Are they like $1,500? Time your credit card posting so that you pay it early and it post each month with you only owing $100 or so on your statement.

But anyways, what you care if you are almost debt free? Forget them, you going to cash-flow from now on?

Posted: 1/1/2022 11:45:51 AM EDT

[#12]

Quote History

Quoted:
FICO score is more about how well creditors can make money off you than how well you manage money.

They aren't making money off you when everything is paid off.

View Quote

Then why is mine always around 815-830?
I am 100% debt free, utilize about 3-4% of my credit, pay off every month, paid off mortgage, no auto loans since 2003, no loans.

Posted: 1/1/2022 11:46:31 AM EDT

[#13]

Quote History

Quoted:
Age of credit, debt ratio when the credit is checked(maybe pay your CC earlier in the month?), did you use credit a bunch more for Christmas?

View Quote

I think one of my cards is over seven years old. The CC's are auto-paid but I will look into changing the payment date, not sure if it needs to move forward or backward.

I'm sure we did use more for Xmas stuff

Posted: 1/1/2022 11:46:54 AM EDT

[#14]

You should definitely go finance a bunch of stuff to get a better credit score.

Posted: 1/1/2022 11:47:05 AM EDT

[#15]

Dropped from 840 to 750 after I paid off my house and stopped using my credit cards. No other changes f credit agencies.

Posted: 1/1/2022 11:47:25 AM EDT

[#16]

That's a very good credit score.

Posted: 1/1/2022 11:47:57 AM EDT

[#17]

Quote History

Quoted:

You don't need a credit score.

View Quote

Bingo, freeze that shit and go on with your life.

Posted: 1/1/2022 11:48:57 AM EDT

[#18]

Quote History

Quoted:
You should definitely go finance a bunch of stuff to get a better credit score.

View Quote

Posted: 1/1/2022 11:49:43 AM EDT

[#19]

LOL. They are a joke. I have an 800 score and perfect payments with no late payments on anything.

I was turned down for a shell gas card by Citi because Experion had an ex-wife I divorced 20 years ago tied to my record apparently.

Funny thing is I have a Cosctco Citi card card and have perfect payment record (paid off every month also)

The credit agencies are a joke.

Posted: 1/1/2022 11:50:13 AM EDT

[#20]

Buy a house and a car. Your score will go up.

Posted: 1/1/2022 11:51:42 AM EDT

[#21]

Quote History

Quoted:

You don't need a credit score.

View Quote

Posted: 1/1/2022 11:52:53 AM EDT

[#22]

Mine does weird drops every 5-6 months usually about 40 points..zero debt, balance payed monthly...

Attached File

Posted: 1/1/2022 11:52:58 AM EDT

[#23]

Quoted:
51 y/o, house is paid off, cars are paid off, CC's are paid in full every month. Four weeks ago my score was at 752, today it drops to 744. I am almost out of the Very Good range.

What is this nonsense? How do I not look like a great credit risk when it comes to finances? I've not had any hard credit inquiries for financing

View Quote

Weird, mine just dropped 11 points on Thursday.

Didn't pay anything off, no new credit cards, never carried a balance that collects interest on my CC.

Don't really care because I am not looking to use my credit, just thought it was kinda strange.

Posted: 1/1/2022 11:52:59 AM EDT

[#24]

Quote History

Quoted:

didn't take long.

its a measure of how likely you are to pay to them back. meaning what risk you are that you don't pay at all. nothing more or less

View Quote

Yeah, I've never carried a balance on anything other than my mortgage and I've been flirting with 800 score for a couple of years.

But it's not like a 740-750 score is going to cause you problems.

Posted: 1/1/2022 11:54:12 AM EDT

[#25]

I am at 820 i try to pay off all my Bills every month but this time of the year i carry debt Until Feb..if you owe a lot on one card it could bring your score down that happen to me

Posted: 1/1/2022 11:55:27 AM EDT

[#26]

Send me your cc number op. I’ll help you out

Posted: 1/1/2022 11:59:01 AM EDT

[#27]

You don’t need a credit score and chasing it is stupid for most people.

Posted: 1/1/2022 12:04:32 PM EDT

[#28]

Quote History

Quoted:

I think one of my cards is over seven years old. The CC's are auto-paid but I will look into changing the payment date, not sure if it needs to move forward or backward.

I'm sure we did use more for Xmas stuff

View Quote

That isn't very old, my oldest active of 3 is from 1993.
I generally check online or am notified by email of the balance due and pay it off before the bill arrives. ETA: I don't really know if that actually helps or not. I'm not sure if they look at total credit used for the month or just check the balance on a certain date.

Even if you paid off the previous bill amount due maybe the post billing balance grew from Thanksgiving and Christmas spending showing a big, abnormal credit usage which will ding you. Say you normally use $2k worth of credit a month then all of a sudden that jumps to $4k in one month, that will drop you pretty good. That happened to me when I moved last year, I almost tripled my credit use for that month and dropped my score 25pnts(as was explained by Experian)

If you sign up on Experian(free) they give you a breakdown of what is hurting and helping and what your credit/debt ratio is month to month. Not that your credit is bad, but you clearly want to increase it.

Posted: 1/1/2022 12:07:16 PM EDT

[#29]

It's two guys in a room deciding on your score.
It sucks but there it is.

Posted: 1/1/2022 12:08:37 PM EDT

[#30]

stop checking your credit.

Posted: 1/1/2022 12:12:53 PM EDT

[#31]

Twice a year we put my son's college expenses on our credit card. This takes the credit bureaus by surprise and right before we pay it off in full, our credit score takes a 40 point hit. Then we pay it off, and it goes back up.

I always expect their software to be smart enough to recognize a repetitive charge and payment cycle, but apparently it isn't.

It's all smoke and mirrors.

Posted: 1/1/2022 12:17:14 PM EDT

[#32]

Quote History

Quoted:
Take out some interest free credit, that's what we did on a home remodel.

View Quote

Wrong answer.
The right answer is, stay out of banks.

Posted: 1/1/2022 12:18:06 PM EDT

[#33]

Does increasing the available credit limit on a card(s) help or hurt a score?

Posted: 1/1/2022 12:18:53 PM EDT

[#34]

I’m 35 zero debt. Everything has been paid in full for the last year and a half. Was a truck. I usually pay credit cards weekly as to not post a bill. I’m credit has slowly dropped from 845ish Fico now down to 820s. It’s really sad to watch being a responsible adult and being down graded. Guess we
All need more debt to truly enjoy the lefts grand plan.

Posted: 1/1/2022 12:21:22 PM EDT

[#35]

Mine went from 820'ish to 750 (one is 785), no idea why. I only ran up about $15k during Nov/Dec and paid it all off in 2-3wks, before I even got the statement.

Barring you have a shitty below 700 number I think they are more interested in your history, they would rather see an exceptional payment history.

I honestly wish I had never signed up to get alerts, but I suppose watching it for fraud is important.

Posted: 1/1/2022 12:22:33 PM EDT

[#36]

That's nothing. Our local hospital sent me straight to collections instead of sending me a bill for $904 and my credit score dropped from 830 to 700. I got a notice that my credit report had changed and then contacted the hospital the next day and paid it. That was over a year ago and it's only up to 720 now. I was so pissed but no one would do anything to fix it so I'm the one who gets fucked.

Posted: 1/1/2022 12:24:35 PM EDT

[#37]

Damn, I remember when my score was that low. Then I got that second paper route and turned it all around.

Posted: 1/1/2022 12:25:38 PM EDT

[#38]

I hate these threads. The amount of financial ignorance in this world is mind blowing.

Not a dig at you, OP. Directed at the insane responses, theories, proclamations, and outright delusions in this thread.

Posted: 1/1/2022 12:26:35 PM EDT

[#39]

Quote History

Quoted:

I honestly wish I had never signed up to get alerts, but I suppose watching it for fraud is important.

View Quote

I called all the places and "locked" my credit a couple years ago, then set up text alerts whenever my cc's are used. That put the kibosh on the loan company calls and I instantly know of some tard tries to use my cc. Also I use virtual cc numbers online and go through Paypal (I know, I know) whenever possible so random xqz company doesn't have to be trusted with my cc number, which is only good for a month anyway unless I delete it.

Posted: 1/1/2022 12:26:47 PM EDT

[#40]

Quote History

Quoted:

You don't need a credit score.

View Quote

You do if you want to apply for a lot of jobs. Credit scores are used in part to determine insurance rates.

Posted: 1/1/2022 12:27:58 PM EDT

[#41]

I'm not sure why you're upset. You have a good credit score, and will have no problems getting a loan again at competitive rates if you need one - which is why the score exists in the first place.

Posted: 1/1/2022 12:28:12 PM EDT

[#42]

Quote History

Quoted:
Does increasing the available credit limit on a card(s) help or hurt a score?

View Quote

It helps because that lowers your credit to debt ratio. Provided you don't end up spending more .

Posted: 1/1/2022 12:29:11 PM EDT

[#43]

808 is all i need

no debt no nothing

Posted: 1/1/2022 12:29:19 PM EDT

[#44]

Quote History

Quoted:
Everything is paid off and you pay the cards off every month. Not enough credit/loan utilization?

View Quote

Bingo.

Posted: 1/1/2022 12:30:25 PM EDT

[#45]

Try carrying a small balance on your cards for a cycle and watch your score jump.

My dad had a CC for 25 years and never carried over a balance. One month, they reported a $15 balance and his score went up 12 points.

Posted: 1/1/2022 12:30:41 PM EDT

[#46]

I don't get these threads. For myself, I make good money, pay my bills on time. Bankers are always trying loan me money, they even take me out to lunch and try to get me to borrow money. I haven't cared what my credit score is since I was in my early 20's.
Don't know, don't care

Posted: 1/1/2022 12:31:27 PM EDT

[#47]

It doesn't sound like you need it, so why care? If mine was 400 or 800, I wouldn't care either way.

Posted: 1/1/2022 12:32:54 PM EDT

[#48]

I sit pretty steadily around 825 with only debt being house payment and a 0% car payment. We use CC for all our purchasing though and pay it off each month. I think the score is crafted from a measure of how likely you are to pay off your credit based on history, how much credit you have available to you, how much if it you use regularly, and how much they can collect on your spending habits.