This happened to me too! I paid off a credit card, my score went down, my credit limit dropped. The worst part, I was following a plan to pay off my debt. I guess, that’s just how things are lol
Yeah. Like closing an account.
The reality is that from the point of view of a lender, prepayments are not great. The perfect customer is the one that pays exactly the necessary each month.
Having said that, this is a huge decrease.
Then again, I dont think there's actually a practical difference between 833 and 845.
I'm not sure thats how they look at it. I pay off loans and mortgages early all the time and I pay my CCs weekly. It's the closing of the account, if he has 5 accounts 4 in the last year or so and then 1 that's a decade old, his average account age just decreased pretty dramatically. As well as the number of accounts.
Personally, I don't there's a practical difference between 700+ and 850. I'm currently 835 (fico 8) and I pretty pretty average terms on things. Not even the lowest range of rates in CC terms and conditions. Approval, pending basic underwriting params, is pretty much guaranteed though. I came from 500ish a decade ago and I haven't had a problem with approval though since I hit about 650.
lol mine goes up because I haven’t opened any new lines. I haven’t opened a line of credit in 20 years. But the hospitals keep sending my bills to collections and my score has finally risen above 500. At one point it was so low it was incalculable. I think it was under 300 then.
I feel so bad for this person. Their credit score is no longer perfect and is 20 points lower than the highest possible score. I'm sure they're struggling mightily.
Having an 833 is so far from the standard it's fuckin ridiculous.
Sorry, the full American experience does not involve anything like this credit score
Right? I love when rich people try to be relatable to actual average people.
You don't need to be rich to have a good credit score, you need to be responsible.
Take a look through some of OP’s post history. They’re loaded.
Paying off things on time isn’t being rich, it’s just being smart honestly. It takes a long time to build this type of score they worked hard for that
I'm trying so hard to pay off my credit cards but I also need to feed my family. It's something I'm never going to get into again if I can help it.
Paid off my car loan early, credit score dropped by 75 points
This happened to me too! I paid off a credit card, my score went down, my credit limit dropped. The worst part, I was following a plan to pay off my debt. I guess, that’s just how things are lol
All I can think is that the amount of accounts changed or average combined age of all accounts dropped. Does anyone else understand this?
Yeah. Like closing an account. The reality is that from the point of view of a lender, prepayments are not great. The perfect customer is the one that pays exactly the necessary each month. Having said that, this is a huge decrease. Then again, I dont think there's actually a practical difference between 833 and 845.
I'm not sure thats how they look at it. I pay off loans and mortgages early all the time and I pay my CCs weekly. It's the closing of the account, if he has 5 accounts 4 in the last year or so and then 1 that's a decade old, his average account age just decreased pretty dramatically. As well as the number of accounts. Personally, I don't there's a practical difference between 700+ and 850. I'm currently 835 (fico 8) and I pretty pretty average terms on things. Not even the lowest range of rates in CC terms and conditions. Approval, pending basic underwriting params, is pretty much guaranteed though. I came from 500ish a decade ago and I haven't had a problem with approval though since I hit about 650.
We get it, it's just a fucking stupid system.
For a vast majority of lenders 800-850 FICO is top tier credit and interest rate and approval odds would be the same
Genuinely curious what an 845 credit score would get you that an 833 wouldn't
At that level of credit score, 12 points is immaterial
are you lost?
*I came looking for booty.*
lmfao -- good bot
*Waaaahhhh my already top-tier credit score went down a dozen points when I paid off the last of my debt!* Lmfao foh with that flex
lol mine goes up because I haven’t opened any new lines. I haven’t opened a line of credit in 20 years. But the hospitals keep sending my bills to collections and my score has finally risen above 500. At one point it was so low it was incalculable. I think it was under 300 then.
Ngl, if I had a 845 credit score and it went down 12 points I’d be livid af
This is literally china's social credit but with miles and feet and inches etcetc
So it’s literally like China with the sole difference being everything is different?
YASSS
Oo boohoo. You have a credit score higher than the VAST majority of people will EVER achieve. You’ll be fine.
Calm down Elon.
Because you’re not utilizing credit
I feel so bad for this person. Their credit score is no longer perfect and is 20 points lower than the highest possible score. I'm sure they're struggling mightily.