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Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

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Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

These people WANT to keep us in debt. I want 000000000000000 debt; not a great credit score. Credit scoring is a sick fraudulent joke.

 

Moderator Edit - Please read the PM I sent 

 

Irish80
MyFICO Moderator

Message 1 of 21
20 REPLIES 20
Established Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Cool story! Smiley LOL

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 2 of 21
Established Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Yet a necessity to keep moving along in the world we have created, it's a game we don't have to enjoy, but we do have to play it.





~~ Former Royal Navy Submariner - Proud to have served ~~
Message 3 of 21
Community Leader
Senior Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Sorry, OP, but credit scoring is not the joke. Creating debt and not managing debt are the culprit.

I have credit cards. I use my credit cards. And, I am not in debt. WHY? Because I never charge what I can’t afford to pay off. I budget for everything even when I’m using 0 APR cards.

Now, I am old school and was taught, if you can’t pay for it right then and there, you can’t afford it. But you could put it on lay-away. Umph, those were the days.

And I’m nowhere near a so-called expert. Honestly, it’s as simple as this. Use your credit card for rewards, cash back, etc., but think of it as a debit card. Let the credit card work for you, not vice versa.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

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Message 4 of 21
Community Leader
Super Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Agree, i paid off all my debt with a loan recently, and im still in low 730's with reslly no visible affects of taking off my credit card debt. It is depressing but it is what it is.

Op , please edit part of your original post as the language is a bit too harsh for this forum and its TOS You know the F part. Thanks for understanding and yes im one that doesnt believe our scores are good for much especially if you dont have good incomeSmiley Wink
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Message 5 of 21
Regular Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

💪


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Message 6 of 21
Established Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Who are "these people", please let me know so I can stay away from them.
Also someone should let the banking, insurance, mortgage, retail and utility companies know that the credit scoring system made for and used by them is fradulent.
What I can never stress enough on this forum (a detail that seems ignored by many) is that FICO is a product for the banker not the consumer! It scores your risk not your debt, debt is only one part of that risk score.
Message 7 of 21
Super Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.


@BlackEagle1 wrote:

I want 000000000000000 debt; not a great credit score.


I would think you'd rather have both, which is super easy.

 

Those that overreact to the scoring penalty for all cards reporting 0 balances or having no open installment loan that cry it must mean we're all being forced to keep debt need to pump the brakes.  All it takes is $1 reported on a revolver and $1 reported on an installment loan, so $2 of "debt" to overcome those ~40-55 points lost.  Two bucks is not the man holding anyone back or thrusting anyone into debt.

Message 8 of 21
Valued Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.

Oh man...I missed the edited part.
Message 9 of 21
Frequent Contributor

Re: Credit scoring is a joke. I paid off all credit cards; I want 0 debt ... my scores dropped.


@oldman87 wrote:
Oh man...I missed the edited part.

LOL! So did I.

Nothing more can be added to this post.

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Message 10 of 21
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