Absolutely distraught. How could this happen?

[Gladius]

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

That's your FICO punishment for being debt free. FICO absolutely hates people who are debt free. I lost 60 points when I paid off my mortgage and another 40 when I paid off my car two months later. Zero debt and $1500 more in disposable income and my score went down 100 points. Solution - you need debt, lots of it. Quick - go out and get 5 credit cards and 2 installment loans and FICO will love you again, but is it really worth it? That's what I did and now 2 out of 3 of my scores are over 800 and the other is 797.

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Your scores seem to have stayed above 800 for the better part of 2 years?  
When was the mortgage and car loan payoff that led to the score declines?

To what do you attribute your recent 800+ scores? Did you find another route to credit mix?

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The mortgage and car were paid off in 2017. Seeing how much FICO hates debt free people, I went back into debt - I took out another mortgage (which jumped my score but, unfortunately, will be paid off in another couple of months) and opened 5 credit cards which I pay off every weekend.

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First world problems.

[Anonymous]

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@Gladius wrote:

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

That's your FICO punishment for being debt free. FICO absolutely hates people who are debt free. I lost 60 points when I paid off my mortgage and another 40 when I paid off my car two months later. Zero debt and $1500 more in disposable income and my score went down 100 points. Solution - you need debt, lots of it. Quick - go out and get 5 credit cards and 2 installment loans and FICO will love you again, but is it really worth it? That's what I did and now 2 out of 3 of my scores are over 800 and the other is 797.

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Your scores seem to have stayed above 800 for the better part of 2 years?  
When was the mortgage and car loan payoff that led to the score declines?

To what do you attribute your recent 800+ scores? Did you find another route to credit mix?

---

The mortgage and car were paid off in 2017. Seeing how much FICO hates debt free people, I went back into debt - I took out another mortgage (which jumped my score but, unfortunately, will be paid off in another couple of months) and opened 5 credit cards which I pay off every weekend.

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First world problems.

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Yeah, life is a bitch, isn't it?

[Gladius]

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@Anonymous wrote:

I have to laugh at the comment "No recent account balances" - I laugh because FICO can remember a bankruptcy for ten years and a 60 day late for 7 years but can't remember a balance on a credit card from last week. We are talking WEEKLY changes in credit card blances.

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And this is why I absoulutely hate credit scoring and will NEVER unsderstand it (to a point).  IMO, bankruptcy should only be reported for 5 years and 60 day lates for 3 years.

[donkort]

Bankruptcies stay on your credit report only six years in Canada and the UK.

[K-in-Boston]

A reminder once again, the OP's post is regarding a paid loan affecting FICO scores. Further discussion of any other topics should move to a new thread or be debated via private message.

[donkort]

I hope you come back us, and say that you got the 32 points back.

This might actually happen soon.  

This sort of thing has happened to me.

[Anonymous]

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@donkort wrote:

I hope you come back us, and say that you got the 32 points back.

This might actually happen soon.  

This sort of thing has happened to me.

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I woke up +12 this morning .. so still down 20 points .. just still very frustrating. 

[Anonymous]

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@Gladius wrote:

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@Anonymous wrote:

I have to laugh at the comment "No recent account balances" - I laugh because FICO can remember a bankruptcy for ten years and a 60 day late for 7 years but can't remember a balance on a credit card from last week. We are talking WEEKLY changes in credit card blances.

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And this is why I absoulutely hate credit scoring and will NEVER unsderstand it (to a point).  IMO, bankruptcy should only be reported for 5 years and 60 day lates for 3 years.

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Then you should petition your elected representatives to modify the Fair Credit Reporting Act.  The FCRA specifies that bankruptcies can be indicated on a consumer's credit report(s) for up to 10 years.  The credit reporting agencies are simply complying with existing federal law: 15 U.S. Code 1681c(a)(1)

[donkort]

That's pretty good, OP.

I bet you'll get all the points back soon.