Credit score dropped 38 points

[Anonymous]

The scoring method looks at how somebody pays down debt consistently over time, NOT whether they pay off a debt. Essentially, that translates to one thing: credit scoring simply assess your ability to paying debt--ON TIME. It blatantly encourages consumers to ALWAYS carry debt. It's like states encouraging gambling by running lottery and simultaneously telling the gambling public to report family members who may have a gambling problem. Why do you think some folks have 10, 15, 20 credit cards? They're essentially addicted to debt.

[Anonymous]

Why do you think some folks have 10, 15, 20 credit cards? They're essentially addicted to debt.

OR....enjoy rewards, cash back, points, etc...

[Anonymous]

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@Anonymous wrote:
It blatantly encourages consumers to ALWAYS carry debt.

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I disagree.  All it takes is $1 of reported revolving debt and $1 of reported installment debt to maximize both credit mix portions of a FICO score.  I don't think anyone is "encouraged" to carry a debt, but if you want to use that word it's important to realize that all that needs to be carried is a total of $2 in order to not miss out on those ~40-55 FICO points... hardly "debt" in how most perceive the meaning of the word.

[OmarR]

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@Anonymous wrote:
It blatantly encourages consumers to ALWAYS carry debt.

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Your FICO score does not increase if your income goes up.

Your FICO score does not increase if you have paid off all your cc's and installment loans, because of your new income.

Your FICO score does not increase if you have stopped using all your credit cards and switched to cash only.

Remove the word "blatantly" from your post, and you are spot on. As the OP has now found out.

[Anonymous]

BBS dropping knowledge on some folks that don’t have a clue. 😂 it’s hilarious to read people type such shenanigans! 😂