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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

I get an e mail that they lowered our score and I should check it out. After I go there - they lowered it 4 points so I look into why. It was because they want us to have more than the 2 credit cards we have. How bogus is that! In order to improve our rate by 4 points we need more debt. They can put their 4 points - well you know where.

 

Esteemed Contributor
Posts: 6,565
Registered: ‎08-30-2015

Our credit rating system is pathetic!

Respected Contributor
Posts: 4,520
Registered: ‎03-04-2012

I have no credit cards, so I can imagine my rating!

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

@151949  Agree, that is does not make sense. The only time I've cared is when applying for a mortgage and in those cases, I've found bank lenders to "see the light".

 

Beyond that, don't give a cr@p what anyone else thinks.

Honored Contributor
Posts: 31,518
Registered: ‎03-09-2010

Re: Credit ratings - ugh.

[ Edited ]

@151949

 

I agree it is pathetic and wrong.

You can take out two cards, make a minimal charge (couple of dollars) pay it right off and then cancel it.

This way it goes on your history as paid in full.

what a hassle for nothing, right?

~Have a Kind Heart, Fierce Mind, Brave Spirit~
Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

@CareBears wrote:

Our credit rating system is pathetic!


You can say that again! The peo[ple with the most debt get the highest rating. This whole "notification " today was only to sell me a credit card I don't want.

Respected Contributor
Posts: 4,426
Registered: ‎03-10-2010

@SahmIam wrote:

@151949  Agree, that is does not make sense. The only time I've cared is when applying for a mortgage and in those cases, I've found bank lenders to "see the light".

 

Beyond that, don't give a cr@p what anyone else thinks.


Banks use a totally different point and credit system. Its not the same as what the public uses for general credit ratings. 

Esteemed Contributor
Posts: 7,398
Registered: ‎03-10-2010

They don't want you to have more debt, they want you to have more available credit.  The better you manage your debt percentage is what boosts your credit rating.  It makes perfect sense to me!

Honored Contributor
Posts: 13,654
Registered: ‎03-11-2010

Re: Credit ratings - ugh.

[ Edited ]

My car loan was paid off  Fri. We are debt free again so will see how it affects us. Discover shows me at 850. That's as high as their scale goes. I don't think the 3 credit places rate that high?

I have already had 3 credit cards close our accounts for non-use.

Honored Contributor
Posts: 20,570
Registered: ‎06-13-2012

Yep it makes no logical sense at all. We currently have no debt and pay off our credit card every month and that is a no no as far as the credit bureaus are concerned. I don't really care either except, as someone stated, when you go to apply for a morgage it may become an issue. Every time I see my credit score goes down 2 or 3 points in a month even though NOTHING has changed,  I just roll my eyes. The next month it goes back up again.

 

Such a ridiculous racket the whole credit bureau thing is. They really need to revise and streamline that whole process and those of use with little to no debt but a history of being able to responsible handle debt should be rewarded, not penalized.