Credit Score Dropped After Paying Off Debt And Closing Credit Cards
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- I use to be obsessed with my credit score, it was what I used to measure my financial responsibility. I mean its like your report card in college, I thought that if the number was low, I wasn’t being that good with money. But then I realized I was completely wrong.
You see this my credit score was at 811, which means I had a higher credit score than most people that are in their 70s, I felt like I was doing great. But now my credit score is 744, and in the next few month, I might not have one at all.
So in this video, I’ll explain to you why my credit score went down and why its actually a good thing.
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High Credit Score
You know when people say don’t judge a book by its cover
Well never judge think that a person with a high credit score is doing good life
I think for the most part high credit score are deceving while people with bad credit score you can usually tell whats going on ( more on that later )
When my Credit Score was 811
Number of accounts: I had about 15 different account open, 8 were credit cards I think and the other ones where between students and some other stuff
Debt: I owed a little over 40k dollars
Opportunities: and banks were offering me lines of credit of 20k and up
Question:
Why is that when you are debt and paying your bills
Companies love to offer you more money
But when you don’t have debt, they don’t offer you much
Response:
A credit score isn't a report card on your financial health
It’s a report card on your ability to manage debt
The only way to maintain a credit score is by having debt
But that doesn’t mean the only way to buy the things you need, is to have a credit score (because there are other ways )
Part 2 ( Credit Score Dropped to 744 )
Now if someone told me, that their credit score dropped to 744 from 811
I would follow up by saying, what did you do, how did you mess up
Did you stop making payments or did you borrow to much or did you open up a nother credit card
I would basically assume they messed up financially to go through a 67 point drop
But what really happened with me was the opposite
I paid off all my debt
I closed all my credit cards
And I only use debit cards
So from a personal financial point
I’m obviously a lot better off now, wihtout the debt, with the credit card and without having to worry about owng someone mney
But remember credit score don’t show your finanical health, they show your debt managing skills currently atleast
So if I no longer have anyhting to report, my credit score will continue to drop
Part 3 Consequences
Obviously a lot the credit cards offer I had, to get over 20k, went away ( and I didn’t need them anyway)
Next time I buy my next house, they’ll have to manually look at my finances to qualify me ( not just a credit score ) and I think it’ll make me a better borrower because I won’t have any other debt
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Credit card companies hate people who pay their credit cards off each month. They call them dead beats.
Credit is a scam
Taxes too. Things we get effed over by even though they shouldn't be a thing.
Its about social credit.
Life itself is a scam
YESSSSS thank you for making a video on this. It LITERALLY JUST HAPPENED TO ME!
I payed off one of my credit cards and closed it, and it dropped my score for a bit lol
BrandonCreditFix LLC has done the best credit repair service for me, I recommend their service.
why do all that when you can use a credit card pay it in full each month and you keep a credit score and have no debt.
Great video. I went from 10 cards with balances down to one with a balance. My car is also paid off. Ironically my score dropped. Currently around 745. I just got approved for a $20k Chase Prime but denied for a Capitol One increase to $10k. Everyone is different and you never really know what the standard is.
I know a bankruptcy chapter 7 stays in your credit report for 10 years.Do you have to wait that long to be invisible with the credit bureaus if you don’t open any future accounts?
The thing that confuses me is the credit bureaus don’t like when you have a high credit utilization.. and still pay it off. So are we supposed to use only 3%-15%?
I guess this came on time. I paid my credit cards down, and one of my credit cards with Synchrony Bank CLOSED my account over a returned payment I wasn't even aware of. 😡🤬
BrandonCreditFix LLC was able to successfully remove negative items from my credit report, resulting in a significant improvement in my credit score.
If you have a no fee credit card wouldn't it be best to keep it and treat it like a debit card, I am trying to understand this?
I just paid mine off capitol one they forgave the rest mine shot up 28 points but that could because the chime card chime card got me up 92 points since December frfr
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Hi Tommy 👋 Do you still take phone calls? I appreciate all of your videos
Hi
I am extremely impressed with the credit repair service provided by Brandon Credit Fix LLC.
I paid off my credit cards and I left them open I have 6 cards and only use 1
I refinanced my auto loan and my credit score went down 25 points
Credit scores doesn’t mean things are good, it mean tht ur good at borrowing money and being in debt. Go watch Dave Ramsey!!! But again ppl love being in debt love having CC and wonder why they are broke. This is how these companies make money, the interest and loans.
Also banks might lie so they can sell you something on a higher interest rate especially if they know your worth it thats how banks have stayed in business it pulled alot of banks oit of the great depression doing just that
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So I have to be in debt to build credit/ have credit that's backwards. Who wanna be in debt and pay extra bills all their life Chile please.I so glad Jesus don't care about credit
I dont know, dudes. I think crypto and all these ICOs are just a bubble. Well, crypto is good for transfers and so on, but I dont engage in trading and staking either. Its too risky. My friend recently lost $5000 there. I invest crypto in real business
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I am extremely impressed with the credit repair service provided by Brandon Credit Fix LLC.