And whose fault is that? Maybe banks shouldn’t approve credit card debt to people who can’t pay it.
The whole credit system is a scam.
I was lucky enough to pay off my mortgage a few months ago due to the money saved working from home going to that since the 1st lock downs
What happened my credit score instantly went down.
Paid off a vehicle and my credit score DROPPED 40 points hah
Same. Paid off loans, and mine dropped because I don’t have any loans.
You’re being penalized for not paying the banking industry interest.
I wish that was a joke.
You’re credit score isn’t about how good you are at making payments, it’s about how good you are at generating interest for your creditors.
What happened my credit score instantly went down.
Your credit score is just an up-to-date test of how good you are at servicing debt. If you paid off all your debt, then no one knows if you’re still good at servicing debt. For all they know you could have a $2k/week cocaine habit after paying off your mortgage and all your cash flow goes up your nose.
Since you’re not paying on any debt today you’re not as good a credit risk.
Fine, but maybe we shouldn’t base whether or not you can rent an apartment on that?
🙄 nobody is changing your rates because your home is paid off and your score dropped 1.5%. It doesn’t mean any fucks when it comes to a human looking at it.
Start with fucking car loans. There is no fucking way people should be getting approved for what they are. It’s the next massive bubble after housing.
