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Post by gus4emo on Oct 30, 2022 17:59:47 GMT -5
Hi all, so Transunion is telling me that my score went down 39 points because I was using 2 of my credit cards too much, but I have never missed a payment on any of my cards, the other 2 major companies (Equifax and Experian) are not doing it....so what the hell?
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Post by gus4emo on Oct 31, 2022 7:27:13 GMT -5
Anyone???
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Post by brutiarti on Oct 31, 2022 7:33:58 GMT -5
I wouldn’t worry too much unless you are buying property or securing a really big purchase where interest rates will have significant impact.
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Post by 405x5 on Oct 31, 2022 9:52:36 GMT -5
I wouldn’t worry too much unless you are buying property or securing a really big purchase where interest rates will have significant impact. Yeah no worries. Unless you’re a bad risk those numbers serve their own interests more than ours. |
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Post by monkumonku on Oct 31, 2022 9:57:00 GMT -5
Your score goes down if you add debt on your cards, even if you pay them off in full each month. Like others said, unless you have some major purchase or other event requiring credit evaluation coming up, there's no need to worry about it. And even so, you have a good payment record. Just wait until they start using social credits to judge you. You'll be put on the undesirable list because of your affinity to UFO's.  |
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Post by doc1963 on Oct 31, 2022 10:04:30 GMT -5
Hi all, so Transunion is telling me that my score went down 39 points because I was using 2 of my credit cards too much, but I have never missed a payment on any of my cards, the other 2 major companies (Equifax and Experian) are not doing it....so what the hell? I agree with the other responses... don't worry about it. Next month, it might correct itself. Mine goes up and down a few points every month simply because most thing these days are "auto-billed" directly to a credit card. Of course, they're always paid before the end of the cycle and my score is always in the "excellent" range. So I don't worry about it. With any large "real world" purchase that would require financing (car, mortgage, etc.), a creditor would pull a "hard inquiry" and evaluate your credit report. That's where the real facts come out. At the end of the day, your "credit score" is just a quick glimpse to show your credit "worthiness". And as mentioned above, is very much self-serving. |
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Post by novisnick on Oct 31, 2022 11:45:57 GMT -5
No worries, the score bobs up and down with every use. Unless that number means something to you today or tomorrow (IE Big Purchase with borrowed money, don’t even think about it.
Life is too short and has many more things you could / should worry about.
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Post by Perpendicular on Oct 31, 2022 14:07:49 GMT -5
One of the things to help keep your credit score up is to not charge more than 30% of your credit limited on a particular card. The banks like it much better if you can keep it below 10%, and this too, can affect your scores a bit. If you’re not doing this, you might consider getting your limit raised.
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Post by 405x5 on Oct 31, 2022 16:02:52 GMT -5
My credit score once dropped, not significantly yet I was unable to figure it out and I’m not sure why I even bothered. Then somebody told me well you don’t owe enough and you’re not using it enough that’s why your score is dropping. I held onto an equity line of credit for a period of time for that reason which I thought was dumb since I didn’t need it… Got rid of that. Now I owe less than nothing. It dropped a little more and then went back up again.
I have a doctors appointment scheduled for Tuesday.
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Post by mfeust on Nov 1, 2022 9:00:39 GMT -5
My credit score once dropped, not significantly yet I was unable to figure it out and I’m not sure why I even bothered. Then somebody told me well you don’t owe enough and you’re not using it enough that’s why your score is dropping. I held onto an equity line of credit for a period of time for that reason which I thought was dumb since I didn’t need it… Got rid of that. Now I owe less than nothing. It dropped a little more and then went back up again. I have a doctors appointment scheduled for Tuesday. Me too. I hope your appointment goes well. |
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Post by Boomzilla on Nov 1, 2022 9:12:42 GMT -5
Your score goes down if you add debt on your cards, even if you pay them off in full each month. Like others said, unless you have some major purchase or other event requiring credit evaluation coming up, there's no need to worry about it. And even so, you have a good payment record. Just wait until they start using social credits to judge you. You'll be put on the undesirable list because of your affinity to UFO's. Conversely, your scores ALSO go down if you have NO loans. The credit rating companies want to see that you have a very low level of debt that you pay on time and every month. That way, they have confidence that if you buy other things on credit, you'll pay for them too. So ultimately, it's a racket. Credit rating companies have no significant oversight, so they can set up, change, or modify any metrics they want to, without your knowledge, and based on anything they want. Bond-rating companies are the same way, and their playing footsie with the big banks contributed greatly to the 1980s real-estate bubble. But I digress... I very rarely agree with Pocahontas (Elizabeth Warren), but her insistence on oversight for Bond and Credit rating companies would do a lot to prevent shenanigans. In the meantime, your credit score doesn't matter at all unless you want a big loan. The last time they tried to raise the proposed interest rate on a house loan for me since my credit score was less than sterling, I said "scroooom all" and paid cash. |
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Post by monkumonku on Nov 1, 2022 9:58:13 GMT -5
Your score goes down if you add debt on your cards, even if you pay them off in full each month. Like others said, unless you have some major purchase or other event requiring credit evaluation coming up, there's no need to worry about it. And even so, you have a good payment record. Just wait until they start using social credits to judge you. You'll be put on the undesirable list because of your affinity to UFO's. Conversely, your scores ALSO go down if you have NO loans. The credit rating companies want to see that you have a very low level of debt that you pay on time and every month. That way, they have confidence that if you buy other things on credit, you'll pay for them too. So ultimately, it's a racket. Credit rating companies have no significant oversight, so they can set up, change, or modify any metrics they want to, without your knowledge, and based on anything they want. Bond-rating companies are the same way, and their playing footsie with the big banks contributed greatly to the 1980s real-estate bubble. But I digress... I very rarely agree with Pocahontas (Elizabeth Warren), but her insistence on oversight for Bond and Credit rating companies would do a lot to prevent shenanigans. In the meantime, your credit score doesn't matter at all unless you want a big loan. The last time they tried to raise the proposed interest rate on a house loan for me since my credit score was less than sterling, I said "scroooom all" and paid cash. Very true - you get dinged if you have no debt or make use of credit lines. If you pay in cash you get penalized. It's good to remember that these credit rating agencies don't exist for our good, they exist to make profits for themselves. |
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Post by 405x5 on Nov 1, 2022 11:11:15 GMT -5
My credit score once dropped, not significantly yet I was unable to figure it out and I’m not sure why I even bothered. Then somebody told me well you don’t owe enough and you’re not using it enough that’s why your score is dropping. I held onto an equity line of credit for a period of time for that reason which I thought was dumb since I didn’t need it… Got rid of that. Now I owe less than nothing. It dropped a little more and then went back up again. I have a doctors appointment scheduled for Tuesday. Me too. I hope your appointment goes well. It did! I passed the physical and it matched my credit score! |
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