Anonymous asked in Business & FinanceCredit · 9 months ago

Time to not give a F about credit score?


I have no late accounts. I literally haven't been in the best financial shape in over 10 years but some how... My credit dropped 79 points for no ******* reason. I have about 30k in debt with on time payments for everything and I make about 100k per year. **** credit reports and the credit report agencies. I am convinced after trying so hard to pay my school loans off and keeping my credit card balance well maintained that it simply is not worth it to give a **** about my credit score.

3 Answers

  • 9 months ago

    Yeah, but it dropped for a reason...  it doesn't go down for no reason.  New credit accounts drop your score initially, Closing an account after it's paid drops it.  (because it takes away part of your available credit that isn't being used)..  Going higher on your balances on credit drops your score- having balances more than 50% of your limit drops your score.

    Source(s): Mortgage lender 33 years. Look at credit everyday.
  • 9 months ago

    It did not drop for no reason. It dropped for a reason or reasons you don't understand.  On time payment history is only part of a score. Average account age and utilization rate are important components and you gave no details to be able to know if those were a factor in the drop.

    If you can rule out recent large purchases that could have pushed your utilization rate above the trigger points of 30% and then 50%, or you can rule out some old accounts dropping off your history and lowering your average account age, a sudden drop in score can be a sign of identity theft and accounts opened in your name without your knowledge. So, you absolutely need to keep paying attention to your score.  Make sure you take advantage of your free annual credit reports from the three big agencies - keep up with what's actually happening with your credit.

  • 9 months ago

    You don't need to care about your credit score when you expect to never need a loan or finance arrangement again; when you own your home outright and will never need another mortgage; when you already have all the credit cards you want and pay off in full each month anyway; when you know you will never need to rent a property in the future; when you never plan to work in certain professions where personal integrity is essential and where background checks will be made .... maybe other times.

    My guess is that, realistically, we do not need to care about our credit rating once we do not need credit or to prove our standing.

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