ChiefsPlanet - Money Credit Karma

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Credit Karma (https://www.chiefsplanet.com/BB/showthread.php?t=301070)

jspchief

07-26-2016 04:12 PM

Quote:

Originally Posted by ndws (Post 12334955)

That's nuts.

I get the idea of the account closing, etc. But Jesus. Its a car loan, they should be able to close it with an "atta boy" for being early. ****ing tanking my credit score for working ahead is the dumbest shit.

Credit scores aren't just a barometer of how well you pay back debt. They are also an indicator of how profitable of a borrower you are. Banks lose interest income when you pay off loans early.

dj56dt58

07-26-2016 04:20 PM

credit karma is not reliable. It has shown me in the 580s for a while. I went to buy a new car and was in the mid 600s and got the car with no problem. I just checked my scores a few days ago, all mid 600s, karma still shows 580. The guy at the dealership said that is normal and that credit karma often shows 100 points lower or higher than the actual score

Inspector

07-26-2016 04:32 PM

Quote:

Originally Posted by Dave Lane (Post 12334962)

Don't borrow money and it doesn't matter.

Yep!

I bet my credit rating sucks. I haven't borrowed money since 1989.

I don't like to rent money.

eDave

07-26-2016 04:37 PM

Quote:

Originally Posted by Inspector (Post 12335725)

Yep!

I bet my credit rating sucks. I haven't borrowed money since 1989.

I don't like to rent money.

I haven't cared about my credit score in a long, long time. Just haven't needed it. It was nice to get to that point.

listopencil

07-26-2016 04:43 PM

Quote:

Originally Posted by JASONSAUTO (Post 12335571)

the issue is you are still closing the original account, which dings your credit.

Sure, I get that. I was thinking that the second account would take the place of the first. I would assume a brief, small dip in your score that goes back up as you start paying the second one.

SAUTO

07-26-2016 04:46 PM

Quote:

Originally Posted by listopencil (Post 12335737)

Sure, I get that. I was thinking that the second account would take the place of the first. I would assume a brief, small dip in your score that goes back up as you start paying the second one.

Not sure but doubtful.

A closed account is closed account. And if you wee to borrow in another vehicle theoretically that would raise your debt ratio and ding the rating again. And if they had to do an inquiry there is another ding...

ThaVirus

07-26-2016 04:55 PM

Quote:

Originally Posted by dj56dt58 (Post 12335700)

The guy at the dealership said that is normal and that credit karma often shows 100 points lower or higher than the actual score

Nooooooo!!!!

KChiefs1

07-26-2016 05:43 PM

Quote:

Originally Posted by JASONSAUTO (Post 12335073)

Are you saying he should have never paid the vehicle off?

When you payoff any acct it hurts your FICO score.

SAUTO

07-26-2016 05:45 PM

Quote:

Originally Posted by KChiefs1 (Post 12335887)

When you payoff any acct it hurts your FICO score.

I understood this before the thread started...

KChiefs1

07-26-2016 06:14 PM

Quote:

Originally Posted by JASONSAUTO (Post 12335893)

I understood this before the thread started...

Good.

Spott

07-26-2016 06:58 PM

Quote:

Originally Posted by ThaVirus (Post 12335675)

Congratulations.

You really shouldn't have much need for credit anymore, no? Wish I was in your position.

Thanks. I was fortunate enough to have saved some money that I made from selling a couple of houses and keeping it tucked away. I live in Florida and when the housing market crashed a few years ago, I was able to buy a foreclosure that was in great shape for about a third of the price it sold for before the crash. The values have gone up again, but not as high as before. I paid the house off when I was 41 and paid the car off about 2 years after that.

ndws	07-26-2016 08:14 PM

Quote:

Originally Posted by Bewbies (Post 12335407)

Credit Karma scoring isn't even remotely accurate. So don't worry about that.

Your score does move though when you pay off an account. It's no longer an active credit line so it factors into scoring less.

The people I see who have the highest credit scores typically have a couple of credit cards they've had forever (with no balance) and then lots of old accounts they've paid off.

I'm a mortgage broker so I see credit reports every day. I would tell you it's a lot smarter to worry about your portfolio and assets and to spend less time thinking about how to get lower interest rates when you borrow hoping to please some ridiculous algorithm.

I'm not really worried about it. The car is paid for, the house and acreage is paid. I have some old debt from my divorce because I didn't want to lose the land. I'm not really planning on buying anything big anytime soon, but I just was shocked to see that kind of hit when I checked it. I'll never be rich, but I'll own my crap and I'll have retirement funds ready to go when I hit 58 (that rule of 85 is kinda sweet)

JohnnyHammersticks

07-27-2016 03:19 PM

60-plus point swings in credit scores are pretty normal and, if they're based on credit utilization (which they usually are), take very little time to bounce back from. My TransUnion and Equifax scores (which are what Credit Karma uses) swing from 810-725 just based on what my AMEX balance is.

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