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07-26-2016, 04:12 PM | #46 |
BAMF
Join Date: Apr 2004
Location: Your Face
Casino cash: $9998710
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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.
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Courage is not the absence of fear but rather the judgment that something is more important than fear. The brave may not live forever but the cautious do not live at all. |
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07-26-2016, 04:20 PM | #47 |
Banned
Join Date: Dec 2005
Location: Missouri
Casino cash: $9960055
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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
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Posts: 6,361
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07-26-2016, 04:32 PM | #48 |
MVP
Join Date: Jan 2004
Location: K.C.
Casino cash: $9924975
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Posts: 7,907
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07-26-2016, 04:37 PM | #49 |
Banned
Join Date: Jan 2013
Casino cash: $9998560
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07-26-2016, 04:43 PM | #50 |
Immanentize The Eschaton
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $2535880
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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.
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Posts: 55,759
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07-26-2016, 04:46 PM | #51 | |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Quote:
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... |
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Posts: 55,715
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07-26-2016, 04:55 PM | #52 |
All about that Paper Boi
Join Date: Sep 2007
Casino cash: $2392369
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07-26-2016, 05:43 PM | #53 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
Casino cash: $6771021
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When you payoff any acct it hurts your FICO score.
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07-26-2016, 05:45 PM | #54 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Posts: 55,715
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07-26-2016, 06:14 PM | #55 |
I’m a Mahomo!
Join Date: Aug 2004
Location: Mid-Missouri
Casino cash: $6771021
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07-26-2016, 06:58 PM | #56 | |
Court Jester
Join Date: Aug 2000
Location: Orlando
Casino cash: $3392400
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Quote:
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. |
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07-26-2016, 08:14 PM | #57 | |
Starter
Join Date: Oct 2012
Casino cash: $10010931
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Quote:
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Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote. -Benjamin Franklin |
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07-27-2016, 03:19 PM | #58 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
Casino cash: $3031254
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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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