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Old 07-26-2016, 09:50 AM   Topic Starter
ndws ndws is offline
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I paid off my car loan in early July. It wasn't scheduled to be done until Nov 2017. The bank closed the auto loan account obviously, and whammo...Credit Karma is saying I took a 60-something point hit

WTF.

That's going to take an insane amount of time to heal 60 points.

Did the bank report the account closing wrong, as if it were closed for a bad reason? Is Credit Karma full of shit?
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Old 07-26-2016, 09:57 AM   #2
rhinson1380 rhinson1380 is offline
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It changes your utilization. 30% of your credit is factored in with how much you owe and how much credit you are using. It's the stupidest thing ever. Then entire credit system is broken and takes way to long to recover from something.
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Old 07-26-2016, 09:58 AM   #3
allen_kcCard allen_kcCard is offline
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A quick Google search tells me that this is normal. Closed accounts (even paid in full ones) lower your score. It is stupid, I agree, but that is how it works.
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Old 07-26-2016, 10:00 AM   #4
ndws ndws is offline
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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.
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Old 07-26-2016, 10:01 AM   #5
The Franchise The Franchise is online now
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Quote:
Originally Posted by ndws View Post
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.
Welcome to America.
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Old 07-26-2016, 10:06 AM   #6
Dave Lane Dave Lane is offline
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Quote:
Originally Posted by ndws View Post
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.
Don't borrow money and it doesn't matter.
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Old 07-26-2016, 10:10 AM   #7
ndws ndws is offline
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Don't borrow money and it doesn't matter.
My wife would not like me having a sugar momma, so....
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Old 07-26-2016, 04:32 PM   #8
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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.
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Old 07-26-2016, 04:37 PM   #9
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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.
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Old 07-26-2016, 04:03 PM   #10
hometeam hometeam is offline
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Originally Posted by ndws View Post
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.
They dont want you to close it early, they want every cent of interest from you. Being responsible costs the lender money.
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Old 07-26-2016, 04:12 PM   #11
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Quote:
Originally Posted by ndws View Post
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.
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Old 07-26-2016, 10:08 AM   #12
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I'm not a credit score expert by any means, but I always kind of thought of it this way:

-- WE think the score should reflect how credit-worthy a person is. Are they a reliable payer? Do they satisfy their obligations? Can they manage money well?

-- the credit score industry is actually set up to tell banks if you are a GOOD BORROWER, which means that you won't default on the loan, are a good credit risk, and -- importantly to them -- THEY MAKE EVERY ****ING DIME THEY ARE SUPPOSED TO MAKE OFF YOUR ASS.

So you close an account early, that's BAD, because the BANK DIDN'T GET ALL THOSE EXTRA MONTHS OF INTEREST PAYMENTS.

Now, I may be completely off base here, but that is how I **think** ti works, kinda sorta.

Can someone enlighten us on whether I'm anywhere close to right?
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Old 07-26-2016, 10:13 AM   #13
ndws ndws is offline
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Originally Posted by Amnorix View Post
I'm not a credit score expert by any means, but I always kind of thought of it this way:

-- WE think the score should reflect how credit-worthy a person is. Are they a reliable payer? Do they satisfy their obligations? Can they manage money well?

-- the credit score industry is actually set up to tell banks if you are a GOOD BORROWER, which means that you won't default on the loan, are a good credit risk, and -- importantly to them -- THEY MAKE EVERY ****ING DIME THEY ARE SUPPOSED TO MAKE OFF YOUR ASS.

So you close an account early, that's BAD, because the BANK DIDN'T GET ALL THOSE EXTRA MONTHS OF INTEREST PAYMENTS.

Now, I may be completely off base here, but that is how I **think** ti works, kinda sorta.

Can someone enlighten us on whether I'm anywhere close to right?
From what I've read about it, paying off early or not really has little to do with the credit hit. Its the fact that a diversified credit account was closed. Kind of a damned if you do, damned if you don't. But the banks should be allowed to close the account "honorably" so you aren't getting the hit regardless of what you do.
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Old 07-26-2016, 11:14 AM   #14
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Originally Posted by ndws View Post
From what I've read about it, paying off early or not really has little to do with the credit hit. Its the fact that a diversified credit account was closed. Kind of a damned if you do, damned if you don't. But the banks should be allowed to close the account "honorably" so you aren't getting the hit regardless of what you do.
Yeah, having different types of accounts helps your score.
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Old 07-26-2016, 12:21 PM   #15
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Quote:
Originally Posted by Amnorix View Post
I'm not a credit score expert by any means, but I always kind of thought of it this way:

-- WE think the score should reflect how credit-worthy a person is. Are they a reliable payer? Do they satisfy their obligations? Can they manage money well?

-- the credit score industry is actually set up to tell banks if you are a GOOD BORROWER, which means that you won't default on the loan, are a good credit risk, and -- importantly to them -- THEY MAKE EVERY ****ING DIME THEY ARE SUPPOSED TO MAKE OFF YOUR ASS.

So you close an account early, that's BAD, because the BANK DIDN'T GET ALL THOSE EXTRA MONTHS OF INTEREST PAYMENTS.

Now, I may be completely off base here, but that is how I **think** ti works, kinda sorta.

Can someone enlighten us on whether I'm anywhere close to right?
You're completely wrong, as usual.
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