Credit Scores Are A Scam To Keep You Poor

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[charlesmartinjr]

Here's a fun anecdote: I paid off my mortgage seven months ago. Last week, my credit score dropped 76 points because of "changes in my credit history." I went from 810 to 734 because I got out of debt.

[rabidgoon]

The dumbest thing for me is that I have a negative mark on my credit score because of a gym membership that I stopped paying. I tried to quit that gym, but they wouldn’t let me quit without paying for the full year, even though their equipment was broken, and the place was disgusting. So I stopped paying and they sent me to collections and that is now on my credit report. But the fact that I have paid rent every month on time for my entire adult life is nowhere to be found on my credit report.

[diedonner]

Credit scores are BS. There are so many errors in these reports they aren’t worth what the agencies charge for the subscription.

[CarysCorner]

The crazy part is credit scores are being used for insurance policies, job applications, and other things not related to debt…

[GentlemenofAction]

Having been in credit repair for about 10 years, a lot of this is true.
People often confused high credit score with being wealthy

[KingDavid]

Just lost 13points and I don't see the reason why. Credit score is really a scam for us to take out more debts to get more Credit score 🙃 😅

[chelseashurmantine]

I just filed for bankruptcy and even though it said it was a derogatory mark, my credit score went up 59 points soooo. Idk it’s totally a scam

[UmutEmre-wbdo]

Nice work. I’ve been on the AMS51V$ train for a while, never sold as they are always building.

[gimcrack]

My credit score shows N/A. I been out of debt for so long, I no longer have a credit score. It's like I never had one. 20+ years without using credit at all. You'll have a credit score showing N/A like my. Been out of debt since I was 36. Been paying everything in cash since then. I'm 60 and not worry one bit I don't have a credit score. Cash rules anyway.

[handleyobusiness]

Honestly, credit scores are a legal form of discrimination.

[ferretapocalypse]

Years ago my bankruptcy dropped off and I was excited to see my score go up. Silly me. It dropped 60 points.

[Steve]

It makes sense to the companies who sell your information. It's always about money. The companies pretend it's not, but it always is

[pastrami]

I just paid off a credit card and my score went from 720 to 619.

[thomaschew]

We had a lot of debt paid it all off over a 5 year time frame. When we started we had a 770 FICO score but that was after we paid off our mortgage. After our last CC was paid off our score dropped as others have said 50 points.

[rarejourneys]

So glad you are saying this. As a financial coach I encourage my clients not to be obsessed with the score but ensuring the information being reported is accurate. Also not of the information is necessary to be reported as these are private companies that make money off this data. Equifax, trans, experian.

[SonicBoomC]

When it comes to cars is cash always best. I've known a few people who go to a dealership, they negotiate a price ans financing on the car, then they just do a payoff

[eyewonder]

I paid off all of my loans early and my credit always stayed in the toilet until I realized that the credit score reflects how much money the banking system has made off of you not how trustworthy you are...

[LisaSimplified]

Pay off your mortgage and become debt free? You lose 40 points. All it measures is your debt.

[SonicBoomC]

I've been saying forever that insurance and credit scores are scams. I think if regular and poor people have to obsesss over something, and people with money often don't give it a second thought, something is up with it. The fact that paying off a collection or charge-off actually hurts your score shows this is a scam