Making good financial decisions negatively impacts your credit scores #scam #credit #creditscores

Making good financial decisions negatively impacts your credit scores #scam #credit #creditscores

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[susankidd]

Its crazy too how your car insurance rates are affected by your credit scores!

[lisampb]

I have found my credit takes a hit initially, but corrects itself in a few months. I hate the game.

[MeegsV]

Isn't it amazing how much we care about our credit score now? I would've laughed at myself 20 years ago.

[DocRock]

NEVER close out old accounts b/c it wrecks your credit "history". LEAVE THEM ALONE and forget about them. Your credit score is heavily weighted to length of your oldest accounts and when you cancel them and close out those accounts, that history they use to calculate your score disappears, and they start going by whatever your next oldest cards are. Just another example of how being financially responsible can negatively affect your credit score.

[btbingo]

I bought a new car in 1986 so as to create a record of paying off every month for a few years. My payments were $196/month. One day I heard a man ask how much interest he was being charged every day. I asked the same question and discovered my monthly interest was $120. The next morning I paid off the entire principle. Have never borrowed money since then. When I use a credit card I pay the entire balance every month. No more interest payments for me.
I travel overseas and some countries won't accept debit cards so I keep a credit card.

[shadowette]

Corporate methods of keeping you on the financial hamster wheel 😅, they are laughing at us all..

[sydney-voyu]

Yes they absolutely want you hooked for life. Like drug dealers but not as honest

[Dari]

I refuse to own credit cards. I own my house, my car, paid off my student loans, and bought my son a car - all without a card. I travel overseas with a bank card I only use for that purpose. Credit is very good, but screw them.

[sissymccloud]

I wish they never came out with the credit scores shit . Its crazy

[dianaharper]

Well I’d LOVE you to expound on this. I’m - long overdue- just starting to try and fix my credit, and get on an actual budget so I can save for car/pet/vacation/retirement etc.
And I’m so late to do all this. 58 and divorced and just making enough to survive on.

[olivia_dania]

I started getting the importance of good credit speeches from my dad when I was like 12. Going to car dealers I remember them telling him, " yeah You can buy the whole car lot if you want" lol

[tibbytwostep]

Yes it does. There’s no way to win. I heard Japan doesn’t even use credit scores to judge you as a legit person…? 😮