AT77Mar 2
Andrew Lokenauth

My credit score dropped when I paid off my car.

My credit score dropped when I paid off my student loans.

Credit agencies told me: "You should get more loans to increase your credit score."

The system punishes you for not owing any money.

They want you in debt forever.

Credit scoring is one of the biggest scams.

Mar 2 at 4:09pmWeb
Show threadMisuse CaseMar 2
@FluentInFinance In civilized countries the equivalent of a credit score (if it exists) is tracked by the central bank or a government agency. But here in America we have a legalized cartel of private companies, whose collection and selling of our data we cannot opt out from.
Show threadChris AlemanyMar 2
@MisuseCase @FluentInFinance *and Canada
(and Spain from what I've read, though no direct experience)
it's a neo-liberal plague
Show threadPomegranate_StewMar 2
@MisuseCase @FluentInFinance
My information has been stolen from two of those agencies. They’ve both oh so kindly given me “free” credit monitoring. 🙄
Show threadRobin BartonMar 2
@FluentInFinance And if you cancel a credit card it damages your credit score for a long time
Show threadChris AlemanyMar 2
@FluentInFinance @redsad this. a million times this.
Show threadAndy DeardenMar 2
@FluentInFinance I owe, I owe, so off to work I go. Yes, they want you in debt forever
Show threadBytebro 🇬🇧 🇺🇦 🇬🇱Mar 2

@FluentInFinance

I have literally just started using a credit card I really Do Not Need for larger purchases instead of my debit card for mainly this reason (the other reason would be effectively getting 4-6 weeks interest free credit!). If I ever actually NEED the emergency cushion of the credit card, I will want a useful limit on it, and that can never happen if I don't use the damned thing. In fact my last three credit cards were all cancelled by the providers specifically because I never used them.

This may be a foolish strategy, but it seems to work at present!

Show threadBroadcast_dudeMar 2
@FluentInFinance sounds pretty stupid. In Denmark we only look at income and if you ever not been able to pay a loan back. The income is only to make sure what the loan limit for a house. So, the bank won't loan you money you won't be able to pay back.
Show threadPeanutDustMar 2
@FluentInFinance When I bought a house in 2007, I had no debt, no credit cards, and no prior financing arrangements, so I had to jump through all kinds of hoops to prove my financial existence. Steady employment, paid everything in full, and I was the weirdo outlier.
Show threadNömenlōonyMar 2
@FluentInFinance we paid off our mortgage and mine has plummeted. But now I can just buy the things without the credit, so they're sort of shooting themselves in the foot.
Show threadMarty McFlyMar 2
@FluentInFinance, After getting into credit card trouble in my twenties, I paid off everything and assiduously avoided debt. It caused my credit score to drop. I had to get a loan I didn't need, and deposit the money directly into an account just to pay back the loan just to raise my score. What a pointless exercise! What a racket!
Show threadArbutus 🇨🇦Mar 2
@FluentInFinance and what do you need a high credit score for? "To borrow money cheaper." "But I do just fine living off my income and capital with a little credit card or line of credit for traveling and emergencies." "But what if you borrowed more?" "How can paying 4% interest be cheaper than paying 0% interest?"
Show threadAlan HunterMar 2
@FluentInFinance This is the classic open with a truth and then throw in an untruth. Yes lowering your credit will lower your score but that's because your credit score reflects how you handle _having_ credit. But you absolutely don't need to be in debt to increase your credit score.
Show threadTomás HradckyMar 2
@FluentInFinance You are actually considered a ‘deadbeat’ by them if you don’t have debt.
Show threadEm & future cats 🇺🇦🐈🏳️‍🌈Mar 2
@FluentInFinance Quite 🫩 a have to agree with you 💯
Show threadRick d CardMar 2
@FluentInFinance What I do is when a corporation or company treats me badly I then refuse to pay my bill. After awhile they call me and say they'll send it to a bill collector and it'll ruin my credit rating. I just tell them i've had an R9 rating most of my life and that I like it because it means I don't have to eat their shit just to keep my rating. I usually don't get a call back. I've always hated the fact that a credit rating can get totally wrecked after I get abused over a $40 bill.
Show threadMikeSaulMar 9
@FluentInFinance Can confirm!