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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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57123120 No.57123120 [Reply] [Original]

>paid off car loan
>credit score dropped by 75 points

>> No.57123126
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57123126

>>57123120

That's a buy signal.

>> No.57123136

lmao at americans with their goyscore

>> No.57123139

>>57123120
Happened to me with student loans, and when I missed a 10 dollar payment on an Amazon card I forgot I had

>> No.57123177

>>57123120
>car loan

Do burgers really

>> No.57123190

>>57123120
its probably because its your oldest account on file

apparently it decays quickly, and even if you were trying to apply for a new line lenders dont look at it the same as if you had dropped 72 points from credit card late fees/utilizaiton

>> No.57123373

>>57123120
You need to diversify your debt basket. It's exclusively an American phenomenon. When I paid off my student loans and 3 credit cards I had to rebuild my credit score from the basement level. Almost got denied an apartment. Basically, you need to use one credit card while having a credit utilization of 60%, so you want a few more cards that you use once a year and pay off immediately. Then you want a monthly payment on a house, car, etc. that's the only way you can have a good score.

>> No.57123684

>>57123177
Car loans tend to be dirt cheap, it might as well be a good idea to flip cars on credit and puttin the cash into fixed savings accounts and index funds. NO way in hell I am dropping 30k+ cash on a car, when I can put that money in the SP500 or bitcoin while paying a 2% car loan rate instead with minimal payments.

>> No.57123701

>>57123120
>7 credit cards
>use occasionally
>pay everything off
>no debt to my name
>goyscore 800

Rare for a Mexican American. I can feel them licking their lips and trying to sniff into my wallet at every turn. My people are easy targets, but I’m not. Fuck Jews.

>> No.57123704

>start racking up cc debt
>apply for a new line of credit on a whim
>instantly approved for 5k
I'm about to do with again with an AE card that came in the mail. I'll just keep racking up debt while keeping my money in crypto.

>> No.57123755

>>57123701
as a spic in your point of view why do you think spics are so gullible to predatory lending other than the muh limited english larp

>> No.57123909
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57123909

>>57123684
100% agree and I'm West-European

>> No.57124049

>>57123684
bullshit

>In the third quarter of 2023, the overall average auto loan interest rate was 7.03% for new cars and 11.35% for used cars.
>5.61% for superprime borrowers for new cars
source: Experian
average loan term is now 7 years and average payment is over $700 / month

retard

>> No.57124207

>>57123120
I lost 60 points on my goyscore because of a 60 dollar internet bill Tmobile continued to charge me after I cancelled their service

>> No.57124469

>>57123120
That's happened to me when I paid off when off one of my student loans. Goy score is a scam, but you have to play to unless you can pay all cash for everything.

>> No.57124732
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57124732

>>57123120
I will never own a car for the simple reason that I hate debt, and especially the IRS
power generators, salads, bike for transportation, save as much as possible just to buy stupid things and hold my SPX, the day I have debt is the day I give up on life