I posted about how sh*tty our credit score system is where I can pay off my car and have my credit score drop as a result and I got a ton of responses explaining why and saying, "You just don't understand how the system works!" /1 - ThreadSky

thespeechprof.bsky.social • 82 days ago

I posted about how sh*tty our credit score system is where I can pay off my car and have my credit score drop as a result and I got a ton of responses explaining why and saying, "You just don't understand how the system works!"

/1

Comments

claudfern.bsky.social•82 days ago

Wankers.

thespeechprof.bsky.social•82 days ago

I didn't say I didn't understand how the system works (I raised my credit score from the 400's in college to now being 800+, I'm VERY aware of how the system works), that doesn't change it from being a sh*tty system.

/2

chasia.bsky.social•82 days ago

I had 800+ until a couple years ago when I had an extended time between projects and racked lots on cc and had large pmts on interest. Result? High 700s score and got mailed cc offers daily. They seem to me less about risk, but to identify potential profit opps

travelgoat.bsky.social•81 days ago

My favorite was in 2008 when the the banks cut credit lines which. Consumers paid penalties and got hits to their credit (for 1. being over their credit limit and 2. The reduced credit line). Then the US government bailed out the banks because they were "too big to fail."

flameoftarvalon.bsky.social•82 days ago

Them: You have to show us you're responsible with the money you borrow!
Me: *pays off my loan early*
Them: No, not like that.

shaelynthefae.bsky.social•82 days ago

the system punishes you for not being in debt.
it's very shitty.

mayamccullers.bsky.social•82 days ago

Yup- the eventual goal is that you slip up and don't pay a payment on time then you're slowly backlogged by more and more interest which is where they make money
Very shitty

gingerrage42.bsky.social•81 days ago

You only have one credit card and you pay it off each month. Helpful tip; Your score would improve if you carried more cards with more debt on each. That’s how you show financial responsibility

navoff.bsky.social•81 days ago

Yes, show them you're financially responsible by being in debt more. 🤪

bellymozzarelly.bsky.social•81 days ago

No, you don't understand that I believe it is sh1tty.

rhymeswithaaron.bsky.social•82 days ago

When I first met my wife years ago I had $2k in cc debt, and she had cash in the bank and no debt, but no credit score. I had to cosign for her to get a cc. Because I had good credit from slowly paying off the min balance, and all she had was money so... Yeah. Stupid

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