The credit bureaus change credit ratings for spurious reasons. They need more regulation.
First of all, Equifax exposed my personal information not once, but twice. I Turned them off, and found that I could not get a better deal on a car because the car company only used Equifax.
I have zero debt and a 60+year record of always paying my credit card bills promptly, never having a balance. I also have a large brokerage account that the credit rating companies do not know about. I had a credit rating of over 800.
Then I decided to buy a car. I wanted to charge large items to my credit cards to get my 2% rebate, so I upped the credit limit on 2 of my cards to above $20k. Immediately, my credit rating dropped to about 750. I had one month where I charged $17k, but paid it at the end of the month. Why did my rating decrease?
I actually do not care about my credit rating, since I have no need to borrow money. But when I bought my car, it was cheaper to lease it for three years. I needed the credit rating for this, even though I paid the whole three year lease in advance.
The rating system is a scam.
My rating is finally back to normal:
The credit bureaus change credit ratings for spurious reasons. They need more regulation.
First of all, Equifax exposed my personal information not once, but twice. I Turned them off, and found that I could not get a better deal on a car because the car company only used Equifax.
I have zero debt and a 60+year record of always paying my credit card bills promptly, never having a balance. I also have a large brokerage account that the credit rating companies do not know about. I had a credit rating of over 800.
Then I decided to buy a car. I wanted to charge large items to my credit cards to get my 2% rebate, so I upped the credit limit on 2 of my cards to above $20k. Immediately, my credit rating dropped to about 750. I had one month where I charged $17k, but paid it at the end of the month. Why did my rating decrease?
I actually do not care about my credit rating, since I have no need to borrow money. But when I bought my car, it was cheaper to lease it for three years. I needed the credit rating for this, even though I paid the whole three year lease in advance.
The rating system is a scam.
My rating is finally back to normal: