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  1. #1
    Registered User Archaic2021's Avatar
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    Credit score droppping

    What is something I can do to beside just having one credit card to build credit.

    I have no debt besides a credit card that is paid off weekly. 25k limit, paid off weekly. I make 80k a year...have no need to finance a car, or anything but worried about obtaining a mortgage loan in the future.

    Currently sitting around mid to high 600's Doesn't increase and actually seems to be trending down.
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  2. #2
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    With No credit score, you can get a mortgage with manual underwriting. My credit score disappeared six months after I closed my last credit account (that means all loans paid off, no credit card, no checking account line of credit, etc).
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  3. #3
    Md, Misc, Old-Brah SillieBazzillie's Avatar
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    Originally Posted by nutsy54 View Post
    With No credit score, you can get a mortgage with manual underwriting. My credit score disappeared six months after I closed my last credit account (that means all loans paid off, no credit card, no checking account line of credit, etc).
    Please stop giving this moronic advice. No credit score will disqualify most for any kind of reasonable loan. And you sure as chit ain't geting the best rates with no credit score.

    And I know I know, pay for everything with cash...now go put your shawl on and fall asleep watching wheel of fortune boomer.
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    Registered User Ramoneb87's Avatar
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    I was in the same boat. Just from not using a credit card for years my score dropped to like 670. I threw all my reaccuring/subscription bills on my credit card. Took about a year but I'm at 720-730 now.
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    How many lines of credit do you have?

    I honestly think there is something missing that youre not saying unless your credit history has just been the same forever.

    I have about 30000 in credit, a student loan that is about to finish and a collection dropping off in June + tons of missed payments in the 2017-2019 era and my score is around 730-750
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  6. #6
    Random Words nutsy54's Avatar
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    Originally Posted by SillieBazzillie View Post
    Please stop giving this moronic advice. No credit score will disqualify most for any kind of reasonable loan. And you sure as chit ain't geting the best rates with no credit score.

    And I know I know, pay for everything with cash...now go put your shawl on and fall asleep watching wheel of fortune boomer.
    The people who love debt always have the same response to good financial advice
    I need debt so I can go into debt in the future!

    Why would most people with No credit score be disqualified for manual underwriting if they have the solid financials that come with No credit score? Even funnier that a 55 year old is calling a 53 year old a boomer.
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  7. #7
    Md, Misc, Old-Brah SillieBazzillie's Avatar
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    Originally Posted by nutsy54 View Post
    The people who love debt always have the same response to good financial advice
    I need debt so I can go into debt in the future!

    Why would most people with No credit score be disqualified for manual underwriting if they have the solid financials that come with No credit score? Even funnier that a 55 year old is calling a 53 year old a boomer.
    Why? Why have credit scores at all then boomer? It establishes a pattern of borrowing and repayment. Something having "solid financials" does not show.

    There's is ZERO negatives to have access to credit and a great credit score.

    Advising to have no credit score...just LMFAO.
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  8. #8
    Registered User Zere0wn's Avatar
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    My understanding, which may be incorrect, is if you get a second credit card and start paying that on time it will help in the long term. You now have two bills instead of 1 you're being responsible for. In the short term your credit will go down due to the credit check to get the card.
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  9. #9
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    hi, i have been a banker for 7 years.
    When i checked my credit at 25 y.o, it was 515. I bought a house at 28 with 770 credit.

    I got two credit cards. I calculated all of my monthly recurring payments and added them together. I called the credit card company to lower my card limit so that my recurring payments equaled 25% of my card limit, and then i put that credit card in a glass of water and froze it.

    Use your other card as daily spending and pay it off every month.

    Manual underwriting is a thing but unless you've got tens/hundreds of thousands of dollars, you will get better rates with a solid credit history.
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  10. #10
    Registered User dyee4613's Avatar
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    If I remember correctly, there are a few big things they look at. I am pretty sure the amount of credit you have available, average account balance, and average age are the big ones. In my opinion, you're best off adding 1-2 more cards which will hurt your credit score in the short-run as it will destroy your average card ownership but it will greatly increase the amount of credit you have available. Additionally, I'd suggest reaching out to your current card and requesting they increase your limit. If they say no, no big loss but if they increase it that is a big bump to your credit with no downside. Eventually, the average account age will increase over time and you'll make up the lost credit.

    Additionally, remember that credit cards calculate the interest owed daily. Granted, the dollar amount isn't super high since if you're paying it off weekly you probably don't rack up massive balances but it does save some money to pay it off sooner. I usually pay off everything when I poop.

    Originally Posted by nutsy54 View Post
    The people who love debt always have the same response to good financial advice
    I need debt so I can go into debt in the future!

    Why would most people with No credit score be disqualified for manual underwriting if they have the solid financials that come with No credit score? Even funnier that a 55 year old is calling a 53 year old a boomer.
    I feel like you're being overly reductionist with debt. There is good debt and bad debt. It's all dependent on the opportunities the debt can get you access to and your ability to pay that debt in the future.
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  11. #11
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    Originally Posted by SillieBazzillie View Post
    Why? Why have credit scores at all then boomer? It establishes a pattern of borrowing and repayment. Something having "solid financials" does not show.

    There's is ZERO negatives to have access to credit and a great credit score.

    Advising to have no credit score...just LMFAO.
    Why do I want a pattern of borrowing and repayment, when the actual goal is stop going into debt!?

    There's a huge negative to your beloved credit score - debt.

    And you still don't know what "boomer" means
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  12. #12
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    Originally Posted by dyee4613 View Post
    I feel like you're being overly reductionist with debt. There is good debt and bad debt. It's all dependent on the opportunities the debt can get you access to and your ability to pay that debt in the future.
    There's really no such thing as "good debt". All debt is risk, which is ignored when people describe something as "good debt". For example, the mortgage on a rental property 'because the tenants will pay my mortgage'... works great, until the tenants don't pay for a few months, or there are no tenants for a while during turnover. The guy with the mortgage owes that monthly payment to the bank, regardless of tenant income.

    I paid off my last debt (home mortgage) in 2018, never going back.
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  13. #13
    Md, Misc, Old-Brah SillieBazzillie's Avatar
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    Originally Posted by nutsy54 View Post
    Why do I want a pattern of borrowing and repayment, when the actual goal is stop going into debt!?

    There's a huge negative to your beloved credit score - debt.

    And you still don't know what "boomer" means
    I guess when you buy a house you'll pay cash boomer? And god forbid something financially catastrophic happens and you need to borrow money. You're screwed on a rate.

    And you can say "I'll never go in debt" until the cows come home. The facts are that chit happens and if it does you are phuked with no credit score. Plus the amount of credit card awards you miss by not using credit cards these days is simply beyond stupid. And yes we all know that most people are bigly net losers when it comes to credit card rewards. But you are so financially disciplined and well off that that wouldn't be a worry for you. Yet you're letting the potential of thousands of extra dollars in your pocket simply fade away because of your fear of credit.

    Freaking boomers...SMH
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  14. #14
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    Originally Posted by SillieBazzillie View Post
    I guess when you buy a house you'll pay cash boomer?
    It's cute that you ignored the manual underwriting option for a mortgage with no credit score. But in my case, my next house purchase will absolutely be paid in cash - from the sale of my current home. I live in a relatively expensive area, anyplace I move in the future will be more house for less money. Damn, and you just keep babbling "boomer" with no idea what it means

    And god forbid something financially catastrophic happens and you need to borrow money. You're screwed on a rate.
    An interesting thing happens with No debt - we actually have money to save and invest. I would have no problem addressing your mythical "financial catastrophe", because I actually have money instead of debt.

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    Registered User Lefticle's Avatar
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    Just LOL @ not leveraging appreciating assets into more appreciating assets
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    Have you checked on why your credit score is dropping?

    Maybe you should call FICO or Transunion or Experian?
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  17. #17
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    Originally Posted by Lefticle View Post
    Just LOL @ not leveraging appreciating assets into more appreciating assets
    Different perspective...

    Just LOL at carrying debt and making loan payment(s) every month.
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    Originally Posted by nutsy54 View Post
    Different perspective...

    Just LOL at carrying debt and making loan payment(s) every month.
    But why would you laugh at that if your gain is more than the payment you're making...?

    If a little bit of debt gives you that much anxiety go get therapy, dont say that debt is bad. Don't go in to debt spending on frivolous things like cars/boats etc. but it's stupid to say that all debt is bad.

    Of course the short term is unpredictable and your tenant may not pay, or your investments may go down in value, but there's a reason that it has historically trended upward as the economy expands and grows...
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  19. #19
    snailsrus iloveus's Avatar
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    Originally Posted by AriesTH View Post
    But why would you laugh at that if your gain is more than the payment you're making...?

    If a little bit of debt gives you that much anxiety go get therapy, dont say that debt is bad. Don't go in to debt spending on frivolous things like cars/boats etc. but it's stupid to say that all debt is bad.

    Of course the short term is unpredictable and your tenant may not pay, or your investments may go down in value, but there's a reason that it has historically trended upward as the economy expands and grows...
    The economy is built on spending and debt.

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  20. #20
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    Originally Posted by AriesTH View Post
    But why would you laugh at that if your gain is more than the payment you're making...?
    "If" is the key word. Living in debt means hoping everything works out as planned. If not, the bank still demands their monthly payment.

    Of course the short term is unpredictable and your tenant may not pay, or your investments may go down in value, but there's a reason that it has historically trended upward as the economy expands and grows...
    Investing debt-free, I don't care if the stock market dips for a few months - hell, that's the best time to buy. But if I'm in debt for that rental property, and I don't have a tenant, or they don't pay for a few months, then I've got serious financial troubles to get through. If the property is debt-free, there's a lot less personal and financial stress.

    "Historically" is irrelevant if someone goes bankrupt in the short term.
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