My FICO score is lowered because of lack of debt.

[MarathonMike]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

 

[miketx]

My score goes up and down for no reason I can figure.

 

[edthecynic]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

Or you could simply get another credit card. Your score goes up the more credit banks are willing to give you. Get an amazon or paypal credit card where you get money to open one and get some holiday money for your troubles, you don't have to use them beyond the requirements for the free money to get the credit rating boost.

 

[Dekster]

LOL one of the recommendations to improve my score was to open a consumer account. I did on one of those year interest free same as cash deals and rechecked it, and it went down not up saying I had too many consumer accounts.

 

[Blues Man]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

All you need to do is get one of those cash back credit cards and use it for your daily spending. Pay it off every month and collect cash for doing nothing but buying the stuff you already buy. You'll increase your credit score and collect some free cash

 

[william the wie]

Gail and I have been paying cash since 92. other than keeping enough savings to replace a car it isn't a problem

 

[Picaro]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

That's because it's a system invented by idiots. Just keep paying cash and don't be suckered into assuming debt over some number scam as cheesy as FICO. None of the people who ever use that number are honest people anyway, they're con artists and embezzlers and fraudsters, which is why the Govt. have been bailing them all out over and over and over and over again for some 300 + years.

 

[MarathonMike]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

That's because it's a system invented by idiots. Just keep paying cash and don't be suckered into assuming debt over some number scam as cheesy as FICO. None of the people who ever use that number are honest people anyway, they're con artists and embezzlers and fraudsters, which is why the Govt. have been bailing them all out over and over and over and over again for some 300 + years.

Check. I've been paying cash for years and just wondered why the score went down suddenly with no changes at all. And that was the reason "You paid off your debt so how do we know we can trust you with debt." LoL

 

[Polishprince]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

 

[Ridgerunner]

This is how I raised my FICO score...

 

[MarathonMike]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

I don't, the only reason I started the thread was to point out what seems to be backwards logic. Lowering a FICO score because of no recent debt payments. I can't believe starting up a bunch of new credit lines would raise the score. Who knows maybe it would!

 

[C_Clayton_Jones]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

Wrong.

One’s FICO score is predicated on how one manages his debt, that he pays on time, and that a debt is payed off.

It’s perfectly appropriate that those without debt have a lower score, as there’s no credit history to base the score on.

 

[Polishprince]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

I don't, the only reason I started the thread was to point out what seems to be backwards logic. Lowering a FICO score because of no recent debt payments. I can't believe starting up a bunch of new credit lines would raise the score. Who knows maybe it would!

I think that lenders like to see some debt payments, but not that much. Got to hit a "sweet spot" to be an ideal customer.

 

[MarathonMike]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

Wrong.

One’s FICO score is predicated on how one manages his debt, that he pays on time, and that a debt is payed off.

It’s perfectly appropriate that those without debt have a lower score, as there’s no credit history to base the score on.

I have decades of credit history. As I said with no recent activity of any kind related to debt, my score suddenly dropped. No negative credit history, no debt, FICO score drops. Again I don't care I am pointing out what seems to be backwards logic.

 

[MarathonMike]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

I don't, the only reason I started the thread was to point out what seems to be backwards logic. Lowering a FICO score because of no recent debt payments. I can't believe starting up a bunch of new credit lines would raise the score. Who knows maybe it would!

I think that lenders like to see some debt payments, but not that much. Got to hit a "sweet spot" to be an ideal customer.

Yes that seems to be the formula, debt free is frowned upon but not too much either.

 

[pknopp]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

All you need to do is get one of those cash back credit cards and use it for your daily spending. Pay it off every month and collect cash for doing nothing but buying the stuff you already buy. You'll increase your credit score and collect some free cash

This is what I do but I still check out the "what you can do to raise your score". It always notes that I can open more lines of credit. I have no desire to do that and I'm not going to. My score is 790 so I'm good but awhile back I played around just to see if I could get it above 800. I did for one month. Then I put a large purchase on my card. It didn't matter that I paid it off within the first month it still dropped back down to like 765. As the OP notes, that makes NO sense.

 

[pknopp]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

Wrong.

One’s FICO score is predicated on how one manages his debt, that he pays on time, and that a debt is payed off.

It’s perfectly appropriate that those without debt have a lower score, as there’s no credit history to base the score on.

The argument here is NOT that they have no credit history. The argument is the system wants you to take out more and more.

 

[pknopp]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

Because your score can affect many things. Getting a job, insurance, a lease...........

 

[JoeB131]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

Yeah, it's kind of crazy how they calculate it sometimes.

I got rid of all my credit card debt and started paying off my Car Loan early, and my FICO score dropped from 847 to 835... then popped right back up to 848. It's nuts.

 

[Blues Man]

I just happened to look at my FICO score and noticed it had dropped. The reason provided was the following:

FICO[emoji2400] Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

So if I wanted to make my FICO score higher, I could improve it by running up a bunch of debt. That's a very interesting system they have there.

If you don't plan on borrowing more money any time soon, why do you care what your FICO score is?

I don't, the only reason I started the thread was to point out what seems to be backwards logic. Lowering a FICO score because of no recent debt payments. I can't believe starting up a bunch of new credit lines would raise the score. Who knows maybe it would!

You don't have to open any new lines of credit just use the cards you have and pay off the balance every month

Credit is like anything else
Use it or lose it

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