I wish this were true, but I have personally seen my credit score go down when I finished paying off accounts like car loans. A FICO credit score is a measure of how profitable a customer you are, not how likely you are to pay it back. Credit cards are a particularly expensive way to do this, but lemme assure you that taking out a mortgage will do wonders for your score.
Comment on Do it for your country's debt!
cAUzapNEAGLb@lemmy.world 8 hours agoJust as a heads up, ypu dont need to carry a balance and be charged interest - you can pay off your cards each month never paying interest and still have an improved score, simply pay the statement balance before the due date
CombatWombatEsq@lemmy.world 7 hours ago
cAUzapNEAGLb@lemmy.world 7 hours ago
Yes, i was talking about revolving credit
Tower@lemmy.zip 6 hours ago
I’ve seen people have their cards cancelled for doing this. Rare, but not unheard of.
twack@lemmy.world 6 hours ago
If you’re doing that you have zero need to bow to any single credit card company.
I don’t even read 90% of the credit card offers I get, I have plenty of cards, and they are all at zero. Go ahead, cancel me. I’ll have a new one in 15 minutes.