Talk of The Villages Florida - FYI when using Yamaha Finance

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if your score is high 10 points is nothing other then a blow to your ego.

What a credit score measures

Quote:

Originally Posted by noslices1 (Post 1942661)

I have great credit. It was 833 and I bought a new car with 6 year financing. After I paid it off in 18 months my score dropped 10 points. I paid it off too fast according the the credit bureau. What’s up with that?

A credit score handles how well you handle debt. The basis of measurement is paying bills and debt balances. So if you have debt and you pay on time and don't exceed certain thresholds of debt to income ratio, you get a certain score. however, if you don't have debt, its much harder to measure your ability to handle debt. However, a 10 point drop from 833 is a meaningless number. . .

I will go back and maintain, if you dont' have debt, as many don't have debt in the villages, a 10 point drop is meaningless, and yes, there is a correlation to insurance, but the correlation is stronger when you are the lower end of the credit range, than at the top portion of the range, if they use debt as an insurance score.

And I would also maintain that the age of your house, the roof and the construction materials have a MUCH LARGER impact on your insurance than most credit ratings here in the villages, even with a 10 point drop.

Of course if you have a bad credit score, you will get charged more but the example and the discussion is not around people not paying bills and defaulting on loans, as the OP, original poster had stated and had a mahvelous score, and I am generalizing about most villagers who are retired and don't participate in the local crime section of the villages dash news :duck:

finance guy

Quote:

Originally Posted by aallbrand (Post 1943000)

if your score is high 10 points is nothing other then a blow to your ego.

With a fragile ego 10 points scare me.

Quote:

Originally Posted by retiredguy123 (Post 1942676)

Did you actually hear that from a credit bureau? If not, it would just be speculation. I didn't think they ever shared information about how they calculate the scores.

No mortgage for the last 11 years, or car payments until I bought in 2018, pay everything with credit cards which are paid off every month and had been 832-833 for over 3 years, occasionally up or down one or two points. Didn’t change when I bought the car and had a $16,000.00 loan, but as soon as I made the last payment, the score dropped to 823. So you can speculate why that happened all you want.

I just did the same for some big dental work. Ended up with cc and score dropped about 15.. the only comment is there is a cut off for best interest rates etc. That move dropped me below

I’m looking at buying a golf cart. If they finance with 0% interest for 36 months I’m in. If the card is a hard hit and showing over 33% of the total card worth on that card, then yes your going to take a credit hit. 10 points would not last long at any point as long as payments are made on time.