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Member since: March 2012

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The Do’s and Don’ts of Closing Old Accounts

As I read through some of the comments it seems that what would make perfect sense really does.  Think about this for a moment...  Typically when one pays off a securred loan or similiar type of credit line your score drops rather than increases, true.  Why?  Consumers are dooped into believing that if they pay on time every month and demonstrate responsible financial behaviors that they should be rewarded by being given a good credit score. 

This does not happen, why?  The reality of it is that virtually all banks and credit agencies WANT you to remain in debt.  Big banking has a way of manipulating the monetary system even through credit scores.  Have you ever wondered who actually owns or funds the credit reporting agancies or FICO?  Doing a liitle Google research will help get a much clearer picture of why things are the way they are.  Play the game just dont get in over your head...

- Feb 04, 2014

Comment by Kimmie1289

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If I pay off my car loan entirely, will this help my credit rating

Mine too!  And I was close to 840, went to 682 (fair)

- Mar 11, 2012

Response by Kimmie1289

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