ballbeater

8 Contributions 119 People Helped

Member Since: January 2012

Most Helpful Contribution

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

Dec 12, 2013
Helpful to 97 out of 101 people

I hate saying this but this is one time where i believe some type of federal regulation is required as an oversite on the three credit bureaus. They are allowed to make up their own illogical,ambiguous.and inconsistent guide lines. The public could and should be informed in a very easy to understand format as to what makes for having a good credit score and how to keep it and what determines a lower rating and how to improve it. They have to much power not to be kept an eye on.

Activity (8 Total Contributions)

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

Dec 12, 2013
Helpful to 97 out of 101 people

I hate saying this but this is one time where i believe some type of federal regulation is required as an oversite on the three credit bureaus. They are allowed to make up their own illogical,ambiguous.and inconsistent guide lines. The public could and should be informed in a very easy to understand format as to what makes for having a good credit score and how to keep it and what determines a lower rating and how to improve it. They have to much power not to be kept an eye on.

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

Mar 05, 2012
Helpful to 4 out of 4 people

I agree totally our credit system in many ways is *** backwards. I reduced the amount of credit on my cards, knowing i would never use nor need but my credit scores went down trying to be responsible also i will never understand that if one exceeds their toatal credit lines by charging more then 30 percent of what my limits are that also lowers ones score regardless that it gets paid off immediately.Also i have only two cards and have been told to have more if i want my score to increase.What a system 

Bank of America Auto Loans

Mar 05, 2012
Helpful to 8 out of 10 people

 That interest rate sounds good was that based on very good credit scores?

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

Sep 08, 2013
Helpful to 5 out of 6 people

You are so right, do not forget if one eliminates a card that is a negative, if you reduce the amount of credit on a card which i also did because i did not need $15,000 credit line on that card and reduced it to $5000.00 and that also was a negative on my score but if you want to increase your score generally by adding an additional card. NONE OF THIS MAKES SENSE.

Top 5 Credit Misconceptions

Jun 15, 2012
Helpful to 3 out of 4 people

Our credit system is unfair and a joke, it is amazing that if an individual wants to reduce their credit limits or close a credit account that they should be penalized. How about something real simple if you pay off all your balances on time that is what really counts.These credit agencies design the system to be very complex and there is really no need for it. 

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

Sep 19, 2012
Helpful to 1 out of 1 people

Good article but that they said one skould keep between 4-6 credit cards that is absurd.

Top 5 Credit Misconceptions

Feb 06, 2012
Helpful to 1 out of 1 people

 At what percentage of debt in proportion to ones available credit does it become a negative towards your credit score regardless if you pay it off each month?.

What Is a Fraud Alert?

Nov 21, 2012
Helpful to 0 out of 1 people

What does putting a freeze on ones credit actually do to help against fraud ?