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Credit Score Falling, Thanks CK
OK, so I have refrained from using credit for much of my life, but recently I have begun to see that the whole economic world is so wrapped up in this ridiculous credit racket that I need to bring my credit score up in order to do many things financially that I never had a problem doing before the credit era arrived. So I joined Credit Karma and started taking their advice. I have applied for 3 credit cards that CK recommended based on my credit score/profile and have been turned down on all three. My credit score is down 13 points as of Oct 1. And based on CKs credit criteria, it can only continue falling if I continue to follow their advice and apply for credit lines they recommend. Heres why:

They give 6 criteria that they say affect your credit score. 3 of the 6 are labeled as having a HIGH impact on your credit score.

Credit Card Utilization: I have an A
Credit Card Utilization 2%
Open Credit Card Debt $105
Credit Card Limit $5,500
Open Credit Card Debt $0

Payment History: I have and A, and not just an A, an A+ really, as its perfect.
Percent of Payments Made On-Time 100.00%
Payments Made On-Time 13
Total Payments 13

Derogatory Marks: again an A and again perfect.
Total Derogatory Marks 0
Derogatory Public Records 0
Open Accounts in Collection 0

None of these factors have any chance of improvement by applying for new credit lines. And Credit Utilization could potentially fall if I actually got approved and started using a new credit card. And remember these are the 3 HIGH impact criteria, 3 of 6, so obviously these 3 factors make up the bulk of your credit score. With no chance of improvement and some chance of falling, how could I benefit from applying for new credit cards? A: I cant.

Next is 1 criteria listed as MEDIUM impact on credit score.

Age of Credit History: I have a C
Average Account Age 4Yrs10Mos
Oldest Open Account 8 Yrs 10 Mos
Newest Open Account 0 Yrs 10 Mos

Since this factor is based on the average age of all your credit accounts, if I were to get new credit cards the average would fall and so would my score. So no benefit from new credit here either.

Then there are the 2 criteria that have LOW impact on your score.

Credit Inquiries: I have a C
Total Hard Credit Inquiries 3

These are the 3 Ive acquired since joining CK. And the more hard inquires, the more my score will fall. So really no matter if approved, not approved, the more I apply for credit, the more my credit score will fall. Nice...

Total Accounts: I have an F
Total Accounts 3
Open Accounts 2
Closed Accounts 1

This is the only criteria that could improve my credit score and remember, its LOW impact. So sure, I could wreck my credit score with continued applications and hard inquiries, so that some day when I finally get approved for one of these credit cards that CK recommends, I'll get back like 1% of the credit score Ive lost by adding a credit card to my profile. XD

So the bottom line is that credit companies dont want to extend credit to financially responsible people with no little to no outstanding debt, no late payments, and no accounts in collection. They want people with 2 mortgages, a dozen maxed out credit cards and no freaking clue that they are forever enslaved by men in suits in tall glass buildings. And Credit Karma is just another tool those men in suits are using to keep intelligent, independent, responsible people's credit scores down in the dumps and out of their way so they can concentrate on bleeding the poor and stupid people dry. What a world...

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