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Posted in Taxes
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Question By
brendasguy

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5 People Helped
Why a freeze???
Why a freeze on my account and my wife's credit scores? There is no logical, legitimate explanation why when I paid off all my credit cards but one small one and my home mortgage we should not see a huge jump in our credit scores. THIS IS PUNISHMENT FOR BECOMING CREDIT FREE!!! In point of fact, my score dropped from 739 to 722 and has held there for four months. This underscores for all of us what a total rip-off the credit agencies are., Any fool would expect an increase in your score to pay off debt in a timely manner, and one should be rewarded for such, not penalized for doing good and right. My score should be up around 800+ as well as my wife's. Hers is frozen at about 659 for no apparent reason, certainly not a GOOD reason! An explanation is needed!

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I agree, the logic that the agencies use is backwards. But its not about how much credit you have but about how you manage it.  By not carrying a debt of some sort your scores will go down a little.  Its stupid I know... but this is how credit it.  In order to maintain a good score and keep it up is to still carry over and/or report a balance on a few accounts.  By showing the creditors that you still use the cards but are able to manage it by keeping it under a certain percentage.  

As I stated before, its backward and stupid. But they have their reasons, even if we will never know or understand the logic behind the madness.

They are many other article on CK that explain into greater detail about how and why.  I would suggest doing some searches (if not already)

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