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Sort of the same thing happened to me.......I do not use credit cards, but I do take out loans. I paid off my car about 6 months ago, and am completely debt free. I went to apply for a credit card thinking I had a great score because my car was paid off and here I had NO fico score. Apparently anything you pay off does not factor into your fico score, even though it shows up in as being in good standing. Only revolving debt (credit cards) and currently open loans must factor, not loans that you have paid off..........Is that insane or what! I have 20 years of car loans paid off every month, no lates.........an NO FICO score. You can only have a FICO score if you are South Carolina DEBT and making your payments on time.
You have to keep borrowing money to keep a high fico score. It's basically an I Love Debt score. You have to borrow money and make payments on time to get a high I love debt score. You have to keep borrowing money and keep making payments on time to keep a high score. It's a stupid game. It makes no sense. You lose money. If you pay as you go. If you live on less money than you make. You will not have to obsess with the I love debt socre. You will have money. Save up for a good used cash car. New cars are a rip off. They lose value and you lose money as soon as you drive off the lot. They keep losing value year after year. If you don't have any payments. You can easily save up a nice emergency fund. That way you don't have to borrow money in the event of an emergency. The only time you might have to borrow is for a home loan. You can do that without a I love debt score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates available. Of course the bankers, credit card people, car financiers and, their followers are gonna tell you to borrow, borrow, borrow. Debt free is the way to be!
Simple things can make your credit score go down fifteen points, that you might not have even considered... like applying for a credit card at a department store, having a new car insurance policy written ( they actually base your rate on your credit score along with your driving record), and there are people you have accounts with who randomly make inquiries, some of which count as a hit ( a recorded credit check), and too many "hits can lower your credit score. Some loan companies have penalties for early payoff.
With installment loans, as quickly as you pay them off, the account is closed. A share of your fico score relies on the dimensions of time you have had money owed open and lively and what your attainable credit to stability ratio is. it is likewise authentic that when you open a sparkling account, it is going to drop your score as quickly because it hits your credit record.
Because it is all a corporate plan to keep you borrowing, to stay in debt. So if paying your bills off makes you less desirable to lenders. I guess NOT PAYING will make your score go up. I own my home my car and everything in my home. So the fico group and all the banks can go ------- themselves
I would contact the credit reporting and ask them why
Dude...15 points really isn't that much, wait a month or 2 it'll most likely go up a little bit