What did you do to your mk7 today?

[Daks]

That makes no sense. Paying off loans makes your credit go up not down. It means you were good enough to see an entire loan through. That’s as good of an indicator of good credit worthiness as anything.

in my experience, when I paid off my PayPal + one of my credit card debts last year my credit score went UP 50 points.

but really - that cash in your pocket, or invested in something is way better than the value of owning a paid off card cash is king man screw paying off cars haha.

when the markets correct soon will be an excellent time to hop in on the weed ETFs

Not necessarily true - they like to see loans that are paid off on time. Also, if you have multiple lines of credit, that are not used; they love to see that shit as well.

 

[Dog Dad Wagon]

Not necessarily true - they like to see loans that are paid off on time. Also, if you have multiple lines of credit, that are not used; they love to see that shit as well.

ywah that just occurred to me - perhaps the reason your score went down was because, before paying off the car, you were almost done paying off the loan. When you take out a 20K 5 year loan, with a combined credit of say 50K including credit cards etc, your ratio is highs when you’re 4.5 years into a 5 year 20K loan, your ratio is super low. When you pay it OFF, your ratio goes back UP because any pre-existing/ongoing debt on credit lines is now being calculated against a new revolving credit number which is lower.

 

[oddspyke]

I'm about to pay it off, but I'm hesitant. I only owe about $9k more on it and I have the cash to do so, but the last time I paid a car off it dropped my credit score almost 30 points. Having open loans is apparently good for your credit.

That can happen, but was likely a fluke. Paying off your loan reduces your credit balance, which helps your score, but there are other factors too, like # of open accounts (there's a sweet spot) and age of accounts (longer=better). If your loan was your oldest account and you didn't have many or any other credit accounts, it could drop your score. Don't stress over 20-30pts though.

Better question to ask is what would you do with the money otherwise. If you're looking to spend it regardless, pay off the loan. If you want to save/invest it, do that and leave your loan be, it's probably like 0-3% interest right?

 

[oddspyke]

ywah that just occurred to me - perhaps the reason your score went down was because, before paying off the car, you were almost done paying off the loan. When you take out a 20K 5 year loan, with a combined credit of say 50K including credit cards etc, your ratio is highs when you’re 4.5 years into a 5 year 20K loan, your ratio is super low. When you pay it OFF, your ratio goes back UP because any pre-existing/ongoing debt on credit lines is now being calculated against a new revolving credit number which is lower.

See my previous post for why it could have happened. Revolving and installment credit aren't treated the same. Paying off an installment loan shouldn't impact your credit utilization ratio, it's only calculated from revolving credit accounts.

 

[Dog Dad Wagon]

That can happen, but was likely a fluke. Paying off your loan reduces your credit utilization, which helps your score, but there are other factors too, like # of open accounts (there's a sweet spot) and age of accounts (longer=better). If your loan was your oldest account and you didn't have many or any other credit accounts, it could drop your score. Don't stress over 20-30pts though.

Better question to ask is what would you do with the money otherwise. If you're looking to spend it regardless, pay off the loan. If you want to save/invest it, do that and leave your loan be, it's probably like 0-3% interest right?

yeah dude with covid stimulus and all that coming to a close the markets are in for a serious reckoning. I say keep the cash and invest in a weed or crypto ETF or similar investment vehicle.

having seen 2 BTC bull runs I am not missing out on the next dip. I actually bought in @ December 2017/Jan 2018 ATH, ~$17K BTC. I bought one whole BTC. It would currently be worth $54K, or a 320% increase. And that was ATH1>ATH2. Once ATH2 dials retraces and we hit another trough I’m going all the fuck in on Ethereum and paying off all my debts + buying a house next time it runs

 

[Keehs360]

See my previous post for why it could have happened. Revolving and installment credit aren't treated the same. Paying off an installment loan shouldn't impact your credit utilization ratio, it's only calculated from revolving credit accounts.

I think it must’ve been a coincidence. Debt to income, revolving lines etc, I don’t get any of that shit. I do know that one has to consistently owe money. Up to a point. Otherwise you can’t pump that score up

 

[swcrow]

In class + bored + plastidip = bad combo

 

[Diggs24]

plastidip = bad

 

[Keehs360]

Guess dude’s just gonna have to part it out?

 

[Diggs24]

 

[Subliminal]

I'm about to pay it off, but I'm hesitant. I only owe about $9k more on it and I have the cash to do so, but the last time I paid a car off it dropped my credit score almost 30 points. Having open loans is apparently good for your credit.

i would put it into crypto instead lol

 

[swcrow]

Haha

Not always.... it’ll suffice till my kliimw overlay and matte ABS replacement comes in

Guess dude’s just gonna have to part it out?

Yup... totally....lol...... oceanfront Property coming with it

 

[Dog Dad Wagon]

i would put it into crypto instead lol

*once the retrace happens. It’s 3.3X previous (12/17-1/18) ATH rn. Terrible time to buy cryptocurrency. But a great time to be saving as much as you’re willing to put into it, waiting for the inevitable retrace. This bubble is disgusting lol

 

[DrFunkalupicus]

I am pondering trying to pull a dent out. Some savage hit me at some point in time in a parking lot and while the damage isn't bad or even that noticeable, I see it every damn day. For reference, the quarter panel right behind the headlights is pushed in ever so slightly. I'll snap some pics once I get around to working on it. I am hoping it works well so I can fix the dent I may or may not have put in my wife's car with a moving truck last summer.

 

[El_bigote_AJ]

I am pondering trying to pull a dent out. Some savage hit me at some point in time in a parking lot and while the damage isn't bad or even that noticeable, I see it every damn day. For reference, the quarter panel right behind the headlights is pushed in ever so slightly. I'll snap some pics once I get around to working on it. I am hoping it works well so I can fix the dent I may or may not have put in my wife's car with a moving truck last summer.

behind the headlight, meaning front fender?