Tuesday, January 6, 2009

Credit Scores. What the...?

So here is a non-mommy related post for you. It's about credit scores and how beyond backwards they are.
Chris and I tried to refinance last week cause of how low interest rates are. So this mortgage guy, who is a friend of a guy that Chris works with, came over to our house and gathered a bunch of info about us, and James and Jeehon (cause they are on the mortgage with us.) Then the mortgage man calls us back and tells us all our credit scores have dropped. And here's why they have dropped: cause we paid off all our credit cards! (except one.) Everyone keeps saying that we should have kept the accounts open, but here's the other thing- due to inactivity on the card for a couple months, the banks decided to close them. Superduper.
Just when you're trying to live a good, responsible, debt-free life, The Man sticks it to ya.
Thanks a lot The Man.

2 comments:

Julie said...

I don't remember our friend Dave Ramsey mentioning this at all during FPU...we should complain...

Marc said...

Yeah, the world of consumer credit is a strange deal. I recently had my score drop 50 points for no reason, so of course I pulled all my credit bureaus and contacted all the agencies to make sure there hadn't been any fraud. All told, cost me about $40 to go through everything. You know what I found out??? Nothing. You know what happened the next month? My score went back to where it had been before. Interesting side note, have you ever checked who sponsors annualcreditreport.com, freecreditreport.com, and the like??? The credit bureaus! So I was a sucker, trying to do the right thing and protect my good name, and they got $40 richer...