I paid off all my debt and my score dropped 30 points, figure that one out.
Same here, last year checking monthly when I’d get my Discover bill, I was always 835 to 850.
Paid off my mortgage late last year and the balance of my HELOC this year now Discover says being debt free means I’m down to 810-825.
No one would pay any attention to a drop like that, though. Virtually no difference between an 810 and an 850 when it comes to anything.
I just looked into a Jumbo loan (probably wont do it). You need a credit score of 680 or more. I have never been a 680. That's setting the bar pretty low. Depending on how much I have on my business credit card (that I pay off in full every moth and have never been charge interest), I fluctuate in the low 800's.
My son that sells cars said anything over 750 is considered "perfect credit". He said you WOULD NOT believe how messed up peoples credit is. Said many people that make very decent money have terrible credit cause they live on the edge and their entire life is financed. Said one young girl in her 20's that made $90k had terrible credit. So bad they couldn't get her a loan. Another young girl the loan was 26%. You read that right!!!!
Like Dave Ramsey preaches - IM DEBT FREE!!!!!!! No mortgage, no car loans, no credit card debit, nothing. I tell all my kids (in their 20's) to NEVER get a 30 year mortgage UNLESS they make payments like its a 5, 10 or 15 year mortgage. 30 year mortgage (that took us 22 years to pay off) was one of the STUPIDEST things we have ever done financially!
