'Credit scores are a scam': Driver pays off car, gripes about drop in credit score

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Ally Perry • Writer and Editor
Mar 7, 2024 8:00 PM EST

You've got to spend money to make money, or so they say. The hidden addendum to this popular phrase is that it's usually other peoples' money that you're spending in the process. One of the craziest things about being a responsible adult is that you're generally considered more trustworthy financially when you have some (well-managed) debt. 

It shouldn't make sense, and often it doesn't seem to. This was certainly the case for one person's credit score that went viral on Twitter recently. They complained that after paying off their vehicle, their credit score had dropped from 'Exceptional', to 'Very Good'. It comes as no surprise that many people had a few choice things to say about this system where being debt-free is seen as something to be suspicious of, as opposed to celebrated. Good credit score or not, I guess fewer people can make the investment of a mortgage these days anyway.

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  • 01
    peach @peachontwitta *just paid off my car and one of my credit cards* Ohh! A credit alert! I bet this will be good! Follow
    via peachontwitta
  • 02
    ... A Your Credit Rating has changed from Exceptional to Very Good. Yesterday Your FICO® Score has decreased by 39 points. Yesterday
    via peachontwitta
  • 03
    @peachontwitta 1d peach Replying to @peachontwitta I know this is normal. I am simply saying it's stupid. thanks! .
    via peachontwitta
  • 04
    Kari @KFryyy24.1d Replying to @peachontwitta I feel the pain. It is a dumb system, but luckily it should bounce back! Congrats on paying off your car AND a credit card!!
    via KFryyy24
  • 05
    Michelle Nighten... @BoostBizOnline Follow Replying to @peachontwitta Yep! I have no debt and simply CANNOT get to 800 or past it. I use a credit card for day to day expenses and pay it as I go, like a debit card, just to have a semblance of a credit history. I can't break past the 760s. And I've seen my score go down at nonsensical times like this too. It's ridiculous! But I'm certainly not taking on debt just to bump my credit score.
    via BoostBizOnline
  • 06
    Flop Bop no. 1... @corneliast_lor Follow Replying to @peachontwitta apparently if you buy stuff from Amazon and use like Affirm to pay it off in installments (not huge purchases either, as little as $50) it boosts your credit score up
    via corneliast_lor
  • 07
    JO @JBiscuite . 1d Replying to @peachontwitta It's simple. Don't borrow too much but don't borrow too little. Never ever pay late, but also never ever pay early.
    via JBiscuite
  • 08
    Albert "Al" Buterol @MikeWasBad Follow Replying to @peachontwitta I dont know about the intricacies of credit ratings but congrats on the car payoff!
    via MikeWasBad
  • 09
    Mark That Law Gu... @MarkThatLawGuy Replying to @peachontwitta Credit scores are a scam Follow
    via MarkThatLawGuy
  • 10
    Phillip McKraken @Pat McGroin99 Replying to @peachontwitta and @youlooklikeamom It's a rigged system Follow
    via PatMcGroin99
  • 11
    Luke Styrofoam @newhendrix92 Follow Replying to @peachontwitta this happened to me a couple weeks ago, I paid off a large amount of debt and then my score dropped like 53 points no clue
    via newhendrix92
  • 12
    John Wilson ♥ @therealjcwilson Follow Replying to @peachontwitta Funny how that works. I own everything I have outright. House, 2 late model cars and 33' camper. I maintain 3 low balance credit cards. My credit is POOR.
    via therealjcwilson
  • 13
    Just Another Soft... @JASoftEng Follow Replying to @peachontwitta Credit score is never about how credible you are, but about how profitable you are to financial institutes...
    via JASoftEng
  • 14
    CK32 8 Replying to @peachontwitta Just another way for the establishment to inform you that they are now upset you aren't paying them much interest. @110010100 Follow This just shows that they are happy as long as you are always in some form of debt generating interest income for them. They just want to have a steady source of income from you.
    via __110010100__
  • 15
    Primetime @primetimesc2.1d Replying to @peachontwitta Having no debt is terrible for your credit, apparently
    via primetimesc2
  • 16
    You I Quit @fuckyouiquit . 1d Gotta love this very real system we base all of our lives on
    via fckyouiquit
  • 17
    Whip It Out @The_unaBØmber - 22h Credit may be the biggest scams next to insurance. To build it, you gotta go into debt. You pay off a non-reoccurring account (car, house, loan) it drops. You don't use it, it drops. You use too much of it, it drops.
    via The_unaB0mber
  • 18
    @liIpochaco - 17h every time i complain about how ridiculous credit scores are my grandma goes "well that didnt even exist when i was growing up" and suddenly i'm filled with 7000x more rage
    via liIpochaco
  • 19
    Nikita Gill @nktgill. 22h The wildest thing about society is you have to be in some form of debt to show you are trustworthy enough to be able to get out even more debt in the form of a mortgage.
    via nktgill
  • 20
    Xtephie @StephieSparda Follow Credit scores are unironically one of the worst creations in human history.
    via StephieSparda
  • 21
    The National Razor @NtlRzr. 13h reminder that credit scores are not a measure of how likely you are to pay back a loan, they're a measure of how *profitable* lending you money is
    via NtlRzr

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