If you missed story #8 in the series, “An Instant 20 Point Increase Into The 700 Club!“…
Click —>> HERE or click the image below to read our definitive viewpoint on whether or not tradelines are a scam…
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STORY #9: My Credit Scores DROPPED After Paying Off My Student Loans
Remember, I told y’all about my 2019 bankruptcy, right? Since going through that horrendous process and rebuilding my credit again, I have paid attention to every single aspect of my credit.
Obviously, student loans aren’t included in bankruptcies, so I still carried that debt on my credit reports.
Back then, I had the brilliant idea that I’d pay off those student loans and my scores would see an increase, right?
After all, Dave Ramsey is right to a certain extent when he says that your credit score is your debt score.
So, tell me why I paid off $60K+ in student loan debt only to see my scores DROP?. The biggest drop was a 13 point drop from Transunion.
I.WAS.LIVID.
You mean to tell me I done volunteered to pay off my entire student loan balance and these stupid scoring models gonna punish me for it?
I didn’t understand that paying off accounts which have been reporting for decades actually reduces the overall length of your credit history.
Kinda silly but also it kinda makes sense lol.
So, yeah, I came to my senses about a year later after talking to Thomas and I requested that money back.
I found out that student loan payments made during the pandemic were 100% refundable.
It took like 5 months for them to do it, but I received the money back.
And no, my scores didn’t increase once the debt was added back.
I was pissed off again lol. But, hey, such is life.
As you can see a lot of my credit woes have come from knowing just enough to be dangerous…mainly dangerous to myself!
You can avoid all of the mistakes I made by learning from our next Mindset To Money Master Class featured expert Dominique Brown.
Dominique has 1,000+ testimonials and he’s an actual, accomplished credit and personal finance expert.
At Your Service,
Danielle Pierce
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