Fun fact: I've never had a credit card nor even a penny of debt in my life, I have massive savings compared to the average person, and been stable in a well paid job for 7 years. But my credit score just dropped 55 points to 260. Lol.
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Your credit score is not your credit worthiness overall, it's more how much debt you have assumed and not defaulted on.
Either way it's my understanding that the low number will restrict me when it comes to loans and credit cards significantly, surely
If you do need a loan, you will need to find a bank willing to verify your creditworthiness the old-fashioned way using the metrics you mentioned up front.
Where there's a will, there's a way, I suppose!
Something is not matching in this equation, haha!
Yeah right? Never bothered me before since I Never needed huge purchases like cars or houses. But now it might matter a bit, I'm starting to see the nonsensical nature of it all...
Such a crazy thing. 👀
I believe it's because you don't have a credit card. At least here in Brazil, it works a little like this. The more credit you use, the more you "earn credit", a kind of social capital, indicating that you are capable of issuing debt and paying it on time.
Yes, I know, it doesn't make any sense. But I think it's a way they found to 'track' what you use, and how much you consume, and consequently increasing your potential Score.
I vaguely get its process because the one time I attempted to get a credit card, shortly after graduation, they said i couldn't get one because I had no credit score. I asked how to I get a credit score, they said by getting a credit card.
So I left...
Hahahahah what a paradox...
Clown world XD
This is very rare, especially if we compare it to people in Brazil.
But that's weird hahaha... How did your score drop?
I'm really not sure how it dropped, but I know it's particularly low because I never had credit, I live abroad, I never registered to vote, and all the other weird things they seem to require - so it was already rock bottom.
Hopefully it means it can only go up quickly though
Oh! I got It.
Similar thing happened to me, however I always maxed out my credit in the past, but a few months back I decided to pay off all my debt and close down a few of my credit cards too boot, and boom,they hit me hard for going off credit.
650 is still pretty good though. I've never seen mine above 320-ish. I've never experienced a life of 'maxing out' credit, I just have to buy things with money I actually have -__-
Yup hoping it levels out here and starts to rise again!