I use to be obsessed with my credit score, it was what I used to measure my financial responsibility. I mean its like your report card in college, I thought that if the number was low, I wasn’t being that good with money. But then I realized I was completely wrong.

You see this my credit score was at 811, which means I had a higher credit score than most people that are in their 70s, I felt like I was doing great. But now my credit score is 744, and in the next few month, I might not have one at all.

So in this video, I’ll explain to you why my credit score went down and why its actually a good thing.

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High Credit Score

You know when people say don’t judge a book by its cover

Well never judge think that a person with a high credit score is doing good life

I think for the most part high credit score are deceving while people with bad credit score you can usually tell whats going on ( more on that later )

When my Credit Score was 811

Number of accounts: I had about 15 different account open, 8 were credit cards I think and the other ones where between students and some other stuff

Debt: I owed a little over 40k dollars

Opportunities: and banks were offering me lines of credit of 20k and up



Question:

Why is that when you are debt and paying your bills

Companies love to offer you more money

But when you don’t have debt, they don’t offer you much



Response:

A credit score isn't a report card on your financial health

It’s a report card on your ability to manage debt

The only way to maintain a credit score is by having debt

But that doesn’t mean the only way to buy the things you need, is to have a credit score (because there are other ways )



Part 2 ( Credit Score Dropped to 744 )

Now if someone told me, that their credit score dropped to 744 from 811

I would follow up by saying, what did you do, how did you mess up

Did you stop making payments or did you borrow to much or did you open up a nother credit card

I would basically assume they messed up financially to go through a 67 point drop



But what really happened with me was the opposite

I paid off all my debt

I closed all my credit cards

And I only use debit cards



So from a personal financial point

I’m obviously a lot better off now, wihtout the debt, with the credit card and without having to worry about owng someone mney

But remember credit score don’t show your finanical health, they show your debt managing skills currently atleast

So if I no longer have anyhting to report, my credit score will continue to drop



Part 3 Consequences

Obviously a lot the credit cards offer I had, to get over 20k, went away ( and I didn’t need them anyway)

Next time I buy my next house, they’ll have to manually look at my finances to qualify me ( not just a credit score ) and I think it’ll make me a better borrower because I won’t have any other debt

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.