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What's a scam that's so normalized that we don't even realize it's a scam anymore? (lemm.ee)

submitted 11 months ago by mastermind@lemm.ee to c/asklemmy@lemmy.ml

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[–] crime@hexbear.net 75 points 11 months ago* (last edited 11 months ago) (15 children)

Credit scores. It goes up when you have more debt and goes down when you pay your debt off, but it goes down if you ask for a loan and it goes down if you even try to check what it is.

Absolute nonsense.

[–] CoderKat@lemm.ee 14 points 11 months ago (7 children)

It doesn't usually go down when you pay debt off. In fact, paying off all your credit card debt every single month is a great strategy that will get you a good credit score. And is ideal, because that way you avoid the high interest rates that credit cards have.

It also doesn't go down if you check it with sites like Credit Karma. I believe what you're thinking of is hard checks, which loan issuers use and they can slightly ding your score as they represent you about to get a new line of credit. Though honestly that part is pretty sketchy, since it applies even if you don't get a new loan.

[–] cynetri@midwest.social 11 points 11 months ago (4 children)

It does go down if you pay things off early, though

[–] Firemyth@lemm.ee 5 points 11 months ago (1 children)

What? Since when?

[–] crime@hexbear.net 6 points 11 months ago (1 children)

1989

[–] Firemyth@lemm.ee 1 points 11 months ago

Oh man- here I am having paid off every debt I've had early and never being punished for it. Guess your response of 1989 just really showed me.

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