u/Zaden91

From my credit report below is a factor that is negatively impacting my credit score. Both my wife and I have paid off cars and no loans. They claim that not having a loan is a credit risk yet in reality its just a tool they use in order to try to convince you to get into debt.

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Lack of recent installment loan information

FICO Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.

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Hey look everyone this guy can live life without having a loan! That means he is a credit risk! Lower his score!

What they really mean is let's lower his score and tell him its a bad thing to not have a loan so then we can try to trap him into debt.

I submitted a SCRA request for my Citi Diamond Preferred credit card and to my surprise they have lowered interest to 0% until the end of my active duty term!

I just want to play the game. I don't want to read through 50 dialogue options each quest and try to figure out what response to make.

I have about 40k in credit card debt across 3 cards. I have been attempting to consolidate the debt into a personal loan and/or 0% intro apr cards but I just keep getting denied. I have never missed a payment of any type against my credit. I have no other debt besides these cards. I had around an 800 credit score before I started using the credit cards 2 years ago but now it is 630 according to Chase. I feel like the whole credit score thing is a scam. Just a tool to get you locked into debt and then hinder any avenues for you to escape. Regardless, the interest on my cards is a killer. One of my card's minimum payment is $850 but the interest alone takes over $500 of this. Does anyone have any experience with such a situation? Want to get out of this burying interest.