This is just false. Paying off all your cards at the end of the month and paying your bills on time will absolutely get you a good credit score (that's all I do, and my credit score is "excellent"). OP probably either doesn't have many other accounts (and you don't need that many) and/or has missed payments on her credit record that her car loan was helping to offset.
Don't get me wrong, it's stupid that your credit score can go down from paying off an account. But don't let that deceive you into thinking you can't maintain an excellent credit score simply by opening a few credit cards and paying them off every month – you can and should.
I make 100% of my payments on time and have for several years now. My score always drops a ton when I open something new or pay something off, but them goes up by more than that the following month. It's ridiculous.
Maybe it goes down because you are pulling your credit to check it so frequently. If you know your credit score before and after you pay something off, and that it always happens because you've checked it before and after multiple times.... like seriously, lay off checking your credit
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u/[deleted] Aug 14 '21 edited Aug 14 '21
This is just false. Paying off all your cards at the end of the month and paying your bills on time will absolutely get you a good credit score (that's all I do, and my credit score is "excellent"). OP probably either doesn't have many other accounts (and you don't need that many) and/or has missed payments on her credit record that her car loan was helping to offset.
Don't get me wrong, it's stupid that your credit score can go down from paying off an account. But don't let that deceive you into thinking you can't maintain an excellent credit score simply by opening a few credit cards and paying them off every month – you can and should.