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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Credit score can be meaningless.  If you don't incur debt and have lots of money you may have a lower credit score than a person with debt and much lower savings....[/quote]

My credit score got dinged pretty badly when I tore up all my credit cards and paid off my car. Why is that? I had to reopen a card.[/quote]

You need a low debt to debt limit ratio and you made your debt limit plummet. You might have also tore up your oldest card, which hurts your score. The ideal is a small number of high limit cards that you 'vr had for a long time, each if which having a tiny balance on them that you pay regularly.[/quote]

The system is messed up ... for example, I travel a lot for work - internationally - but my company doesn't have a corporate card, so we all pay for travel out of pocket then get reimbursed.  My old job, at which I was making far less money, had a corporate card.  When I switched to the new gig, all of a sudden my "credit utilization ratio" jumped because I was carrying more credit usage per month than previously, even though it was paid off in full every month.[/quote]

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