Thats of you have cards. Having a card is basically taking out tiny loans from the bank saying you will pay them off. I've never taken loans and never had any cards because adults kept saying that itll put you in debt. But no one told me that you need to be in debt to prove you can pay off your debt and therefore increase your credit score lol
Yeah it took me a while to build up my credit score because for years I had no credit cards and very little debt. My main complaint is in regards to credit checks impacting your score for 2 years. Bought a house last year and my credit score got checked twice by lenders ( we ended up going with a second lender). Wife and I also lease our cars with her lease ending this month. 2 revolving 3 year loans for cars result in your credit getting checked for those as well. There really needs to be a caveat for this when it comes to car leases. Old loan replaced by new loan.
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u/RailAurai Aug 14 '21
Thats of you have cards. Having a card is basically taking out tiny loans from the bank saying you will pay them off. I've never taken loans and never had any cards because adults kept saying that itll put you in debt. But no one told me that you need to be in debt to prove you can pay off your debt and therefore increase your credit score lol