225
you are viewing a single comment's thread
view the rest of the comments
[-] Karmanj@lemmy.world 3 points 1 year ago

Kept scores like it was a video game.

[-] CareHare@sh.itjust.works 1 points 1 year ago

My country doesn't really work with credit scores, so I don't really understand it. How can you ruin and fix your score like that?

[-] Karmanj@lemmy.world 2 points 1 year ago* (last edited 1 year ago)

In the U.S. there's a system that reports all of your financial information to 3 different credit bureaus. When you make an owed payment late ,don't pay for something, apply for too much credit or just not even use credit your credit score shrinks. By paying bills on time ,having more available unused credit and just doing that overtime makes your score go up.This is a simplified explanation and I'm no expert ,but that's the basics of it.

[-] CareHare@sh.itjust.works 1 points 1 year ago

The less you spend the better? Goes a bit against economic progress. But I'm probably not really getting it. Thank you for your explanation.

[-] Karmanj@lemmy.world 1 points 1 year ago

Sorry ,that was a broad explanation. Using only about 1/3rd of your available credit is a plus.no matter if that's $100 or $100,000. The other crazy part is the worse your credit is, the more things that require credit costs.So it's a bad cycle to fall into and helps keep people broke.

this post was submitted on 08 Jul 2023
225 points (99.1% liked)

Ask Lemmy

26665 readers
1290 users here now

A Fediverse community for open-ended, thought provoking questions


Rules: (interactive)


1) Be nice and; have funDoxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them


2) All posts must end with a '?'This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?


3) No spamPlease do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.


4) NSFW is okay, within reasonJust remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com. NSFW comments should be restricted to posts tagged [NSFW].


5) This is not a support community.
It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.


Reminder: The terms of service apply here too.

Partnered Communities:

Tech Support

No Stupid Questions

You Should Know

Reddit

Jokes

Ask Ouija


Logo design credit goes to: tubbadu


founded 1 year ago
MODERATORS