Does anyone have in-depth knowledge of credit score?

shedontlove-U said

I want to build my credit score to access loans more easily and quickly.

I've heard that you should spend with your card, but there are also other people who say you should make as few purchases as possible.

I'm not asking for a cheat code (if you have one, I'd be happy if you shared it).

I'm asking for advice that you've seen make a big difference to your credit score.


Thx for helping 🥹

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If this is specifically referring to US credit scores, it's tricky because a credit report is actually an average of reports made by three different agencies (Equifax, Experian, and TransUnion). Each has different expectations and what benefits one can sometimes hurt others. The biggest example of this is paying off a debt entirely.

It's important to always have *some* debt that you're regularly paying down. Whether it's a car payment, credit card, student loan, etc. As long as you are consistently making payments, it will gradually improve. There are some things that are out of your control. The most notable is what is called credit age. Basically how many years you've been actively in the economy using credit.

The tldr is that if you always have some debt but always make the payments, your score will (slowly) go up over time. If you're in a hurry, some people recommend working with a company called Chime. They have a card specifically designed for building credit that a lot of younger people find beneficial, but I can't vouch for them personally.