18 Screenshots That Prove Credit Scores Are Actually Really, Really Unfair
*Breathes* *Score drops 60 points*
If you live in the US and are over 18 years old, chances are you have a credit score.
Basically, credit is an agreement to borrow money and make purchases but pay back the entire amount within a certain timeframe. A credit score basically tracks and "scores" you based on how well you're able to do that, and helps lenders assess your level of risk as a borrower. In the US, a strong credit score is crucial for opening a new credit card, buying a home, etc.
And TBH, they're kinda awful and (IMO) don't actually help anyone. Here's why:
Finally able to pay off your student loan and be in less debt? That's gonna hurt your score:
Don't worry, making consistent payments can help raise your score...until you get a little TOO CLOSE to paying something off:
And make sure not to spend too much at once (even if you pay it off immediately):
Chase congratulating me on my credit score going up. It dropped 37 points a few months back because I put seven thousand dollars on a credit card that I paid back in full the next day (no late payments). Apparently, large charges to your card can also hurt your credit score. I hate it here. from ABoringDystopia