Comments on: How Do Credit Scores Work and How Can I Improve My Score?

By: Alyssa Fischer

Alyssa Fischer — Tue, 15 Jun 2021 16:04:39 +0000

In reply to J. Mason.

Sometimes a variety of types of debt can help to improve your score, but in all honesty, the consistent habits will eventually build and your credit score will go up. I wouldn't take on more debt over a credit score unless it's holding you back financially.

By: Alyssa Fischer

Alyssa Fischer — Tue, 15 Jun 2021 16:03:38 +0000

In reply to CG.

850 is incredible! I wouldn't stress about hitting 900 because it's really not going to change much in your financial life even if you do get there.

By: J. Mason

J. Mason — Fri, 04 Jun 2021 04:01:03 +0000

I have had no loans of any kind for many years but have two credit cards which I pay in full every month. Someone gave the opinion that I should take out a small loan and pay it off in order to establish a credit rating. Is this so?

By: CG

CG — Fri, 04 Jun 2021 00:04:56 +0000

I've been trying to get to 900, but I have been stuck at 850 for years. I guess that's as high as I'm going to get. I don't seem to be getting any offers for better products than anyone else. So I think the score isn't very useful for me.

By: Alyssa

Alyssa — Mon, 23 Jan 2017 14:30:48 +0000

In reply to ZJ Thorne.

Hahaha we're not as perfect as we seem to be ;)

By: Alyssa

Alyssa — Mon, 23 Jan 2017 14:30:34 +0000

In reply to Stephen.

Unfortunately car loans definitely affect your credit scores. At first they will be okay, but once you start making payments, it may drastically affect your score! Pretty crazy, I know! I'm actually not sure about mortgages though.

By: ZJ Thorne

ZJ Thorne — Sun, 22 Jan 2017 05:51:10 +0000

Only 14% of y'all? I guess I assumed Canadians as a whole were doing better without the risk of medical bankruptcy. Time to keep learning about the neighbors to the North.

By: Stephen

Stephen — Sun, 22 Jan 2017 02:11:07 +0000

I never knew the utilization of credit was a factor. How would that work for large loans and financing like mortgages and car loans? They wouldn't be at 30% for the vast majority for a very long time.

By: Alyssa

Alyssa — Wed, 18 Jan 2017 15:20:15 +0000

In reply to Francesca - From Pennies to Pounds.

Thanks, girl! It absolutely helps. It doesn't matter what size the payments are, what matters is that you make them (and on time). I never have anything left on my cards at month end.

By: Alyssa

Alyssa — Wed, 18 Jan 2017 15:19:21 +0000

In reply to Devon.

Thanks Devon! Yes, that is awesome to hear! I'm always so thrilled when someone knows how they're doing in this sense because it truly is important. Doing it around your birthday is the best idea! Good luck, and happy early birthday money valedictorian ;)