Comment Mission? (Score 1) 148
What, exactly, is your core mission?
A credit score is your history of repaying loans.
It includes your loan history -- but is not based entirely off your payment history, this is one component of many that contribute to your FICO
If you repay them you score higher. If you pay them off early you score even higher.
Incorrect, FICO scores are calculated by a number of things, including your average account balance, total utilization, and account length. So paying off loans early can hurt your credit score, especially if it lowers your average account length
Your credit limit is based on your income.
Wrong again. Income has no bearing on your credit worthiness. Your ability to repay contributes to your credit worthiness. Your income is not the same as your ability to repay
Low income people can't get high value loans.beacuse the risk of them not paying it back goes up.
Again, untrue, see above.
Not paying back loans also lowers your limit.
Creditors often reserve the right to change the terms of a unsecured credit line. They have the ability to raise or lower your credit lines typically at any time, for any reason. This includes lowering your limits because you've missed a payment, or closing your account indefinitely
I know a girl who in three years went from 600 to 820. Credit score. How? She dedicated herself to paying off all her debts, kept them paid down and early, living within her means.
At the same time she also bought a house worth 3 times her old house. Refinanced student loans to lower rates etc.
Anecdotes do not calculate your FICO.
The trick is instead of drinking shopping or other vices she paid back debts.
The last time I bought a new car my credit score went up 20 points. Taking me to briefly to 830.
As I was under utilizing credit I had.
Both of our incomes are under $60k a year. Proper budgeting allows both fun, and living in control of debt.
Anecdotes do not calculate your FICO.
They settled a $22 million class action lawsuit, but they earned $5.2 billion last year. I don't think 0.4% of their income really hurts them much
Experian's settlement of 22 million, is equivalent to a $124 to your average American
*Based on the median single income [not household] in America is roughly $31.1k per year in 2017
They leaked the personal information of millions. Their consequence was less than most speeding tickets to your average American.
If all else fails, lower your standards.