I always assumed credit scores were an integral and historic part of the American financial system.
They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.
Everyone has some great points about credit cards in here. Just like to point out that despite how good they are most of you missed the point completely.
If my credit score goes down 50 points for a reported balance, once that balance is paid off, not returning to the original score is simply absurd. It’s a penalty just for existing in the system.