Don_Dickle@lemmy.world to No Stupid Questions@lemmy.world · 3 days agoIf a person buys something with a CC to help their credit score, and in a couple days returns it, does that help or hurt your credit? Why?message-squaremessage-square20linkfedilinkarrow-up137arrow-down15
arrow-up132arrow-down1message-squareIf a person buys something with a CC to help their credit score, and in a couple days returns it, does that help or hurt your credit? Why?Don_Dickle@lemmy.world to No Stupid Questions@lemmy.world · 3 days agomessage-square20linkfedilink
minus-squarelIlIlIlIlIlIl@lemmy.worldlinkfedilinkarrow-up26·3 days agoit doesn’t help nor hurt, because it doesn’t show that you’re any more reliable in repayments, which is what credit score is. Reliable repayment and % utilization are what move credit scores
minus-squarefuckwit_mcbumcrumble@lemmy.dbzer0.comlinkfedilinkarrow-up7·3 days agoIf you’re tricky you could buy the thing before the end of the month. Then return it afterwards. Stonks.
minus-squareCmdrShepard49@sh.itjust.workslinkfedilinkarrow-up2·3 days agoUtilization has no memory either so that will reset every month. Like for example you have high utilization for 6 months straight and pay it all off, in month 7 your score will look like you’ve always had low utilization.
it doesn’t help nor hurt, because it doesn’t show that you’re any more reliable in repayments, which is what credit score is.
Reliable repayment and % utilization are what move credit scores
If you’re tricky you could buy the thing before the end of the month. Then return it afterwards.
Stonks.
Utilization has no memory either so that will reset every month. Like for example you have high utilization for 6 months straight and pay it all off, in month 7 your score will look like you’ve always had low utilization.