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Early_To_Risa@sh.itjust.works

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Anon tries to understand credit scores (sh.itjust.works)

submitted 2 days ago by Early_To_Risa@sh.itjust.works to c/greentext@sh.itjust.works

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[–] partial_accumen@lemmy.world 3 points 2 days ago

Paying your utility bills on time for your whole life will not raise your credit score one point.

FICO Credit scores measure exactly one thing: How good are you at regularly paying on debt over time? Thats it.

Utility bills are generated and cleared every month (assuming you pay). If you got in a financial jam, you could probably lower how much HVAC you use or lower your water usage while times were tight. You can't do that on installment loans. The full loan payment is due every month. Utility bills are not a great measure of the ability to regularly pay on debt over time, which is what FICO scores measure.