A Crash Course Guide To The World Of
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A Thread:

Now what is a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Credit Scorehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> you may ask?

Credit scores can be used by banks to determine whether or not they are willing to give you a loan, as well as the scale of the loan that they give you.

Bad score: no loan
Good score: 10k
Great score: 30k

Your best bet is to always stay above a 700

Credit scores are also taken into considerations when leasing a apartment/house/car
A person isn& #39;t gonna want to lease to a someone who has a history of not paying back money on time, or at all. A credit score will help in determining this.

So how do you build a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Credit Scorehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

The easiest way is with a credit card

Now what is a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Credit Cardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

A credit card is ready to go money that you can spend at any time. THIS IS NOT FREE MONEY. Think of it as tiny loans for purchases, so you will need to pay it back.

And paying it back late, or not at all, can have negative effects on your credit score

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">a bad credit score can ruin your lifehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

But that seems scaryhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👻" title="Geist" aria-label="Emoji: Geist">

It& #39;s not really, you just need to be careful and remember this:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">if you can barely afford something you can& #39;t afford ithttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

So how long does it take to build a
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It takes 6 months to form a credit score after getting a credit card.

Okay so how do I pay it off?

You can link your credit card to your personal bank and pay off your purchases that way

So your basically paying for your credit card with you debit card

What& #39;s a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Debit Cardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

This is the card with your personnel money on it. So whenever you get a paycheck and it goes to your bank account. A debit card gives you access to that money.

But wait if I have a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Debit Cardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> why do I need a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Credit Cardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

Like I mentioned earlier you need to have a credit score to take out a loan and to get an apartment/house/car

So what if I take out a https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">loanhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> how do I pay its back?

I& #39;ll use student loans as an example

You hear people talking about having 150k on student loans, now most people will not be able to pay that off in on go, so they pay it back in installments

So maybe you pay 500 every month for the next 25 years until you eventually pay it off.

But I& #39;m https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">15https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> how does this affect me?

Well what you can do, is ask your parents to take out a credit card in your name so they can start building you a healthy credit score, so it& #39;s already there when you are ready to move out and enter the world of https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">Adultinghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">

Thank you and https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">good luckhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken">