Making regular payments on a long-term purchase shows responsibility and ability to pay, so it can increase your credit score
What is credit score?
A credit score is a number between 300–850 that depicts a consumer's creditworthiness. The higher the score, the better a borrower looks to potential lenders.
Making regular payments on a long-term purchase shows responsibility and ability to pay, so it can increase your credit score. Consistently paying off your balance also increases your credit score. However, repeatedly making only the minimum monthly payments will decrease your credit score.
Hence making regular payments on a long-term purchase shows responsibility and ability to pay, so it can increase your credit score
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