How my credit file and score is doing?

A few months ago, I wrote that I was looking into investing some time and money to improve my credit score if I may need to borrow to invest in the cryptomarket. Still, I discovered that at that time, I had a very thin file and that I didn't have enough score points to do just that apply for loans to invest into Bitcoin and other altcoins. I understand that if you want to invest in cryptocurrencies, you should only do it with money you can afford to lose, and indeed lent out money is not money you can afford to lose sho. Don't take my advice into account, and don't repeat at home what I am doing with my credit; if nothing more, take it as a lesson learned without having to suffer the consequences.

It has been at least one year since I started putting attention into my credit, and it has improved but not to the point where I could get any meaningful loans for investing if nothing more what minor points I have are only worth if I keep on building my credit and nothing more. The few accounts or lines of credit I have should be only used to pay for things every month and be paid in full each month and for emergencies.

I started with 720 or so but just two credit lines, so my file has thin, and continues to be because I only have six lines of credit and the most credit as a whole I have is $5000.00, which means banks are not willing to lend me any more considerable amount that could make any difference. Because I open new accounts, I had some inquiries that mean for the next year, I won't be able to open new credit lines because they will all get declined for the simple reason that having too many inquiries makes you appear like if you are seeking credit and banks don't like people seeking credit.

Last year was the year to get more credit lines to have more than six accounts, 2022 will be the year to increase the limits on those accounts, and I will have to wait at least one full year to apply for another new card or loan. Still, I will try to increase my limits to get a more significant line of credit and probably with less interest than I am paying.

I will also be paying my laptop with credit because I ruined the first laptop I bought in December; I purchased two laptops. One was supposed to be my writing laptop to replace my old aging laptop, but I ended up messing up that one, and I had to get a new one, but that one was with credit. At least my computer will help me build a credit history while I wait this year to end and improve my score. Accidents or incidents happen, so I am glad I had a way to get a new device in a hurry, even if now I am stuck paying up my mistake with interest.

By next year around this same date, 01/11/2021, I will have the same number of lines of credits, but I will have probably more credit on each line, at least double what I have today. I am predicting around $10,000.00, and many of the inquiries I acquired will start to get deleted just a few months after it, and probably my score will be around at least 760 or more if I don't miss any payments which I am not planning to do any time soon. Hopefully, within the next two years, I will see an excellent opportunity to invest lent out money, but if not, I will invest in improving my life.

If I don't get to lend and invest, I will at least have some lessons and probably will have a way to improve my way of living; just because I am working on my credit score to get some investment money doesn't mean I can't use that money for something else. I believe debt is a tool that can improve your life. You have to be careful with it and mess things up worth what they are now.

I will let you know once I have updates on this endeavor, and building credit is a long-term goal, so news won't come up that often unless the following news is that I mess it up and I am in deep trouble.

If you wish you can read my previous articles about this topic by following the links below.

Buying Bitcoin Cash with credit.

I am trying to improve my credit score and credit file.