I have 4 credit cards and 2 auto loans. My credit score has been stuck at 723 eventhough my debt is less than 9%! The score hasn't moved for 3months now. Any tips on how i can get things going? Thanks all.
Discover IT --7500 limit
August Blance = $450
Sept balance = $441
Oct balance - $435
Amex = 6K limit PIF each month
Chase Freedom = 1500 limit PIF each month
Fairwinds Credit Union CC = 1K limit PIF each month
My score is maximized when my card that reports a balance is at 1%.
Do your credit reports reflect the balances you posted here?
Is the 723 a FICO?
Do you have any baddies reporting?
How new is your newest reporting account?
No baddies. 3 of the cards I got last May. Is that what's causing it to not go up? I'll try to set my balance to 1% next payment and see how it goes.
You don't get points for paying on time. At some point you'd hit a ceiling on your score based on your credit situation. Definitely get all CCs to report $0 and let the one hit 1%. Play around with that balance and see if there's any improvement. Some see gains at 1%. Some at 5%. It's a YMMV-thing. Something else is holding your score back. It could very well be your length of history/AAoA. Your accounts are new too and that's a score drain for the first year for many.
With 3 cards just over a year old AAoA probably is holding you back. Are you planning on apping for anything? If not, relax and let things age.
And the FICO algorythm will amaze you at when the score will go up. I've had several inquiries over the last year to hit the year mark, and none of them granted me a point at the mark. Then just yesterday another inquiry hit the year mark and BOOM I gained 11 points. What was so special about it vs all the other inquiries?.....felt so random and unexplainable.
I guess what I'm saying is sometimes it just doesn't make sense why the score doesn't move, and then one day a new account hits a vital month change, or a inquiry hits a year, or an AAoA change, or just a rebucketing, and boom the score flares up out of nowhere.
So what I've learned is to just keep playing the "general" rules laid out on this forum and wait for that random score boost that makes no sense at all..........Lol.