Building credit for teen and can't get my credit score up! HELP!!

[butterflygirlinluv]

Hello everyone!! 

A couple of questions that I am hoping someone can assist me with!

I have been trying to rebuild my credit for 6 years now and cannot get higher than 650. It has recently just dropped to 608 out of the blue for no reason. I just paid off majority of my debt back in February. I have about 1200 in CC debt. I have searched and searched and just don't understand why it drops when I haven't been late and why I cannot raise the score.

My second questions is HOW to build my 19 y/o credit SO he can get student loans in his name? I have recently put him as an AU on one of my CC, but how long will it take for him to build? Do I have to wait to pay off the CC unitl the CC company sends balance to credit bureaus?

PLEASE HELP!!

Thank you,

Jenn

[myjourney]

Hi Jenn,

As far as the drop in score is it possible a old TL fell off your CR's?

Get your son a secured card and start building credit the AU's will help a lot 

In 8-12 months seek an unsecured card 

https://www.sdfcu.org/emv-creditcards

Pros

No HP for approval

Great APR 

no FTF

Cons 

Won't graduate 

[gdale6]

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@butterflygirlinluv wrote:

Hello everyone!! 

A couple of questions that I am hoping someone can assist me with!

I have been trying to rebuild my credit for 6 years now and cannot get higher than 650. It has recently just dropped to 608 out of the blue for no reason. I just paid off majority of my debt back in February. I have about 1200 in CC debt. I have searched and searched and just don't understand why it drops when I haven't been late and why I cannot raise the score.

My second questions is HOW to build my 19 y/o credit SO he can get student loans in his name? I have recently put him as an AU on one of my CC, but how long will it take for him to build? Do I have to wait to pay off the CC unitl the CC company sends balance to credit bureaus?

PLEASE HELP!!

Thank you,

Jenn

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FICO rebucketing is most likely the cause. As old baddies drop off or get deleted you are put into a different group of people that have the same credit characteristics that you do. There is always a reason why someones score changes (up or down) even when the data may look the same to you and rebucketing is normally the cause.