Score improvement slows as the score gets higher?

[noobafterbk]

I'm working on my score, I have mid 660's across the board and have cleaned up my files, but I have noticed that score improvements have slowed. I was excited by the initial jumps and improvements and I just wonder as your score improves do the score changes slow down and rely more on AAOA etc etc 

[BrianKill]

Yes.

Once you get the three to five revolving cards, an installment loan, and make sure you have a store card, and also get a mortgage, and then keep your utilization around 1% to 3%, and you have gotten rid of the baddies you can get rid of, all that is left is time.  So the more time that passes from the last late payment the score will go up.  And as the AAofA goes up the score goes up.

[takeshi74]

When you're cleaning up your reports you're addressing items that have a significant negative impact for one thing.  Once you don't have any of those you won't see such drastic scoring improvements.

[TroysMom1]

Great topic...I've been wondering the same thing myself. When I first started tracking my credit progress (through myFico.com), I'd get giddy everytime I received an alert, and down right ecstatic when there was a bump in my credit score.  I have paid off quite a few credit cards and seen about a 30 point increase since April, but now I am not getting the score increases as often and I'd like to apply for a low interest loan through my credit union to consolidate my remaining high interest rate cards.  I just keep waiting for another surge in my credit score that appears to be slow in coming.

[NRB525]

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@BrianKill wrote:

Yes.

Once you get the three to five revolving cards, an installment loan, and make sure you have a store card, and also get a mortgage, and then keep your utilization around 1% to 3%, and you have gotten rid of the baddies you can get rid of, all that is left is time.  So the more time that passes from the last late payment the score will go up.  And as the AAofA goes up the score goes up.

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This is not mandatory. Only get a store card if you honestly will use the card for a specific reason (5% at Target would qualify). A store card is a revolving credit line, no different from any regular credit card, except more restrictive in where it can be used. Therefore, it is not a separate class of credit to be sought out. Revolving loan, mortgage, installment loan, yes, those are classes of credit.

And yes, once your score reaches a stabilization point of removing baddies, keeping utilization under control, the cardholder has done all that is possible to that point in time. From then on (until baddies drop off) only the passage of time will improve scores.

[Revelate]

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@NRB525 wrote:

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@BrianKill wrote:

Yes.

Once you get the three to five revolving cards, an installment loan, and make sure you have a store card, and also get a mortgage, and then keep your utilization around 1% to 3%, and you have gotten rid of the baddies you can get rid of, all that is left is time.  So the more time that passes from the last late payment the score will go up.  And as the AAofA goes up the score goes up.

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This is not mandatory. Only get a store card if you honestly will use the card for a specific reason (5% at Target would qualify). A store card is a revolving credit line, no different from any regular credit card, except more restrictive in where it can be used. Therefore, it is not a separate class of credit to be sought out. Revolving loan, mortgage, installment loan, yes, those are classes of credit.

And yes, once your score reaches a stabilization point of removing baddies, keeping utilization under control, the cardholder has done all that is possible to that point in time. From then on (until baddies drop off) only the passage of time will improve scores.

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Have you seen data that explicitly states that mortgages are seperate?  

I know we've had that theory for a while and I know Equifax used to break it out as a seperate category in their credit reports when you pulled from them directly.

+1 on the store cards though, if you don't shop there, or if the rewards are less than what you'd get from something else, don't apply for it.  Junk tradeline in that scenario.