Credit statement/score... Help please!

[Anonymous]

So I just got my credit score checked. I just got a vehicle andmycredit score is 789. It told me the Key factors that adversely  affected my credit score:

Lack of recent installment loan payment (Which will be fixed since I now have an auto loan).

Too many accounts with balances (I have 2 credit cards still open 1 I haven't touched for a year with 850 credit limit the other I pay off monthly that has 10,000 credit limit.... I have never put more than 120 on the one and 2000 on the other).

Too few accounts currently  paid as agreed. (Every payment has been paid on time for past auto loan (even paid off early), I had 2 credit cards that are closed but had for a couple years and every payment was on time, 2 open currently one since 08 and one since 06 all paid on time. I have never paid interest on my credit cards.

Length of time accounts have been established (2 cards for 2 years closed, one for 5, and one for 7 years in November.

I am trying to figure out why these would so up and try to boost my score as high as possible

[DaBears]

Installment loans only account for 10% of your fico scoring. Having mixed credit is always good. Paying off a car loan early can hurt you AAoA. Obtaining new credit can have an affect on your fico scores. I would keep your UTIL between 1-9% keep a small bal on one card and the other card at a $0 Bal.

[Anonymous]

I am not familiar with the lingo, can you explain what you mean by this? And what is a low balance?

[DaBears]

Click on the blue sticky threads under my post so you can get yourself familiarize with the abbreviations. 

[takeshi74]

First of all, have you actually pulled your reports to see what's on them and to see if anything needs to be corrected?

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@Anonymous wrote:

And what is a low balance?

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Don't fixate on a specific dollar amount.  Consider your utilization and keep it low as suggested above.

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@Anonymous wrote:

the other I pay off monthly that has 10,000 credit limit.... 

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PIF is fine but if your card is reporting high utilization then it really doesn't matter that you PIF.  You need to reduce the balance on the card prior to when it reports so that you aren't reported with a high balance.  In other words, if you use 5,000 and pay it on the due date then your card is reporting 50% utilization.  It will report a much lower utilization if you pay the balance prior to the date that the balance is reported.  Keep in mind that while you want low utilization you don't want 0% utilization.

Reading your post again, it doesn't sound like these are issues for you but keep them in mind.  Definitey check all your reports.

[MidnightVoice]

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@Anonymous wrote:

So I just got my credit score checked. I just got a vehicle andmycredit score is 789.

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With a score of 789 the report is just being picky.  It has to find SOME reason you don't have a perfect score.  Getting much above 790 is possible if you work at it, but it will not improve your credit worthiness much, if at all!

[JonStur]

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@MidnightVoice wrote:

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@Anonymous wrote:

So I just got my credit score checked. I just got a vehicle andmycredit score is 789.

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With a score of 789 the report is just being picky.  It has to find SOME reason you don't have a perfect score.  Getting much above 790 is possible if you work at it, but it will not improve your credit worthiness much, if at all!

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+1.. Not to mention that you are going to get the best rate possible with the score you already have. Increasing your score to 800+ won't affect anything. Keep doing what you're doing. Getting 800+ is just an ego thing some of we FICOers shoot for strictly for bragging rights, you know the pursuit of perfection and such...

[Anonymous]

My balance has neve ben higher than 2000 on the one with a 10000 limit. The one with a 850 limit has never been above like 100 and I haven't used it in like a year. Yes, I pulled all 3 reports and they look great. It just says I have all those things wrong and I can't see why.