My Transunion Fico Score Won't Budge... :(

[tyhollin]

I started working on my credit a little over 2 months ago. Started out at a 624. At first, I had two judgements and three collections all 5 to 6 years old and 100% on time payments. I've successfully had both judgements and one collection account removed. I also added one more credit card (only had one secured and qualified for a second unsecured card with a $1000 credit line) It dropped my credit utilization from 29% to 4% and I have paid every bill including two student loans, and both credit cards on time.  

My score dropped 4 points to 620 from the inquiry when I opened the new credit card and hasn't gone up even after lowering my credit utilization, continued on time payments, 2 judgements and a collection account deleted. 

Credit Karma has bumped me from a 620 to a 648. 

Can anyone explain why it my Fico score won't budge? 

[atd1970]

It will change over time.

I had a ton of collections removed, and my score only increased a few points. The problem, for me, was that the collection accounts were my oldest accounts. So when my collections were removed, my AAoA declined. However, after a few months I started to see the benefit.

Hope that helps.

[takeshi74]

Could be a bit of the above plus the remaining collections.  A new account would also lower your AAoA.

[CreditDunce]

Good job on lowering your utilization.   Remember that utilization is scored overall and on each CC.  If any CC is over 10% utilization, you will take a small hit.

AAoA seems to be rounded down to the nearest year.  It is possible that by adding an additional CC, that your AAoA takes a little longer to reach the next year.  However, long term it is best to get at least 3 cards you are able to use long term.

If you are doing all of the right things, eventually your score will rise.  However, as long as any baddies are still on your report, you may have an upper limit to your score.  Once the last baddie comes off, you score will zoom right up.  But the last baddie is the most important one.