@Taoron wrote:
| Why is my Credit Score: 625 |
1 . Too many recently opened accounts
Your report shows there are too many recently opened accounts. Although having accounts on your report helps you build credit history, having too many recently opened accounts can have a negative impact on your credit score. You should be selective and only open accounts as needed. 2 . Total amount of credit lines and loans on recently reported open accounts is too low
Your report shows the total credit line/loan amounts across your open, recently reported accounts is too low. Having low credit line/loan amounts can have a negative impact on your credit score. |
I am going to say the first one, I have to let time take its course on that one. But for the second one, how do I fix that? I have a $1300 limit on a Barclaycard Rewards card, $900 limit on an Amazon store card, $500 limit on Discover It Chrome, $500 limit on Credit One card, $400 limit on Secured credit union credit card. All have a $0 balance. It has brought my AAoA down by opening a new Discover card, I know. I am planning on closing my Credit One account at 1 year mark in August. Is there anything else I should do or not do? I don't plan on applying for anymore credit for a long time.. I have 14 inq's right now with 7 falling off this year.
"limits too low" is sort of a "throw away excuse". Fico does not take individual limits into account, only the UTI% of the lines. I would suggest using the Barclays and the Discover card frequently, and pay them down frequently each month. Use them for all of your monthly living expenses that you can - groceries, gasoline, utilities, cable, internet, etc. Make sure they are paid down before the statements close. If the issuer sees high usage and large payments multiple times per month thye will usually give good CLI's.
