Credit Score Plateau

Anonymous · ‎10-20-2019

I have a question..my credit score has hit a plateau EX 707 TU 734 EQ 741 I’ve paid all my credit cards on time, paying my installment loan on time (couch from Ashley Furniture), have nothing in collections and have nothing bad on my credit report. Why are my scores staying the same? I thought it would have at least gone up a few points by now.

DPs:
Ashley Furniture Loan: $1,559 left out of $3,500 11 mos old
USAA secured: $300 limit 11mos old
CapOne QS1: $500 limit 7 mos old
Chase FU: $2,000 limit 7 mos old
AMEX BCE: $6,000 limit 3 months old

AU Accounts (Closed):
Chase Freedom: $1,000 limit 8yrs old
AMEX Gold Delta: $1,000 limit 6 mos old

AAoA: 1yr 10mos
AoYA:3 mos

No late payments and no derogs on credit report.
Many thanks for replies in advance!

AllZero · ‎10-20-2019

How long have you been waiting?

You need time.

24 months AAoA you will see scorecard segmentation.

<12 months AoYA bonus points.

zerofire · ‎10-20-2019

You are suffering from a young file. All of your accounts are under a year which is where the damage is heaviest. Also your youngest account is barely 3 months which is really new. You can get some points by going past 1yr as well as more points for youngest account getting 6 months. For really good results you want to rack up 2yr. Also if you are using the USAA or Capital One Quicksilver One you will have high utilisation which will be another area where you will get a ding but can quickly recover from. In short you need to wait a bit for a solid profile. Credit is a marathon not a sprint. Those scores are within a few points of what I had when I started.

TU:816 12/19/24 Bank of America--EX: 809 01/03/25 Experian--EQ:836 01/06/25 myFICO--Gardening since N/A

Active:
Bank of America (Customized Cash Rewards VSC, Unlimited Cash Rewards WMC{PT}), Capital One (Discover It DC, Savor WEMC), Chase (Amazon Prime VSC, Freedom Flex WEMC [x2]), Citi (Custom Cash WEMC, Dividend MC), Citizens GreenSense WMC, Curve WEMC{S}, FNBO Ducks Unlimited VSC, GBank VSC, Imprint Rakuten AC, PenFed Pathfinder Rewards VSC, Santander Ultimate Cash Back WMC, Synchrony (OnePay Walmart CashRewards MC, PayPal Cashback WMC), UMB Simply Rewards VSC[Milford Federal], US Bank (Cash+ VSC [x2], Kroger Rewards WEMC, Pick n Save/Metro Market Rewards WEMC, Shield VC)
Wishlist: AAA Daily Advantage, AOD Signature, Aven, Bellco Colorado Rewards, Nusenda Platinum Cash Rewards, PCMCU Platinum Rewards, Redstone FCU Signature

Anonymous · ‎10-20-2019

@AllZero it has been the same for about 2 alMost 3 months I believe. I was hoping it would go at least a little bit over time.

Anonymous · ‎10-20-2019

@zerofire I use USAA and CapOne for very small purchases ($40 or less) and practice AZEO for the most part. Sometime my Chase FU carries a balance of $90 and my BCE carries a balance no more than $150.00. My Experian app is showing my overall utilization at about 6%, would usage this low hurt my score as well?

I will just have to play the waiting game and let everything age

Anonymous · ‎10-20-2019

what do your reason codes say? this can give a clue about how to improve your score

but your score is doing just fine, compare it to my score, my credit is about as old as yours if you don't consider the au cards.

AllZero · ‎10-20-2019

@Anonymous wrote:
@AllZero it has been the same for about 2 alMost 3 months I believe. I was hoping it would go at least a little bit over time.

If you have a thin, young file, you might experience score improvement when AoYA reaches 3 months and again at 6 months.

Anonymous · ‎10-20-2019

@AllZero wrote:
@Anonymous wrote:
@AllZero it has been the same for about 2 alMost 3 months I believe. I was hoping it would go at least a little bit over time.
If you have a thin, young file, you might experience score improvement when AoYA reaches 3 months and again at 6 months.

I read some posts here that 3 revolving + 1 installment is considered a thick file. I also read theories that it could be as high as 5 +1. With 4 + 1, would the OP move to a thick file by adding another revolving line?

AllZero · ‎10-20-2019

^ I can't recall the exact number what was considered thin vs thick. I'll have to look it up.

For future readers, closed accounts is included in number of accounts until removed from credit report.

AllZero · ‎10-20-2019

@Anonymous wrote:
@AllZero wrote:
@Anonymous wrote:
@AllZero it has been the same for about 2 alMost 3 months I believe. I was hoping it would go at least a little bit over time.
If you have a thin, young file, you might experience score improvement when AoYA reaches 3 months and again at 6 months.
I read some posts here that 3 revolving + 1 installment is considered a thick file. I also read theories that it could be as high as 5 +1. With 4 + 1, would the OP move to a thick file by adding another revolving line?

Well, had a read. Nothing conclusive. It would be based on the scoring model used. It could the 3, 4, or 5.