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Question By
RobinTuf

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Calculations to determine credit score very unfair to Consumer
22 total accounts, 17 closed and 5 still open, credit cards, mortgage,car loans..... no acct ever paid late...credit score is 580.....WHY? No Accts ever paid late, multiple Accts paid in full and closed, all accts are "as agreed" Why is my score so low at 580 ??

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BECAUSE YOU CLOSED THE ACCOUNTS!!!  You have been here longer than I have but need to re-read the information so you can learn how credit works and how to build a good score.  The more credit you have available (and you certainly don't have toi use it all).  You likely would have had an excellent score with those cards paid in full but not closed..

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Reply by
mindjazz

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I would like to add:  Credit utilization also plays a factor. Keep your balances down to 10% usage. Paying interest is wasted money. You may be making timely payments, but if you're making minimum payments and not making headway on your principal balance(s), that will affect your score also.

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