Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Paying Your Bills
Profile Image

Question By
tat356

2 Contributions
0 People Helped
my credit score still 602 been right there for along time

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
9 Contributions
2 People Helped

Any Open Credit?

Do you currently have any open credit?  The components of a FICO are as followed: 1.Payment History 35% 2.Debt Ratio 30% 3.Age of Credit 15% 4. Mix of Credit 10% and, 5.Iquiries 10%.  Review your report and determine what you lack.  The good thing here is you’re over the 600 mark but there's definitely room for improvement.  If you have no open credit you may start thinking about adding some new lines.

Regards.

9 Contributions
2 People Helped

The rule with credit cards is to maintain a small balance to be able to get the best scores out if it.  In my opinion don't use more than 30% of your available credit.  Anything over 30% will hurt you score as the utilization increases.  Since you don't know when the creditor reports to the bureau and when the bureau updates its report it is best to keep a min balance not to exceed 30% of your limit.  You also want to make sure you record small balances with combine on time payments throughout the life of the card.  This is the best formula for a good score.

Regards

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.