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 Credit Scores
Profile Image

Question By
Hershi3

0 Contributions
0 People Helped
Please help me understand what else I should do to raise my credit score
A few years ago, my credit score was 758 despite only having a line of credit with my bank. I financed a car and got a very low interest rate. Fastfoward....Earlier this year, it was 651 and now, my current credit score has dropped to 642.

I had 2 hard inquiries in October, which have been removed (this month). I paid off my car in October and that reported as closed (thats when my credit score dropped from 651 to 642). I am only using 24% of my credit line (always payment on time). My car payments were paid on time at 100%, never late or missed a payment. I don't have a credit card, nor do I have any other debt besides my credit line.

Why is my credit score so low? Can someone offer some helpful adivce of how I can increase my credit score? Thank you.

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
57 Contributions
325 People Helped
Most Helpful Response

Helpful to 3 out of 4 people

Open credit utilization is a big factor of your score. With no revolving credit lines, you're cutting out a big chuck of your score.

Your score went down when you paid off the loan because the average age of your credit history is a factor of open credit lines, which with only closed loans and your credit from the bank, is likely lowered,.

The best way to get your score up is to open a credit card, or become an authorized user on someone who trusts you, and who you trust to keep their account in good standing.

Result 1-1 of 1Results 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.