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Question By
Skipmma

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Raise my credit score
I have been trying to improve my score. My credit score is stuck at 591. I have only 1 credit card with a limit of $200. I have no car payments, loans or house payment. I just payed my motorcycle loan off 2 months ago as well as one other loan. I have 2 inquiries and about 5 collection accounts from time ago. How can I get my score up? I would like to buy a new car and house in the near future.

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One credit card will not increase your score.  The more AVAILABLE credit you have, the higher your score.  I do suggest you read the articles (look to the left of this page) and use the tools here also so you can LEARN exactly how to build and maintain a good credit score.  That is what Credit Karma was created for--teaching people how to handle their credit.

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Reply by
Barkingllama

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Not quite.

How much of your available credit is used has an impact on score, but that is a percentage, and the actual total is irrelevant.

Other factors relevant to your situation, Skipmma, is number of accounts.  More credit cards would raise this, but getting credit just for this reason wouldn't end well, as adding more inquiries would hurt your score pretty hard if they happened all at once. The average age of your credit has an impact too, and is only factored from open accounts. If you only have one card, and any previous loans are paid, your age of credit is equal to however old that card is.

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