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Question By
jasonbarton

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Why is me credit score going down? I pay all my bills on time and in full. I have very little debt.
I have one credit card, I'm very smart with it. I have less than $2500 in debt and I'm working with care one debt consolidation to pay down any existing debt. I'm beyond frustrated in trying to understand how doing the right thing results in a lower score?

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how long will it take for it go up

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Working with a debt consolidation company may be counting against you, also. The picture given in your question is a little odd -- being "very smart" with a credit card and needing debt consolidation services don't usually go together. So the always-complicated question of credit scoring may be even more complicated in your case. But you do sound as if you're working in the right direction. Just know that it can take years of good habits to build credit. And yes, getting a second credit card at some point could help in the long run. But personally I'd wait until things stabilize before getting it.

Reply by
geneave

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please tell me how long it will take

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I say if you can go to the bank and get a loan and pay off your bills now and pay a little at a time to the bank is best. Better to pay a small payment with high interest than pay alot for a long time. It will show that you pay your bills and it will help put money in your pocket too, less stress. One bill not 3 bills. Better to me...

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because you only have one card you need multiple cards and multiple loans

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score going up

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I recently raised my balance from 200 to 300 dollars that alone lowered my usage rate and my score went from a 595 to 629 in one month

Reply by
geneave

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will you tell me why it,s going down

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I do't have a credit card I pay my bills on time

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tell you what, tith yourself each pay period. Take $10 out and put it away, in a short time you will have that extra you need to pay your bills when you have no money. But don't think about it, put it away and go about your business. in one year at $10 a week you will have $480, a good start. Don't try to put alot away because you will think about it.

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