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Why is my credit score not improving?
Hello, I have been trying to improve my credit score for the past 12 months now. I started with a FICO score of 594 and am now at 661. The first 6-7 months my score jumped dramatically (5-10 points per month). Over the past 5 months my score has either stayed the same or dropped in points. I have 2 credit cards, 1 is a secured credit card and the other is non secured. I use both each month and pay them off in full before the due date. I have been doing the exact same thing every month but now my score will not budge. Can anyone shed some light on this for me? Thanks!

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Changing score

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There are quite a few reasons actually.  The answer is quite lengthy but I will give you a break down on it.  There are 5 main categories that impact your credit.  

#1.  Payment history.

#2. Credit Utilization

#3. Length of Credit History

#4. Mix of credit

#5. Inquiries

Within each of these areas there are "Score cards" that calculate in great detail the impact of these categories based on the information reporting on your credit.  IE.  The maximum score on a FICO score is 850.  However, if you've filed for a bankruptcy at some point in your history, your MAX possible score will likely no longer be an 850 but rather an 800 (No idea on the actual score as that i smore secret than the Coke formula.)  Never the less, you get the idea.  So...  based on what has happened on your credit in the past, your score in the future is impacted.

Having said that, the basics of continuing to improve your score are this:

#1.  Pay your bills on time.

#2.  Keep credit card balances below 30% of your limit (ideally keep them @ 7% of your limit which seems to be a magic number)

#3.  Maintain a MINIMUM 2  and ideally 3-5 revolving (credit card) accounts and NEVER close those accoutns out.  The LENGTH of time you have a payment history accounts for 15% of your score.

#4.  You will also want to have an installment loan of some type.  Any loan that has a set payment for a set length of time qualifies (IE. Car payment, home, etc.)

#5.  Avoid hard inquiries. IE.  Any application for the consideration of extending a loan.  Inquieries from sources like Credit Karma have no impact.

Finally... seek the counsel of a credit expert on strategies to improve your scores (such as my company).  Consultations are free.  Hope that helps.  Let me know if you need further assistance.



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