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cressada

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why is my credit score only 783--i have no negative activity and always pay bills each month
it shows that my credit utilization rate is only 4%--i pay off all my credit cards each month--why is my score not higher than 783?

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Debt Ratio, Recent Inquiries & Length

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Most scores above 740 open EVERY door...  However would look at the following:\

1) Keep a balance on your credit card below 10%....  If your TOTAL available credit on all your credit cards is $5,000 then keep the TOTAL balance of all the cards at or below $500.  If you don't use any of your cards buy gas or lunch each month and pay off the balance AFTER the statement is sent.  Typically credit card companies report your balance when they send your statement.

2) Credit inquiries in the last 12 months effect things...  I try to keep mine at 2 or less over the past 12 months but have gone as high as 4 with minimal impact.

3) Length-  Average length in years of your accounts plays a role...  If you recently opened a number of accounts that will drop your score.  That is why it is often better NOT to close an existing account and replace...

This is my understanding based on research and personal experience...

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Congratulations on your excellent credit score! When you score is that high, it tends to change less frequently. The best way to increase your score will be by allowing your open lines of credit to get older. As the accounts in good standing get older, your score should continue to rise. 

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