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Question By
Bajikianav

17 Contributions
6 People Helped
Why is my credit score so low? Details below.
My credit score is in the 630s and I'm thinking its age of credit?

Utilization is at 28%
No negative marks or missed payments
Average age of credit is at 1.2 years with oldest account at 3 years.
7 open accounts. 1 closed.
4 hard inquires in the past 2 years.

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Top Contributor
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You're correct in guessing age of credit history is one thing that's holding you back. The other big factor I see is your utilization. Just to give you an idea how much impact it has, last week my credit score jumped 6 points when I reduced my utilization by one percentage point. That 30% figure is the threshhold you really don't want to be over on your closing dates (the date your balance is reported) because it throws up red flags with creditors and tells them you're living above your means. Good for you for staying below that mark, but for maximum benefit to your score you need to go quite a bit lower. 

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Reply by
Bajikianav

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6 People Helped

I didn't realize that one percentage made such a big difference. 

Top Contributor
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552 People Helped

Was your score always been that low or just recently? Seems bit odd to me, with no baddies, 7 accounts and 3 years history, only hanging around at 630s, should be looking at 680~700 even with 28% utilizations. Is that overall utilizations? Or some of your individual card(s) reporting much higher percentages? how many accounts have you opened in last 6 months? And what score model is it from?i

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Reply by
Bajikianav

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6 People Helped

Enter Your Replyiist recently my scores been low. One of my cards are near 80% but I thought they only looked at the overall. And I've leased a car and opened 1 card in the past 6 months. Transunion but equifax is close by a couple points. 

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Reply by
JohnnyRain127

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552 People Helped
Helpful to 2 out of 2 people

Well there you go, problem solved lol...They look at both individual and aggravated utilizations. And those two new accounts dosent help either. But no worries, utilization have no memories, your score will go up when you pay the balances down, besides, if you aren't applying for credit? Then score don't matter, cus no one is looking at it. Just be sure you watch the utilization and reporting lowest as you can before you are looking to apply for credit.

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