Monday, November 16th, 2009
Credit Score Question?
Michael asked:
Recently got my credit report cleaned up to the tune of a 705 score back in December/Jan. This score literally hasn’t moved a point since then. Haven’t missed a payment on anything, haven’t racked up tons of debt, haven’t made any big purchases. I’ve been very credit conscious being that I’d like to buy a condo early next year and not get fleeced with a percentage rate. It’s been almost 6 months. Why wouldn’t it move at all…I thought time helps raise your score?? It almost doesn’t seem fair that a score can go down so easily yet raising it 20 points is like trying to get water from a rock…
Just to add, my score was in the low 600’s around this time last year. Since Jan ‘08 all credit card balances have been zero or very low (i.e. my debt to credit ratio is excellent), paid off student loan in full, and had 2 car loans (not at the same time, had one, paid it off. Bought another one that I’m currently paying) that I’ve never missed a payment on in 8 years. Don’t have a mortgage.
My only tarnish is 2 missed student loan payments in 2004. Ideally I’d like to get up to 720 from 705 but like I said, it hasn’t moved in about 6 months. Frustrating…
Recently got my credit report cleaned up to the tune of a 705 score back in December/Jan. This score literally hasn’t moved a point since then. Haven’t missed a payment on anything, haven’t racked up tons of debt, haven’t made any big purchases. I’ve been very credit conscious being that I’d like to buy a condo early next year and not get fleeced with a percentage rate. It’s been almost 6 months. Why wouldn’t it move at all…I thought time helps raise your score?? It almost doesn’t seem fair that a score can go down so easily yet raising it 20 points is like trying to get water from a rock…
Just to add, my score was in the low 600’s around this time last year. Since Jan ‘08 all credit card balances have been zero or very low (i.e. my debt to credit ratio is excellent), paid off student loan in full, and had 2 car loans (not at the same time, had one, paid it off. Bought another one that I’m currently paying) that I’ve never missed a payment on in 8 years. Don’t have a mortgage.
My only tarnish is 2 missed student loan payments in 2004. Ideally I’d like to get up to 720 from 705 but like I said, it hasn’t moved in about 6 months. Frustrating…
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November 18th, 2009 at 6:27 pm
Well you’re in the 700’s now…..to get farther, it takes more time than 5 months of steady payments.
You probably saw significant rises in your score when you were in the 500’s, maybe even 600’s (don’t know how low you were). You may not have the correct types of credit, or different types of revolving accounts established to keep your score going higher.
If you have 2 credit cards, a home loan, an auto loan (or two), and a personal loan…that you are all caught up on, making steady payments, and keeping the balances low, then you’re on the right track. If you only have a few credit cards and not much else, you don’t have a lot of revolving or installment accounts, and it may take longer for your score to rise.
You’re in the 700’s, that’s good in itself.