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Personal Finance 11w
I’m why does my credit score suck? I’ve never missed a payment
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20
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Anonymous 11w

How do you improve credit scores?

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Anonymous 11w

You’re 20

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Anonymous 11w

keep below a 30% utilization of your credit limit, do not use more it harms your score. Typically you want to have more cards as it shows you are a responsible borrower, this does not mean open as many card as you can just have a manageble amount of cards. Always pay you bill on time.

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Anonymous 11w

Have you looked at your credit report? Bc you should be able to see all the factors that are considered in your score & what might be hurting your score

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Anonymous 11w

Credit karma should give you an idea. Could be missed payments on something you don’t even know you have.

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Anonymous 11w

Pay off your credit card in full every month, NEVER keep a balance, use it like a debit card, and keep utilization under 30% (preferably under 10%)

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Anonymous replying to -> #2 11w

When I was 20 my credit was much higher

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Anonymous replying to -> #1 11w

I thought it was by making payments

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Anonymous replying to -> OP 11w

Credit can get raised right?

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Anonymous replying to -> OP 11w

Same

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Anonymous replying to -> #1 11w

Yes bro

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Anonymous replying to -> #1 11w

You guys aren’t very helpful

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Anonymous replying to -> OP 11w

Just learning

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Anonymous replying to -> #3 11w

I’m hitting all those requirements

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Anonymous replying to -> #5 11w

Whats a plan of action if ?

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Anonymous replying to -> #1 11w

Pay credit card off every month (have a $0 balance at the end of each month) and keep credit utilization under 30% (10% if you want to increase it faster)

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Anonymous replying to -> #6 11w

Also if you want to open new credit cards, open them 3-6 months at a time. Look at Chase’s 5/24 rule for a good rule of thumb

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Anonymous replying to -> #6 11w

Dod it only change if theirs no negative balance?

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Anonymous replying to -> #1 11w

Score improves for a number of reasons depending on which credit bureau it is you’re getting your score for. Generally you want the amount on your card to be as low as possible when it gets reported to the bureau each month. That day varies from bureau to bureau and between credit companies. So just try to pay off immediately before it’s even posted to a monthly statement if you use it like a debit card.

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Anonymous replying to -> #1 11w

Other reasons include hard inquiries, average length of account age, history of missed payments, and more I’m forgetting. Hard inquiries occur when you apply for a loan or a credit card and they do a hard check. These are inevitable but it’s best to spread them out by 6 months to a year. Account age you wanna keep up by continuing to renew and use your oldest credit card. Missed payments are self explanatory. I recommend getting credit karma, free and shows you info about your credit

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