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Credit Report Question
Posted on 5/17/12 at 10:18 pm
Posted on 5/17/12 at 10:18 pm
One of the things that possibly lowered my score.
Your report shows you have too few credit accounts paid on time in recent months. Recent late payments have a negative impact on your credit score.
I've never had 1 late payment though and it shows that on my 6 accounts in good standing. 0 negative accounts.
I have 5 cc, 23 years old, 5 CC's that I've never carried a balance on.
Is my limited history what is hurting it? Have had all of the cards only about a year.
Score is 795 was the vantage experian score.
Checked credit karma because last time it was close to my real score and it says 699 now.
Your report shows you have too few credit accounts paid on time in recent months. Recent late payments have a negative impact on your credit score.
I've never had 1 late payment though and it shows that on my 6 accounts in good standing. 0 negative accounts.
I have 5 cc, 23 years old, 5 CC's that I've never carried a balance on.
Is my limited history what is hurting it? Have had all of the cards only about a year.
Score is 795 was the vantage experian score.
Checked credit karma because last time it was close to my real score and it says 699 now.
This post was edited on 5/17/12 at 10:31 pm
3
Posted on 5/17/12 at 10:31 pm to wegotdatwood
I've read that you should carry zero balances on all but one. Limit that one to less than 9% utilization. I think you should probably use the others for small purchases but pay them off before they report the balance to the CRA.
Posted on 5/17/12 at 10:34 pm to wegotdatwood
1st question, can you share with us as to why you have to have 5 credit cards at the ripe old age of 23?
2nd, Credit Karma displays a FAKO score, sometimes it will be close and other times, not so much.
2nd, Credit Karma displays a FAKO score, sometimes it will be close and other times, not so much.
Posted on 5/17/12 at 10:37 pm to JonTheTigerFan
quote:
pay them off before they report the balance to the CRA.
I always pay the balances early and several times because I put every purchase on my cards.
Posted on 5/17/12 at 10:49 pm to Will Cover
quote:
1st question, can you share with us as to why you have to have 5 credit cards at the ripe old age of 23?
Was stupid and read about how it's good to have a high limit. Little did I know at the time it hurts to apply for a bunch of cards right in a row.
Lesson learned. None of them have annual fees. I use 2 primarily, 1 pays 1 bill every month (internet) and another gets used every couple months. Only one of the I never used.
My first two were extremely crappy rewards cards so I got to looking and got 2 better ones.
I was my chase amazon card and citi foward cards the most. The others are a crappy usaa, local bank, and hotel card.
This post was edited on 5/17/12 at 10:53 pm
Posted on 5/17/12 at 11:17 pm to wegotdatwood
close the crappy ones you don't need. 2 cards should be enough, really 1 is all you need but nice to have a back up. if you want more credit as the card companies to raise the limit. most will since you have good pay history.
Posted on 5/18/12 at 12:37 am to wegotdatwood
quote:
Score is 795 was the vantage experian score. Checked credit karma because last time it was close to my real score and it says 699 now.
Neither of those is a FICO score. Do you have any other open trade lines that aren't revolving credit? They say that the FICO scoring model likes to see a mix of credit: a few credit cards (5 is probably too many), a couple of installment loans and a mortgage.
Posted on 5/18/12 at 4:33 am to JonTheTigerFan
I had a small student loan that's been paid off for a few months. The rest is just CC. I bought a car with cash last year.
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