- Centurion Member
- Posts: 321
- Joined: Mon Jan 02, 2012 1:21 am
- Location: Denver
1) You are labeled that until your balances get paid off. Sorry, hard fact of life. Nothing you can do about it. Banks have software that track your balances and they know where they go, and when they come back. You have to end the electronic paper trail.
2) Citibank gave you a true FICO score. More than likely it came from Experian. 647 is average, not terrible.
3) Your score is low due to higher utilization. The only way to realistically get your score up is to pay if off. You average account age is holding back your score. A lot of people don't hit the 800 mark until their accounts are at least 18-20 years of age.
4) 35/120= 29% utilization. In 1 year you lowered your debt but increased your utilization. Where did that other 70K of available credit go?
Class A credit: 800-850
Class B credit: 700-799
Class C credit: 600-699
Class D credit: 500-599
Class F credit: 499 - 300
You don't have D credit, you have C credit, which is average, and still viewed as a potential financial risk. In order to get those balance transfers you need to make substantial payments (more than the minimum) on your existing accounts, which will at some point flag your account for balance transfer offers. Many times when people pay just the minimums it is an indication that things are not so good financially, and lenders are reluctant to extend credit when they see this. In theory, if someone has a good job and is making a lot of money, they are more likely to make hefty payments to make a dent in the debt load. Making ONLY minimum payments is reported on your credit report, and is usually in big bold numbers/letters on your customer account. (Usually the rep will first look to see if your account is current, how much you owe, and how much you pay, and of course your credit score.) I was told at a very young age to NEVER make the minimum payment ... ALWAYS pay at least $10 or more. In the long run, it will help with credit line increases, balance transfers, and so on.
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