659 credit score but I've never missed a payment in my life

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Credit Card guy
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659 credit score but I've never missed a payment in my life

Postby Credit Card guy » Wed Oct 26, 2011 12:39 am

I have two mortgages, 1 car loan, 2 credit cards. Never missed a payment. I don't have any liens, or collections, and I only have a 659 credit score (Fico).

To be honest I thought with my history I would be in the mid 700's. 659 is a bit disappointing. The lady told me that the only thing she sees that might be affecting my score is that I purchased a vehicle about 8 months ago and that I don't maintain my credit card debt below 50 percent of what I can charge on them. Your thoughts as to what I can do to improve?

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Postby Pete838 » Thu Oct 27, 2011 8:49 am

Your utilization is a ratio of DEBT:CREDIT.

Get your utilization down. You can do this by either paying down your balances (reducing the left side of the equation) or by opening new accounts (increasing the right side of the equation). You might qualify for a new card with a 0% introductory offer, so if you're carrying a balance you could get a year or so reprieve on interest. Citi and Discover each have transfer offers at the moment, but they may require a 3% fee. It's still better than 15%+ for a year.
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Postby bernhardtra » Sun Nov 06, 2011 9:27 am

Yes, take your utilization rate down. Optimum for a high score is 1% to 15%.
EX 686 TU 690

Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12

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