- Gold Member
- Posts: 36
- Joined: Thu Feb 09, 2012 8:29 pm
- Location: OKC, OK
I am 22 and have had a credit card for 18 months. A Cabela's Club Visa (store card), with only a $500 limit. I have never carried a balance, paid late, maxed it out, or asked for a CLI.
6 months ago i found out my score was dropping due to utilization issues. I had no idea what utilzation was, but since i found out what it was and what it had done to my score, my utilization has been from 5%-20% for 6 months now.
I graduated college a year ago and i will make over 50k this year (have stubs to prove 40k; im in sales). I have 5k in a checking account and 1k in a Roth IRA. I have 17k in student loans that i have been paying on for 6 monthsnow; all on time, auto-debited,and double what the payment plan requires. I own a truck and a boat free and clear, in my name, totalling 15k+ in worth. I have never had a car or personal loan, and have no bad debt of any kind.
I see all these posts about people with younger credit age than me getting 4 to 5 cards w/in a year, and raising their scores from the high 600's to mid 700's. I have NEVER had a negative "mark" on my report. I have never asked for a CLI, and until this week, I had only applied for one card, or had my credit "hard" pulled.
I have no idea why my credit sucks like it does. (only 671 at peak from what i know, then dropped to 629 in 4 mos, due to 2 mos of 80% utilization). I dont actually know what it is now, but i'm guessing its not over 700 cause i just got denied for an Amex Blue Cash Everyday, and have yet to get the "reasons why"
Experienced ones, what is my biggest problem and what is step one to fixing it?