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Continue paying down the cards. You don’t have to have an open installment loan to have good credit. Yes it helps, but credit mix is only 10% of the score while debt usage (utilization) is a much bigger factor.
Yeah, keeping credit cards even if your home and cars paid off and no loans.the cards can keep your credit active and maintain it..really no need to punish people by dropping their score for paying off all their depts..even if no credit cards..thats not right morally
The important thing is to use the same score every time you check. Doing otherwise is like trying to monitor your weight on different scales — or possibly switching between pounds and kilograms. Some sources may be using a different scale entirely.
A 650 credit score on the FICO score scale of 300-850 is considered fair. People with this credit score may be considered subprime borrowers and may be offered higher interest rates or less ideal terms for credit cards and loans.
You can probably get a personal loan, but the interest rate might be 20% or higher, says NerdWallet personal loans writer Amrita Jayakumar. Some lenders — including Avant, OneMain Financial and Ascend — will consider applications from borrowers with 600 scores. Then there’s Peerform, a marketplace lender that matches poor-credit borrowers with investors who fund their loans, and Backed, which gives those with poor credit better terms if they have a co-signer, she says. “Lenders like Upstart consider college grads whose score may be low because of a thin credit file,” she adds.
Without even knowing it you might be doing things that are damaging your credit score, which affects your ability to get credit and the interest rate you pay when you do get credit. A 2014 survey by Credit.com found that consumers sometimes don’t understand which actions will and will not help them improve their credit scores.
I’m seeing a lot of young people with this type of credit. A high score doesn’t always equate to good credit, or even if you have a high score, lenders will not always pick up for a loan. Young people tend to have hyper inflated scores because in reality, they have no credit. 1 year of paying off your card is not good enough. Lenders don’t really start taking you serious until you have had quite a few years under your belt. It took me about 3 years to get a good visa card from my credit union with a limit of $7500, and only then they did it after I had several installment loans that I paid off, and an auto loan. In the same way, not using your credit but having several open accounts is also bad. Lenders will the potential debt you could get into, and if you have 10 cards with $1000 limits each,  you have the potential debt of $10,000 and they actually take that into consideration when they look at your debt to income ratio. The best way is to open maybe 2 cards (major cards not store as they have high interest rates) and use them only occassionally being sure to pay them off in 1 month.
For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed.
I have a Transunion credit score of 611 which they labeled as “fair”. But on other sites a 611 score is called “bad”. My report also said that I’m using 25% of my credit when I know for a fact that all my credit cards are basically 90% maxed. I also had a bankruptcy like 5 years ago. I’m having trouble refinancing my car so I can start paying down my credit cards. Everytime I try I get offered a lower payment but they tack on years and increase my rate. Not worth it. What can I do? Am I basically stuck?
Exactly. Because the amount of assets doesn’t accurately predict the likelihood that a lender will be repaid. Habits over time are much more predictive (though income is certainly a consideration in credit decisions).
The average American doesn’t even reach the “Good” level for their credit score. If you find that you are falling under the average, you don’t need to worry. In about 12 month’s time, you should be able to significantly improve your credit score if you are responsible with your credit. If you are planning to take out a car loan, then you could raise your score during those 12 months, save up for a larger down payment, and in the end get the car you want, pay less in interest, and have it paid off sooner.
Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.
Ronald – Paying off an installment loan shouldn’t typically cause your credit score to drop significantly. Paid installment loans don’t get removed from your credit reports, so the payment history and age of the account still help. What service are you using to monitor your credit scores? Do you have other open credit accounts?
I’m guessing you are lucky enough to have a high-paying job, Ray? I was at one time making six-figures and had a credit score of over 800. When my job was sent overseas, I had to short sell my house and sell everything. I am back on track now but with a much lower-paying job. I pay ALL of my bills on time, sometimes early, and always pay over the minimum payment on my credit card. Yet somehow, I am still only considered average in terms of credit risk because of the short sell due to my job being outsourced – completely out of my control. I still maintain the same financially responsible habits, have for nearly six years since my layoff, yet my score is still only “Fair.” I’m not whining, and I work extremely hard 40 hours a week to make ends meet, so please don’t make the assumption that everybody who has a “fair” credit score is some kind of lazy bum. That is an extremely arrogant assumption.
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I have been working on repairing my credit for years. Finally I get a good score working on excellent. Then, I get a letter from an old credit card debit that I started 14 years and thought that I had satisfied the debit until I get a letter claiming I still owe $2,000 offering a selllement of $1,000. I asked who the were and to prove that I still owe them. Nobody has contacted me in 7 years about this debit. They gave me 30 days to resolve it. What can they really do with an 7 years of old debit that nobody has contacted me for so long?
If a person gets an injunction to pay issued by the Enforcement Authority, it is possible to dispute it. Then the party requesting the payment must show its correctness in district court. Failure to dispute is seen as admitting the debt. If the debtor loses the court trial, costs for the trial are added to the debt. Taxes and authority fees must always be paid on demand unless payment has already been made.[18]
Pay your bills on time – If you miss a payment or pay your bill late, it will most likely be submitted to the reporting agencies and appear on your credit report. Therefore, it is important to pay all your bills on time, including your credit card, utilities, cable and phone bills.
Yeah, yeah, everybody’s a winner…we know. But seriously, what good is having your FICO score if you don’t know what the number means on the overall reporting scale? Maybe you have a 740 FICO score. If the maximum score is 750, you’re pretty much a credit genius. If the max is over 1,000 you’re sporting a “C” average – not really all that impressive.
If you’re paying them off before they report, it is harming you more than helping.  Be cautious of paying back too often or too quickly.  And don’t forget that your debt to income ratio is a high factor when being considered for loans, mortgages, financing, etc.  If it doesn’t look like you’re pulling more money into an account than you’re spending on your bills each month your dti ratio might keep you from utilizing that good credit score,
With all this competition for credit, housing, and even jobs, it’s natural to wonder how your own credit score compares to everyone else’s. We’ve got the inside scoop on how you stack up in the wild world of credit. Ready to find out?
The Credit Optics Score by SageStream blends traditional and alternative credit data with machine learning modeling techniques and ranges from 1 to 999. LexisNexis RiskView score, based on wide-ranging public records, ranges from 501 to 900. CoreLogic Credco reports on property related public records and ranges from 300 to 850. PRBC allows consumers to self-enroll and report their own non-debt payment history. Their credit score range is 100 to 850. There are also scores like ChexSystems designed for financial account verification services ranging from 100 to 899.
I will let you know if my score goes up after I pay down my 10K furniture loan. I have various other cards but try and pay all in full every month for the same reasons. Not giving anyone interest! This furniture loan is 12 months same as cash. I do agree. I think they’re wanting people to fail.
You are an arrogant one. Many people have been killed credit wise by medical bills and other unpredictable events. Yet you claim they chose that road and now have to live with it. Taking advantage of people because of life is a scummy game, yet you and lenders would have us believe it’s fair. Just because it is mathematical it is correct? Talk about a lemming. I don’t need to think for myself they already did it. The king has no clothes. Gouging people increases the lenders risk by setting up the lendee to fail. It is a business model that is a win win for the lender and a lot of risk for the lendee.
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Some of these have different credit score ranges, so while VantageScore 3.0 and FICO scores run from 300 – 850, there are others that may run from 501-990 or 360–840, for example. You can generally find out what score’s in use by looking at the sheet or site on which the score is being supplied.
While the FICO score calculation doesn’t directly consider age, 15% of the score comes from the length of your credit history—putting younger people at a natural disadvantage. Likewise, 10% of the score is based on the mix of debt you have; it’s better to have a diverse mix—from a mortgage to student debt to car loans—than a single credit card. (And younger consumers are less likely to have a mortgage; the median age of first-time home buyers is 32, a report last year found.)
That’s a tough break man and I feel for you, but that kinda drives the point home. This isn’t a debate about fairness of job opportunities and longevity. In that situation you are a risk to a lender. Someone in a bad situation who you can’t be certain can pay back the loan. The score is a risk factor rating. The simplest example I can give is breaking it down to it’s most basic form. Someone wants to borrow money from you. A complete stranger. It’s not about how much you want to help someone in need. You have to decide based on how likely it is that person can pay you back when they’re supposed to. Are you more or less likely to believe they can pay you when they don’t have a job and already have outstanding debt and/or a plethora of other financial obligations?
Good for you Retired . I made it to 55 1/2 …. They needed me on the project I was on . Who the heck wants too work till they die . If you know any ” tax loopholes ” for the average guy let me know Can’t afford a lobbyist …
Going forward, if you tend to carry high balances on your credit card accounts, then you may actually find that it will cost you more per month to carry these higher balances because the minimum amount due may be raised to accommodate for this trend.
Cards with annual fees also should be avoided, Steele says, unless they’re packed with benefits — such as cash-back rewards and miles that can be redeemed for travel – that outweigh the fee. Those who are smart with credit look for cards that waive that fee for the first year then re-evaluate the card in the second year to see if the benefits outweigh the fee, Steele says. It’s also smart to look for cards that offer a 0% interest rate for the first year, he says.
If you want to raise your credit score from 650 to a good or even very good credit score, take the first step by getting your free credit report from Experian. Then, check out our Credit Education resources to learn more about how to build your credit.
When shopping for an auto loan or mortgage, it’s normal for consumers to shop around to find the best rates. Depending on the scoring model being used, there is a 14-45 day span for these types of inquiries that groups them into only one inquiry. The idea behind this is to give consumers time to shop around, without taking a drastic hit to their scores. FICO score models allow 30 days, while others allow 45 days. One the other hand, the VantageScore model uses only a fourteen-day span. You can always ask a lender which credit scoring model they’re using when applying for a loan.
Could we suggest getting your free credit score from Credit.com? It comes with a personalized explanation of why your score is what it is. That is a low score for no issues other than the house sale not being reported. You should also take a look at your free credit reports (one from each of the three major credit reporting agencies) and dispute any errors. Here’s how to get your free annual credit reports. Should you find mistakes, here’s how to dispute them:
Have you obtained your free credit score from Credit.com? If so what are each of the five grades? Also if you haven’t reviewed your credit reports yet, you may want to do that and dispute anything that is inaccurate or incomplete. Any accounts that aren’t confirmed by the source must be deleted.
To become eligible for the very best credit cards, loans, and mortgages, you’ll need a credit score of 740 or above. That’s right at the top of the “good” category, just ten points shy of “excellent.” So how can you do it? Here are a few simple tips.
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Experian states that 30% of Americans have lower than a 601, placing them in the “bad” rating category. In this situation, you might want to consider monitoring your credit score as you begin to make financial improvements.

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You might have heard that borrowing money and repaying it is a good way to build credit, and that’s true. But taking on debt you can’t afford won’t help. If you want to borrow money because you have bills you can’t cover, it’s possible credit counseling or bankruptcy would be better solutions.
Excellent advice, and should be the most obvious too many, but often is not! There are some moronic credit forums out there with participants that have delusional state of supremacy about having as many trade lines with the highest possible limits. Morons with a capital “MO”. The FICO forums are on top of the list with “credit gardening fairies”. They are surreal entertainment, but boring after a while. Establish no more trade lines than you truly need, and don’t carry balances. Banks/credit card companies are to make money, there is nothing friendly about them. Never charge a debt you can not satisfactorily service EVER. Keep your friends close, and your enemies closer. Keep the upper hand and do not give it. Debt is indeed a slave. Stay out of debt, and truly live free!
In addition to the varying scales used, one scoring system may weigh certain elements in your credit report differently than another, so it’s likely that the number you receive will differ somewhat depending on which credit scoring system is used to calculate it.
The Fair Isaac Corporation is who has come up with FICO credit scores and subsequently, these scores are used by over 90% of lenders when it comes to providing you with a loan and when they grant the interest rates, terms, and whether you are approved or not.
Generally, the highest achievable FICO score is 850 but it depends on your purpose for borrowing and which model is being used. “FICO” comes from a company’s name; Fair Isaac Corporation. Fair Isaac Corporation, now commonly referred to as FICO, is a company that specializes in predictive analysis. The three main credit bureaus that use FICO’s algorithms to provide you with a credit score are: Equifax, Experian and TransUnion. These credit bureaus also have their own methods of calculating a credit score in-house, although most lenders will use a borrower’s FICO score when making lending decisions. VantageScore, a scoring system developed by Equifax, is an example of an in-house method used as an alternative to FICO. There are many versions of VantageScore, VantageScore 2.0 has a maximum score of 990. This makes it possible for someone to believe they have a FICO score greater than 850, when in reality, the VantageScore 2.0 score of 990 translates into a FICO score of 850.

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