Why is my credit score not going up?

Deal Score0

I got a capitol one credit card over 6 months ago, and my credit score has still not gone up, ive never been late on a payment and its the only thing on my credit.

At first I started just buying gas with it and making monthly payments, then some people said you should max it out and make monthly payments, Ive done it all but nothing has changed, why?

  1. Reply
    the kid
    November 10, 2011 at 6:21 pm

    Don’r max it out, that’s stupid. Buy stuff and pay in full every month. Probably yoru score is not going up, b/c A. it hasn’t been long enough, B. you maxed your card (stay below 30% of available credit).

  2. Reply
    November 10, 2011 at 6:55 pm

    So what, if you are wanting to build a credit rating with regards to getting business finance, start trading and use a Bank, this is asked in the Business section.

    I have been in business for over 30 years and I was up to my eyes in debt and had already started to reduce it before the credit crunch.

    My credit rating with Experian is apparently through the floor, as I have had a run in with them and had them charging me for not being able to see what my rating was, I heard my rating through a third party.

    So I was surprised to get a phone call from my Bank asking if they could help out with any way and if I needed help just to ask, my reply was -I think you will find if you check my credit rating with the agencies it is not good enough- to which came the reply
    “We are not interested in what other credit agencies think of your finances, you are a Premier account holder and we are only interested in how you have dealt with us” that is HSBC, and at one point I was spitting nails over their attempts to get me to pay back instantly all my debts.

    My point is if you are looking at building a credit rating for business, do you sell on Ebay, do you have a business account, do you do some trading of some kind, because the longer you are known to a Bank, that is how to get a good Business credit rating, otherwise what do you need a high credit rating for, you only need a good rating to get a Mortgage.

    No doubt if you wish to open an account at the best rates a higher credit rating helps, but build it from the ground up and you can do as I do and stick 2 fingers up at the credit agencies.

  3. Reply
    timothy p
    November 10, 2011 at 7:19 pm

    Never max out a credit card. Utilization accounts for 30% of your credit score. The closer the balance is to the limit, the lower your score. Keep your balances below 30% of your credit limit for higher scores and pay your bill in full each month to avoid interest. Do some research on how scores are calculated. Most lenders use a FICO scoring model so their website would be a good place to start.

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