I have been trying to build up my scores for the last 6 months and even though I have been making all my payments on time and have even paid off one of my credit cards, my score is stuck at 600. What is going on here?
Have you considered contacting the banks where your lines of credit are? I know there are a lot of delays and issues happening right now because of the virus. Maybe things will improve by next month for you. If they don't, I think it is worth contacting someone.
Lenders typically update your file once a month or within 45 days at worst. Although that could be delayed at this time.
Has it been that long? If so, follow the advice above and contact them.
I've been wondering the same thing. My credit score has only gone up a tiny amount in a few months now despite having a few loans and credit cards all being paid back on time. I'll have to get in contact with them when I have the time, I need my score to be higher!
leslie: Have you considered contacting the banks where your lines of credit are? I know there are a lot of delays and issues happening right now because of the virus. Maybe things will improve by next month for you. If they don't, I think it is worth contacting someone.
@leslie Yeah I have noticed this as well. I think the virus has a lot of things screwed up and people are still trying to get things back in order. Banks are not spared in this mess either.
Sometimes credit scores will get stuck because of past debts. They can be from years ago and if they never been resolved, it will not only keep your score lower, they could prevent them from getting better.
I am not sure why you would not have seen any improvements if this is the case. Your scores should have improved at least a little bit in 6 months. It does not take much. Have you paid any cards off?
Your score reflects your payment history for the last 7 years on average. Like mentioned, it might not be changing because of an outstanding debt. Have you looking into anything like that?
You could be using too much of your available credit. Do you know the limit of all your cards? You generally do not want to be over 30% of that total. So if you have $10,000 in available credit, you don't want to owe more than $3,000.
Have you applied for any new accounts or have new accounts in general? I know when you have newer cards or credit lines or you apply for too many in a short period of time, it can hinder your scores.