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My credit score is around 700. I have one credit card that I pay off everything at the end of every month (i.e. I never carry a balance)and that’s it. No loans, no debt nothing. Yet my credit score keeps jumping around a lot with each report; it was 727 in july last year, 678 in Oct, 755 this January, and now 708. And I’ve done nothing besides dutifully paying my bills and credit card each month during this time. I have signed up for a credit monitoring service from Bank of America, but it makes no sense. Right now, it projects that if I keep making all my minimum payments for the next year my credit score will decrease by 3. Wtf? I moved here from Europe and credit score is incredibly difficult for me to grasp, yet it’s extremely important. Each time I get my credit report it’s like flipping a coin if it goes up and down, and all I do is pay everything each month.

So is there any service that can explain and advice how it all works and what I can do to keep improving it? Most services are geared towards repairing bad credit, but mine is OK, I just want to know what I can do in the long term to improve it. Just paying everything on time doesn’t seem to do it since my credit is currently worse than it was a year ago, and it’s predicted to keep going down??

I asked at bank of america, but they were admittedly not sure and just gave general advice from personal experience. Is there someone I can talk to that can take the voodoo and wives’ tales out of the the credit score and explain what is going on? I have no problems handling my financial obligations, so I just want to know how I can get the best credit I can have.

4 Thoughts on Credit score advisor for people with good credit who wish to improve more?
  1. Reply
    June 25, 2011 at 8:27 pm

    your credit score dips every time there is a check on it… do refrain from checking it regularly. Also when ever u apply for a loan or credit their is a check on your score.

  2. Reply
    Sharon T
    June 25, 2011 at 9:02 pm

    You don’t say how old you are or how long you have had this credit card. Credit scores go up with longevity.

    I first saw my credit score at age 60. Before that I’ve been granted over 30 mortgages and also commercial loans with no problem. Credit score is a recent phenomenon, at least it is supposed importance.

    If I were you I’d look for a smaller local or regional bank and get acquainted with the president or manager. I’d open an account (keep the B/A account if you like them) and work hard to know them and have them know me. That means walking through the lobby occasionally and speaking to folks. Then when you need a loan you’ll have rapport.

    Old fashioned banking still goes a long way as a person recognizes personal integrity more than a credit score.

  3. Reply
    stan c
    June 25, 2011 at 9:35 pm

    A credit score changes every 12 months. Usually between 5 to 10% per month. Every time you use the card, it goes down a bit always jumps up more in the long run. My credit score is also around 700/730. Should I worry about it? No, never have, never will.

  4. Reply
    June 25, 2011 at 9:45 pm

    You seem to have a good credit score – if you are young.
    What you may be missing is a “mix of credit’ which is 10% of your score.
    Length of credit history is 15% of your score – and it takes at least 10 years to develop.

    There are many books that teach you about the credit rating sytem.
    Go to your library or bookstore and look for a book on Credit.
    Credit cards report sparatically to the bureaus.
    This could be the reason for your score movement.

    My advise, be happy with your rating, if you want to improved it continue paying in full each month.
    Make positive you never exceed more than 30% of your total avaialble credit.
    Ex: Available credit $ 1,000 – never use more than $ 300 at any time during the month.
    Could this be what could be fouling up your rating?
    If so, ask for a credit limit increase – if you have had the card for at least 6 months.
    Also, open another card in case anything happens to the first one.
    This will also increase the overall UNUSED available credit limits.

    If anyone tells you to carry a balance on your credit card – tell them to take a hike in the middle east.
    There are some people out there that think this is good – they could not be more wrong.

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