Ok, I just got my credit score and it is 693, I have a credit card, will the score go up every month when....?

Question

the credit card company reports to them

Answer 1

With years in the credit business:

Your score is based on many factors. One of which is the amount of money you have on the card compared to the total limit available. As you pay your card down, your score will gradually increase.

From your question and score, I gather you do not have other types of credit, so here is some additional info:

The debt that most positively demonstrates your credit worthiness and increases your score is a mortgage. The next type is a secured loan (car, etc.), and finally unsecured closed-ended loans and then credit cards and the like.

When you have one of these major debt types, your scores increase with time. Time is the other big factor, as the longer your debt is open, the better your score. This is a classic reason why NOT to close credit cards if you only have 4-6 of them and don't use them or don't have major balances on them.

Usually, in mortgage lending, I would see about this score if someone had a few trade lines (credit cards, etc.) and paid well on them - but did not have any of the big debt types to speak of.

If you want to push into the 700's, you'll need better credit types and simply to let time pass. However, your score is good now and I wouldn't take on more debt just to bump your score up. Continue to manage your finances well.

Answer 2

not necessarily.

your credit score depends on a lot of factors:
1) payment history (on time? more than minimum due?)
2) outstanding det
3) credit history (amount of time youve had a card, requested a new one, etc.)
4) bankruptcies, charge-offs, and collections can negatively effect your credit score
5) amount of credit used compared to the credit available

someone correct me if i am wrong but i believe to build a healthy credit score, you want to keep at least 30% of your credit line full at any given time. this shows creditors that you can handle the amount given to you and that you arent "living" off that alone.

citibank is a good credit card to have - and offer a lot of education on using credit wisely and helping build your credit score - www.citicards.com


generally with each passing month your score can change...

hope that helps :)

Answer 3

Only if you are making your payments on time and the amount you are charging is 30% or less than your credit limit. (And as long as you don't have any new negative items appear from different companies.)