Youngster and Credit Report?

Question

I am 19 and I have a $500 credit card, and I have been paying more than the monthy payment, although I owe 417, I have never missed a payment, and I have never been late, I also had a secure loan that I paid off, and never missed a payment also. I have had both of these less than a year and my credit score is only 616!!!! That is not good, what can I do to make it go up? I'm paying everything up, and on time adn just don't understand. On my credit score it said that length of time had something to do with my score, and possibly my inquiries 12, and my balance on credit card? WHAT SHALL I DO?

Answer 1

You really just answered your own questions. You have a credit card with a $500 limit but over 35% of it's limit is used up. This in itself hurts your score, so you need to lower your balance on your current credit card and keep it below 35% of your available credit. Paying on time is great! But maxing out your credit limit is not even if you pay on time.

You have 12 inquires on your report each of those cost you between 2 to 3 points and more than one in a 6 month period is a red flag to a preferred lender or credit card company so stop applying for credit for at least 6 months or more if possible

You also have less than a year of credit history. So in a nut shell cool your heals, pay down your balance don't use up more than 35% of your available credit. Stop applying for credit. Give your credit history some time to develop. Your income will start to play a role in how much credit you can get or what type of credit but again that will be later down the line.

I hope this helps you, remember just cool down and keep a level head about this. Good credit is something that takes work and responsibility and should be nurtured and protected if you one day want to buy that dream house and in some cases even get that dream job.

Take Care.

Answer 2

The process of credit repair is much more than simply eliminating the negative information. You should ensure any positive information that can improve your credit score is actually included.

1. Report Your Positive Accounts:

2. Use Other Person’s History:

3. Go For Plastic Cards If You Don't Have One:

4. Use a Secured Card:

Answer 3

Your credit score is based on a lot of things... you already know that "length of time" affects it. The longer your credit history is the better your score has the opportunity to be. You are still young and have not had much time to build that history. Keep paying on time and you will develop that part of it.

"Balance on card" refers to the fact that you owe over 80% of your available rotating credit (credit card). Credit providers prefer to see responsible use of credit, meaning that you don't max out your card and usually have at least 50% (in your case $250 of 500) of your rotating credit available to you

Inquiries are the marks that get left on your credit every time someone checks it. Getting your annual report does not affect your credit but you have 12 inquiries meaning you have probably applied for 10 or so different loans/credit cards in the past 2 years. Repeated applications like this will bring your credit down.


In general, it is HARD for a young person to have a good credit score. a 616 is not a BAD score for a person your age, it takes time to develop good credit. Keep making your payments on time and it will get better.

Answer 4

Get another credit card any only use it for small purchases such as gas or phone bill and pay it in its entirety every month on time and that would be a good look on you credit.

Answer 5

inquiries could have some thing to do with it.. I heard that if u have more than 6 is bad and it takes years to get off your credit report

Answer 6

See if you can find a way to not need credit....by increasing your income.