So I joined Experiential and started paying ALL my bills on time I cleared 2 defaults(partial settlement) and brought a store card below its balance. This has all been shown on my report but the problem is my score isn't improving not by a single point.
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I called experiment yesterday and the girl i spoke to said the score didn't matter its account activity that lenders look at, if this is the case why have a score? Does anyone have any idea why my score isn't going up? I haven't missed a single payment on any account since Christmas!!!! Please help if you can.
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You're doing great so far but there are a lot of things the affect your score and not just paying off debts..
When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
If you're still at a loss as to what you can do to fix your score...I've posted some links below to help.. also I raised my score to well over 700 points fro 500 using these steps in less than a year -- :
# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you
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