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Why is my credit score so low?*

I'm only 21 and know a short credit history doesn't help out my credit score. I've been keeping up with my experian score and its at about 650 right now. I'm looking to lease a new car and wanted to get the score most lenders look at so I checked my FICO score which is only a 580. I've had a car loan for 2 and a half years which I was approved for with almost no credit, and paid on time every month. I also have 4 credit cards and the worst defaults I made were 2 careless late payments of 30 days about 6 months ago. I have about 60% available on my credit cards. I don't understand how paying my car off for over 2 years doesn't give be a better score

Answers:

1) Those late pays 6 mos ago is what is killing your score. You will have to keep a low utilization and on time payments for at least another year/18 mos before you see your score make some advances.

2) Your credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.bestcreditrates.net

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6) Your credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.bestcreditrates.net

7) There are indeed some instances that late payments can make our credit score bad,so we just need to be careful about it. I got my first car loan at Mokan Auto and they really help me out.

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