I pay all my bills on time, have almost no debt, and yet my credit score is "very poor". H

I pay all my bills on time and have almost no debt. I%26#039;ve been told I need more available credit, but I%26#039;m even turned down for secured credit cards. I have more than enough money to pay off my car and such, but I%26#039;ve been told that it will just make things worse. I feel like I%26#039;m stuck in a credit catch-22, what do I do?

I pay all my bills on time, have almost no debt, and yet my credit score is %26quot;very poor%26quot;. How do I fix this?

Your credit score is based on several factors, but income is not one of them. So how much you make has no bearing on your score. The score is basically a guide on how well you manage the credit you do have. You said that you have been told you need more available credit. Available credit does make up 30% of the credit score. The best score is for people who maintain under 30% of their total credit line. That is if you have a total credit limit of all of your cards of $2400 you should never be using more than $720. The more you go above 30% the more negative effect it has.

If you do not have very many high limit cards(over a few hundred dollars), or are near your limits this could definatly turn a decent credit rating into a very poor rating.

Now, your credit score will have no effect on a savings account or investment account(unless you are trying to trade on margin) so there might be something else causing this. Could you have a previous checking or savings account that is in collections?

Obviously there is something in your report that shows you are not managing your money as well as you thought. The link below is to the FICO site and you can learn more about how the scoring system works.

I pay all my bills on time, have almost no debt, and yet my credit score is %26quot;very poor%26quot;. How do I fix this?

Sounds like you are doing a very good job of managing your money, so why are you concerned about some number? Who cares what your FICO score is. Quit worshipping at the alter of the great FICO!!!

www.daveramsey.com

I pay all my bills on time, have almost no debt, and yet my credit score is %26quot;very poor%26quot;. How do I fix this?

I would try another bank or a credit union. I had a defaulted student loan at one point and was able to open both a a checking and a savings account with NO PROBLEMS...I suppose that was so that the IRS could have someplace to dip if the need arose (LOL)

anywhoo, If that does not work, I am sure your mom or a trusted relative can verify what you are saying when you state your pay your bills on time and have low debt etc. See if one of them would be willing to cosign a card for you. IF so make a few small charges and pay off the balance before the bill becomes due. YOur score will shoot up faster than fireworks on the fourth...

Also, please try bank of america.

I was quite pleased with them i had a score of 700 and they gave me a card with reasonable rates and a high dollar limit