My fico score went up 15 points......?
My fico score just went up 15 points. This is the reason that it gave: Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before: * You've made heavy use of your available revolving credit. What does this mean? I have two gas cards, a capital one card, a line of credit from Dell (for my computer) and just got a lease from GMAC for my car in March. I pay off all of my credit cards in full every month. Does this mean that USING my credit is making my score go up more than if I didn't use my credit cards very often?
Public Comments
- yes as long as you continue to pay it off... but be careful I'm not advising you to open up more credit. This only works to a point if you have too much open credit it negatively effects your credit score
- Yes, exactly (within limits). FICO scores are a statistical model that measure your behavior against an idealized model. For example, having just one credit card is a negative. Having a high balance on a credit card is a negative even if you pay it off right away. Conversely, having a low balance on a credit card is also a negative.
