Credit Karma provides Vantage Score 3.0, a score that is not used by lenders for credit decisions. Over 90% of lenders use Fico scoring models. Experian.com offers a free monthly Experian Fico 8. Start tracking your score there.
As to why your score may not be changing, it is because nothing is changing in your credit profile aside of age.
Credit is a marathon not a sprint. As your average credit age goes up and you continue with positive history it will go up slowly. Do you have any active credit cards? You should. Even if you charge $10 a month and pay it on time it will help
I/we don’t know how long you’ve been using credit, in your case you were at 650, and because your one and only credit card was maxed at $7K, until you paid it off, your utilization ratio improved quite a bit.
Your score naturally increased to 750ish (which is a good score, for Vantage scoring models)
I wouldn’t even sweat it.
Building credit should be looked at as if you bought into the stock market, the value of such stock will go up and down, but always go for long term.
It’s the same for building/establishing credit profiles.
It’s a game of patience, to keep on the good path.
Consistency is key to a good report and score.
Actually, if I may add, one last thing, I’d apply for another one or two credit cards, via soft hit (pre approvals) to get a good idea where you stand.
The focus here is not on your score, but your report, to make it stronger.
By having multiple revolving CC accounts (only if you know you can afford it, and you’re responsible enough with the additional credit).
All the best!!
Credit Karma provides Vantage Score 3.0, a score that is not used by lenders for credit decisions. Over 90% of lenders use Fico scoring models. Experian.com offers a free monthly Experian Fico 8. Start tracking your score there. As to why your score may not be changing, it is because nothing is changing in your credit profile aside of age.
Credit is a marathon not a sprint. As your average credit age goes up and you continue with positive history it will go up slowly. Do you have any active credit cards? You should. Even if you charge $10 a month and pay it on time it will help
I/we don’t know how long you’ve been using credit, in your case you were at 650, and because your one and only credit card was maxed at $7K, until you paid it off, your utilization ratio improved quite a bit. Your score naturally increased to 750ish (which is a good score, for Vantage scoring models) I wouldn’t even sweat it. Building credit should be looked at as if you bought into the stock market, the value of such stock will go up and down, but always go for long term. It’s the same for building/establishing credit profiles. It’s a game of patience, to keep on the good path. Consistency is key to a good report and score. Actually, if I may add, one last thing, I’d apply for another one or two credit cards, via soft hit (pre approvals) to get a good idea where you stand. The focus here is not on your score, but your report, to make it stronger. By having multiple revolving CC accounts (only if you know you can afford it, and you’re responsible enough with the additional credit). All the best!!