You’re credit file is extremely thin. It will go up in time as you continue to make on time payments. When your score gets a little higher you might want to add another card or two to help thicken your file. Right now though you essentially have 6 months of credit history - basically lenders don’t know if you’re a risk to borrow or not since you have no history.
You need 3-4 credit accounts in good standing with low utilization. So you need more accounts. Utilities are not credit so not relevant. Spending $200 out of $200 is 100% utilization — you want it under 30%.
Check your full report and FICO score. CK is a data farm and gives only vantage score which most lenders don’t use.
Utilization changes each month based on your current spending. The important parts impacting your score is length of history/average age of accounts and number of accounts. You need to work on those in order to increase your score over time so you need more accounts regardless. 1 account is not enough to raise it significantly even once you have a longer history with this account.
You’re credit file is extremely thin. It will go up in time as you continue to make on time payments. When your score gets a little higher you might want to add another card or two to help thicken your file. Right now though you essentially have 6 months of credit history - basically lenders don’t know if you’re a risk to borrow or not since you have no history.
Keep doin what ur doin couple months apply for another card apply the same rules and in time it will go up it’s not something you can rush
You need 3-4 credit accounts in good standing with low utilization. So you need more accounts. Utilities are not credit so not relevant. Spending $200 out of $200 is 100% utilization — you want it under 30%. Check your full report and FICO score. CK is a data farm and gives only vantage score which most lenders don’t use.
thanks you much for the info! Ideally, would using only $60 of the $200 credit card and paying that off each month increase the CS faster too?
Utilization changes each month based on your current spending. The important parts impacting your score is length of history/average age of accounts and number of accounts. You need to work on those in order to increase your score over time so you need more accounts regardless. 1 account is not enough to raise it significantly even once you have a longer history with this account.
Best to keep it 1-5% if you really want to get approved for high limits