Need Advice: Credit Score

[cihanlee]

Hi all,

Just checked my credit score, its only 730. I know this isn't great but it ain't terrible. What I don't understand is I always, and i mean always pay my bills on time, never missed one. I am 19, 2 visas, osap loan. I was wondering if my score is low because I have an osap loan. Is that the reason why or is it because I had incresed my limit in the last year 4 times. But shouldn't this be to my advantage.

Anyways, please let me know why the situation is the way it is, and how i can fix it.

Thanks in advance.

[controlyar]

Hi all,

Just checked my credit score, its only 730. I know this isn't great but it ain't terrible. What I don't understand is I always, and i mean always pay my bills on time, never missed one. I am 19, 2 visas, osap loan. I was wondering if my score is low because I have an osap loan. Is that the reason why or is it because I had incresed my limit in the last year 4 times. But shouldn't this be to my advantage.

Anyways, please let me know why the situation is the way it is, and how i can fix it.

Thanks in advance.

2 Visas and 4 additional inquiries within one year and only at the age of 19.
Please do the math. Why in the world would you ask to have your limit increased four times?

And 730 is not a bad score at all.
Your OSAP loan is irrelevant assuming you are still a full-time student.

[sunnybono]

the various reasons why your Beacon Score is considered low ( to you atleast)

==Age. YOur're young and you don't have much of a history
==Usage. How much of the credit cards do you use i.e. frequency
==Limits. How low are the limits on your cards.
==Enquiries. The number of enquiries in that last 12 months!!! remember its an automated system whereby if the system sees you applying but no one is granting, thats a no no!!!!

The loan doesn't hurt you, but it doesn't really add to your score either. Revolving credit adds to your score (i.e. credit worthiness).

Be patient, don't go out to Zellers, crappy tire, the bay, Dickmart and apply for credit. This will actually hurt your credit history, especially when your credit history is this fresh. Really all you need in life is one good gold card with about $10k limit and an unsecurred LOC with a limit of $20k or greater, then you are set for life!!!!

sk

[akt921]

Any reason why you consider 720 a low score?? That's above all banks desirable score for granting crdit.
Pay your credit card on time(pay in full every month or at least minimum payment), stop asking for credit limit increase and don't apply for unneccessary new credits, then your score should improve every month.