Back in early October, I stumbled upon a free credit report that provided me with my FICO score courtesy of Equifax. Mint.com is offering a free FICO score for members. This deal expires Wednesday November 26th. Back in October my credit score was 723. My current FICO score is 759.
How Did My Score Increase?
Previously, the factors hurting my score were a lack of credit history, I had recently been looking for credit, and I had no activity on my revolving accounts. I can’t imagine an extra two months really increased the length of my credit history. Also, I’m still applying for credit. My credit score increase must be due to the correct reporting of my revolving credit history. I use my revolving credit accounts regularly in search of as much cash back on all of my purchases. I didn’t think I was lacking activity with my revolving accounts and the increased score must be a reflection of the correct reporting of my accounts.
What’s Holding My Score Back
My most recent FICO score mentioned the key factor affecting my score was that I recently opened a new credit account, which is true multiple times over. Since my last FICO score I have opened two new checking accounts, a new savings account and two credit cards. Additionally, I now have a mortgage. I suppose I can’t really complain about this knock on my credit score. Since I won’t need to worry about my credit score within a year, I’m not too worried about opening so many accounts.
It’s always good to know your credit score. Fluctuations are inevitable. It’s also important to know what factors affect your score, especially if you will be applying for a mortgage or a loan within the year.