Submitted by anoxic on Tue, 02/10/2009 - 01:12

Why is it that someone that has paid off 3 mortgages 2 car loans a boat loan and several personal loans never get above a 600 cs which has been this way since the 90's

Credit score depends on many factors. The two major factors on which your score depends are your credit historyand the amounts owed i.e, the volume of existing debt on your credit card. Although you have paid off all the outstanding debts, it may be that you are making late payments or you may be spending more on your credit cards. To make your credit cards help you to improve your score, you should never spend more than 35% of your credit limit on your cards and at the same time make no late payments.

Tue, 02/10/2009 - 06:56 Permalink

First pull out your report and check whether the debts are still listed in your credit report. According to the Fair Credit Reporting Act, the negative items can stay in your report for only 7 years and not more than that (except bankruptcy, which can stay in your report for 10 years). If they are still in your report, then it means that they are affecting your score. So you should send a dispute letter to the bureaus immediately and ask then to remove the items from your report.

Tue, 02/10/2009 - 07:02 Permalink

I have seen the same thing on my husbands report. Credit card debt is low, we have paid off numerous loans all early, income is in the higher range and the report does not have any negative listings. If you have done all you can and still your score is not raising how can a person figure put what is holding down their credit score?

Tue, 02/10/2009 - 19:24 Permalink


You should also know that most people have errors and unauthorized inquires in their credit profile that could be keeping your score down. It has been said that each inquiry deducts 5 points from your score. A friend of mine just had 12 inquiries removed, and his credit score increased 60 points the next month - so I believe that is true.

You should consider talking to a legitimate credit repair company to get your credit report optimized. You deserve the highest score you are entitled to.

Hope this helps!

Sun, 02/15/2009 - 04:05 Permalink