Credit scoring question

[annibe11e]

I have a pretty good overview of how credit scoring works, but there's one thing I'm curious about. If I don't do anything credit-related, aside from paying regularly on all my credit accounts, what will be the effect on my credit score in a year. No new accounts, no paying off accounts, no closures, etc.

I have 100% on time payments, but because one of my old credit cards closed on me (I didn't use it for a long time), and I consolidated my student loans (new debt), my score was only 2 points different from a year ago. I'm curious what it would have done had those things not happened.

[bjl584]

Your score may be slightly higher had that old account not closed, but there are a lot more factors going into it than just that.

My advice is to continue paying down your loans, don't pay late, and your score will rise over time.

[danielhermann]

Credit score

I have a pretty good overview of how credit scoring works, but there's one thing I'm curious about. If I don't do anything credit-related, aside from paying regularly on all my credit accounts, what will be the effect on my credit score in a year. No new accounts, no paying off accounts, no closures, etc.

I have 100% on time payments, but because one of my old credit cards closed on me (I didn't use it for a long time), and I consolidated my student loans (new debt), my score was only 2 points different from a year ago. I'm curious what it would have done had those things not happened.

Credit score totally depends upon one's credit history as well as current status on inquiries made by him at different banks and financial companies for his loan requirements. Taking guarantee also have an impact on the credit score

[Jerry91]

Regular timely payments play a great role in improving scores even if you do not take out any new credit. However, there are various other factors which will also play a great role in determining your credit.

[annibe11e]

So, how many points would you expect credit to increase over a year's time, with on time payments and no other changes?

[bjl584]

So, how many points would you expect credit to increase over a year's time, with on time payments and no other changes?

It depends. There is no easy one size fits all answer to that question. It depends how much you pay off, what your debt to income ration is, and how much credit history you have. Any hard pulls on your credit during that time period will also have an effect on your score.