Why is my credit score low. I have never made any late payments and have a clean history?
Numerous reasons. 1) too short a history 2) opened too many open end accounts (credit cards) within a short period of time. New accounts will lower your average account age, which will have a larger effect on your score if you don’t have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user. 3) too many hard inquiries on your credit report, (those 3 cards) which are reported for 2 years (Running of Reporting Period – Section 605 [15 U.S.C. ยง 1681c] 4) you have no large credit lines (installment loans) such as lines of credit or mortgages, just credit cards. This does not give you a mix of credit. And with the economy today, dealers are willing to sell for anything, it is the BANKS that are the ones causing the credit crunch. They like to sit there and hoard that government bail out money, like pack rats. Hope this helps answer your question.
