How to improve my credit rating?

[Bluga]

I've just checked my credit rating and while it's not bad it's not good either. It says:

Summary of factors affecting your score:

1. The time since you last applied for credit (as reflected by an inquiry on your credit report) is too recent (I haven't applied in a year)

2. The proportion of balances to credit limits on your revolving accounts is too high (my credit limit is only $500)

3. The proportion of balances to credit limits on your bank or national revolving accounts is too high

4. The length of time your accounts have been established is relatively short (I have CC for 2 years)


And my payment history is this:

Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late



Ok so how come I get rejected when applying a credit card recently? I haven't apply one in a year.

 

[SoylentGreen]

1. Stop applying for credit

2. Lower or eliminate the balances on revolving credit

3. Lower the balances on your bank or national revolving accounts

4. Wait longer

 

[Yossarian]

because:

1. The time since you last applied for credit (as reflected by an inquiry on your credit report) is too recent

2. The proportion of balances to credit limits on your revolving accounts is too high

3. The proportion of balances to credit limits on your bank or national revolving accounts is too high

4. The length of time your accounts have been established is relatively short

 

[StageLeft]

If you pay your card off completely and wait for it to cycle through (i know that MBNA updates the bureaus a week or two after I get my statement), then that will help your rating a lot.

 

[bleeb]

you can co-sign with yoru parents the next time they buy a car and that will EXPLODE your credit. Good luck!

 

[Bluga]

bump.