How good is my credit if i have been paying the balances off in full each month...?
Your behavior is excellent, but you need to keep up this fine behavior for years to get a top Fair Isaac (FICO) credit score.
An average score is 673 - 720, depending on the survey. The highest score I've seen from younger posters who announce their age is a 20-year-old with a 700 score, which would be average for everybody, but is relatively great for a 20-year-old who can have only 2 years of history at most.
15% of your FICO score is on length of credit history, sometimes called credit depth. The older your oldest open accounts, the better. The average person who uses credit has an oldest open account that has been open for 14 years. Only one in 4 has an oldest open account open 20 years. They also score you on average age of all open accounts. If you close your oldest open account, your score goes down.
10% of your FICO score is on credit mix: what kinds of open accounts do you have? The good kinds are: mortgage, secured auto loan, major credit card (V, MC, AmEx, Disc) and store cards (Macy's, Home Depot, etc.) If those 2 credit cards are both majors or both store cards, consider opening 1 or 2 accounts in the missing cc category. Again, use all cards for small, NECESSARY purchases (groceries, gasoline or a utility bill put on auto-pay), and continue to pay them off in full. The bad types of credit: payday loans, personal finance loans for purposes of cash advances, sub-prime secured credit cards, and checking account overdraft loans.
10% of your FICO score is for new inquiries into your credit history for the purpose of granting you credit. If you open new accounts (see previous paragraph), you'll lose a few points temporarily for the hard inquiry. All inquiries fall off your credit report in at most 2 years, and as they age, they lose their ability to hurt your score.
You're already on the right track for the other 65% of your score: regular payments every month on time (and you're a living example that you DON'T have to carry balances and get charged finance charges to score max FICO points) and keeping your balances below 30% of their credit limits.
You can buy your genuine FICO scores at http://www.myFICO.com If you hunt around at credit message board sites, you should be able to find a current discount code that gets you up to 20% off.
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