We commend you on 16 months of on-time payments! That’s a great start toward moving your score up. However, payment history is only one component of your score. According to the folks at Fair Isaac, the company that invented credit scoring, there are five components to your score: payment history, amounts owed, length of credit history, new credit and types of credit used. Here are a couple of examples of how your score could suffer despite making on-time payments:
We think you should keep up the good work with respect to on-time payments and sit down with a counselor associated with the National Foundation for Credit Counseling (www.nfcc.org). One of their counselors should be able to review your situation in detail and help you start pushing that score higher. Good luck.