There are some common reasons that can keep your credit scores from rising above the 700 mark:
If youâ€™ve struggled with your financial situation, know that by taking simple, actionable steps, such as paying down high balances and paying on time every time, you can begin rebuilding your score and eventually become a â€śprimeâ€ť customer.
If youâ€™re new to credit, then begin building your credit score with a student credit card, a store card or a secured card, which all have lower credit score requirements for approval.
Secured cards require you to submit a security deposit of around $200, which then serves as your credit line. Before you apply, make sure the card issuer reports the account and payment activity to all three credit bureaus as each bureau generates its own FICO Score. Use the card responsibly by making small charges to it each month and pay off the entire balance by the statement due date.
To ensure your credit score keeps going in the right direction, always pay at least the minimum payment due on time, and keep your balances well below the credit limit.
Finally, know that your credit score will fluctuate every month by a few points here and there as you borrow and repay, open new lines of credit or pay off loans, but those variations are normal and shouldnâ€™t be a cause for concern as long as your scores are generally trending up instead of down.