this post was submitted on 15 Feb 2024
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I have played around a bit credit score estimators on the credit agencies sites. If they are not lying, a few things found interesting.
The largest jumps in credit come from increasing the credit limit on existing credit cards. Opening a new card is a slight decrease in the score.
Mortgage and cars loans combined (installments) are how you get to "excellent credit". When I was renting my credit was always 60 points lower. When I bought my first home my credit hit excellent for the first time 3 months later. When I paid off my cars my credit dropped by 20 points each time.
Late payments or missed payments on any account decrease the credit card the most.
Credit scores are designed to discourage you from taking out lots of loans in short amount of time. Buy a car, your score decreases for 3 months then bounces back up.
Just a note, but your credit score went up when you got a mortgage because it takes into account "mixed loan types" like unsecured credit (credit cards) where there is no collateral and secured loans (home/boay/auto) where there is.
When you have more mixed loans that you pay without issue, your score goes up.