No recent revolving balances (or no recent bankcard balances)
Image: John Lambert Pearson
What it means: This reason may appear when your credit report doesn’t include any revolving accounts (usually credit cards), or when all your credit cards closed or are no longer being reported. If you have open credit cards, it may also appear when there are no balances on those accounts.
What you can do about it: Don’t worry. This doesn’t mean you have to have debt to have good credit. As long as you use your cards from time to time, this shouldn’t be a problem. But if you are avoiding credit cards all together, you’ll have a tough time getting a top credit score. Get a credit card and use it occasionally — even a secured card — and pay it in full and on time, and you should be fine.
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Reason 8: Lack of recent installment loan information »