If you’ve been making payments on time, yet your credit score is stagnate, there may be other factors to consider. Making payments on time is the biggest factor affecting your credit score, but it isn’t the only factor that affects it. If you make a late payment, it could affect your score by at least 100 points. The other factor that affects your credit score is the amount of debt you’re carrying all together.
It’s important that you keep your revolving credit balances as low as possible. Revolving credit balances would be something like a credit card. On your credit report this equals utilization. Credits cards have limits. If you’re close to reaching your limit that means your utilization is high. This will impact your credit score big time by dragging it down. Until balances are paid down, your credit score will remain stagnant or low.