Hello everyone. I am a 24 year old male with 2 credit cards and an auto loan. My two cards are Discover IT and BOA Cash Rewards. The IT card has a limit of 10k and the BOA has a limit of 2.5k. No balances on either card. My auto loan was originally applied for and accepted though chase in march of 2011 for 12.5k and I have paid it down to 6.5k since then.
My current fico scores are TU 762 and EXP 759. I am looking to increase my scores, but I am not quite sure how to. Does anyone have some insight as to how to increase my scores in the coming months, years, etc...
I also use the FICO quarterly monitoring product as well.
Thank you in advance for any ideas or comments!
For maximum scoring purposes you should not have both cards reporting a $0 balance. Allow one of them to stay at zero and keep the other card between 1%-9% this should gain you a few extra points.
PIF is great but again for scores you should allow one of the cards to report a balance if you are not already doing so.
Okay so how exactly do I let it report a balance without having to be charged interest?
To avoid interest fees, simply pay the statement balance in full after statement cuts.
that way, a balance will be reported, and you will not be charged interests.
Ah okay so my most current discover statement was produced on June 25th. It says my payment due date is August 4th. So if I PIF by August 4th if there was a balance it would be reported but I wouldn't be charged interest?
Let's say your 25th june Discover statement balance was $1000.
If you paid $1000 before August 4th, you will not be charged interest. To be on the safe side check your Discover T&C for the interest-free grace period duration.
In the meantime, you can continue to use that card and let it report a new balance for the next cycle.