Best way to raise credit score

[agirlandherpen]

Hello myFico. I have been looking around these forums for a few days and reading many of the posts regarding credit cards. I have learned a lot! However, I wanted some advice particular to my circumstances. I am about to start my first 'big girl' job as a nurse. I am going to go from making 12k a year to 50k a year. I financed my education with student loans and *gasp* credit cards. I plan on throwing $500/month at those credit cards starting in august. Currently, it looks like this:

USAA Platnium: $3710/$4500 @ 14.99%

Bank of America, American Express: $1700/$2000 @ 7.24%

NY and Company (newest): $0/400

Amazon Store: $0/$2100

Wells Fargo (oldest acct):  $0/$2100

Student Loans (all federal, all 6.8% interest) $37100

So I have about $11100 in available credit and my utilization is around 50%. I am looking to get another credit card that I might be able to transfer the balances of those two cards to and save money on the interest I pay. Credit Karma says my score is 684, mostly due to my utiilization and age of my accounts (I am 26 years old, oldest account is 8 years old, the newest a few months). I have one credit inquiry, 100% on time payments, no collections or bads...My questions are: Should I close the NY&C card to better the age of my accounts? Should I open a new card to transfer balances, and if so, which one? How can I better my credit to help me prepare for buying a house in the next couple years?

Any advice appreciated, thanks!

[GaTech]

35% PAY ON TIME
30% Only have a balance report on ONE card and let it be less than 9%
Don't ap for so many cards in a short period (very easy).

Sit back and let your account age.

[09Lexie]

Welcome to the forum and congratulations on your 'big girl job'. Closing a TL will not better the age of your accounts. The account has already affected your AAOA cause closed accounts are factored in. Closing will also increase your util. You should try and get CLI's on your current accts (to help with your util) the increased income should help. At the same time, pay as much as you can to your current cc's.

Get your util down and you should be fine.

[agirlandherpen]

If I request an increase on Amex (or any others), does it create a hard inquiry on my credit (will it hurt my score)? Because my CL was based on my income several years ago for the most part...and obviously I have a big income jump now.

Edit: Also, I have 15k in points on that Amex. Never used, had the acct 6+ years.

[FinStar]

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@agirlandherpen wrote:

If I request an increase on Amex (or any others), does it create a hard inquiry on my credit (will it hurt my score)? Because my CL was based on my income several years ago for the most part...and obviously I have a big income jump now.

Edit: Also, I have 15k in points on that Amex. Never used, had the acct 6+ years.

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Any CLIs on BofA AmEx will be a Hard Pull so essentially the inquiry may affect your score.

[09Lexie]

Here's the thread on Amex CLI

http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

BoA and WF CLI can be SPs. Either way, new inq or HP CLI will affect your CS. Add a new acct and your CS will temp drop again. In your case your util is too high for a new lender to approve IMO. Get your util down and if you need a new TL app after your cr have updated.

Read the thread on Amex first before you request a CLI.

[FinStar]

OP - is the Amex mentioned in your intial post with Centurion Bank or BofA?

[09Lexie]

@FinStar

Good catch!

OP, disregard everything I said about Amex 3x CLI. That's only for cards issued by Centurion Bank

[FinStar]

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@09Lexie wrote:
Here's the thread on Amex CLI

http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

BoA and WF CLI can be SPs. Either way, new inq or HP CLI will affect your CS. Add a new acct and your CS will temp drop again. In your case your util is too high for a new lender to approve IMO. Get your util down and if you need a new TL app after your cr have updated.

Read the thread on Amex first before you request a CLI.

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I'd have to say that for BofA and WFB those usually result in HPs the majority of the times, very rare the exception for SP (online CLI link or via chat) - not to give false hope on the OP if inquries are a big factor.

But, the utilization is always killer and lenders would want to know why the additional CLI is necessary given the current outstaning/revolving balances and any other loans reporting on the CRs.

[09Lexie]

@FinStar

I agree. Hopefully, OP will find a sympathetic ear and with the new career, costs can be explained.