Reply
Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009

How should I raise my score?

Hello everyone,

I'm new to the forums, and was wondering what are some ways I can raise my score? My ideal score would be at least a 700. I am 18 years old, soon to be 19 in December.

 

Current scores:

 

TU: 679 EX: 620 EQ: 645 


Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: How should I raise my score?

[ Edited ]

keith021 wrote:

Hello everyone,

I'm new to the forums, and was wondering what are some ways I can raise my score? My ideal score would be at least a 700. I am 18 years old, soon to be 19 in December.

 

Current scores:

 

TU: 679 EX: 620 EQ: 645 


 



What's up Keith021?  Welcome to the forum.   The best way to raise your FICO scores is by having a mixture of credit.  Do you currently have any credit cards reporting to the CRA's?  Do you have any types of loans reporting to the CRA's?  Those two types of tradelines(revolving and installment) with a pristine payment history will get your scores higher over time.  I say over time because how long you have been managing credit is factored into the FICO scoring models.  Also, know the difference between a FAKO and FICO scores.  Where did you get your scores?  Good luck!!   

Message Edited by DI on 11-01-2009 07:47 PM
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: How should I raise my score?


keith021 wrote:

Hello everyone,

I'm new to the forums, and was wondering what are some ways I can raise my score? My ideal score would be at least a 700. I am 18 years old, soon to be 19 in December.

 

Current scores:

 

TU: 679 EX: 620 EQ: 645 


Welcome to the forums.

 

You can learn alot if you stick around and read and search and ask lots of questions.

 

One thing I will ask is where did you get those scores? No one has been able to pull their own Experian score since mid-February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.

 

At your age do you have any credit extended to you? Do you have a credit mix? By that I mean revolving credit such as credit cards, installment loans, or mortgages?

 

How old are any accounts you might have? 

 

Do you have any late payments? Collections? Judgements? 

 

Do you know what is on your three major credit reports? You can pull them for free once a year from annualcreditreport.com.

 

There are many items to look at when deciding how best to obtain and maintain good credit. If you can post more details more suggestions can be made.

 

Good luck to you.

 

 

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

 

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009

Re: How should I raise my score?

Yes, I have one credit card opened; Transunion and Equifax. One opened and one closed credit card on Experian; the closed card it marked: closed/paid.

 

I just opened a Stafford student loan, but it isn't showing up on any of my reports yet. I know about the FICO scores and FAKOS.

 

I use TrueCredit by Transunion and its 3-in-1 monitoring service for my scores and reports.

 

Are those legit and they FICO scores? I tried getting my scores from MyFico, but I go error message:

 

 

We regret we are unable to fulfill your Score Power order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain:

   1. At least one account which has been open for six months or more.
   2. At least one account that has been updated in the past six months.
   3. No indication of deceased on the credit report.

The minimum criteria are designed to ensure that there is enough recent information in the report on which to base a FICO® score.

If interested, you may obtain a copy of your Equifax Credit Profile™ online (without FICO® score) by clicking here, which will link you to Equifax who will process your request.

Your credit card has not been charged for this request. You may see a pre-authorization for the purchase price on your credit/debit card. These funds are held temporarily and will not be posted as an actual charge.

Your credit report was accessed to provide this service, which will be reflected by a Fair Isaac inquiry that the credit bureau will post to your credit file. The Fair Isaac inquiry is labeled such that it will not affect your credit rating.

Thank you
myFICO® Customer Care

 

Thanks! 

 


Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009

Re: How should I raise my score?

I forgot to add that the open account is 3 months old and the closed account is a couple of years old: I was a joint user on one of my parent's credit cards. I don't have any late payments, collections, or judgements and yes I know what is being reported to all 3 bureaus.

Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: How should I raise my score?

 

Seems your credit file is too short right now to generate FICO scores.  For your purpose, the FAKO scores are good enough for now.  No need to spend all that money on FICO scores right now. Let the accounts you currently have age, and let the student loan report and age. Make sure all your tradelines are appearing on your TU, EQ and EX reports.  Why was one of your credit cards close?  When did you open both cards? 

Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009

Re: How should I raise my score?

I was a joint user on the closed account, my mom closed it because of the trouble she was having with GEMB. The new opened account is only 3 months old. So you are saying that my scores are FAKE and really aren't as high as TrueCredit is stating? I'm confused...

Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: How should I raise my score?

[ Edited ]

keith021 wrote:
I was a joint user on the closed account, my mom closed it because of the trouble she was having with GEMB. The new opened account is only 3 months old. So you are saying that my scores are FAKE and really aren't as high as TrueCredit is stating? I'm confused...

As MarineVIETVET stated: No one has been able to pull their own Experian score since mid-February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.

 

Right now you have no FICO scores to compare to the FAKO scores.  With that said, I can't say if your scores will be higher or lower than the FAKO scores your curently have.   Nothing is wrong with the FAKO scores.  It's giving you some idea where your scores stands.  You won't know the true FICO scores until you order them after six months of having tradelines reporting. 

 

Message Edited by DI on 11-01-2009 08:32 PM
Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009

Re: How should I raise my score?

Oh okay. So, should I try to apply for a new credit card to increase my available credit and raise my score? Or just continue to pay my current credit card on time?

Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: How should I raise my score?


keith021 wrote:
Oh okay. So, should I try to apply for a new credit card to increase my available credit and raise my score? Or just continue to pay my current credit card on time?

Continue to pay your current card on time.  It only takes one major bank card and one loan to have relative high FICO scores.  Don't open too many accounts at once.  It will cause your average age of accounts to decrease.  When that happens, your FICO score will decrease also.   You shouldn't apply for anything else until your current card become one year old. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+