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Member
osbranger
Posts: 15
Registered: ‎04-02-2014
0

Increasing my Credit score

Hello,

This is my first post to the forum. I really need some advice.
I am 21 yrs old and I am new to credit; I have had a BoA CC for 6 months now. Today I was approved for an AMEX Everyday Blue Cash CC. 
I started monitoring my score on CK and I dont know how accurate/official that score is. It started out at 734 and stayed there until today when it dropped to 710. It dropped bc of the AMEX inquiry. 
I pay my balance off each month and keep my utilization to ~20%. 
How can I keep my score increasing?
My parents are fixing to renew our cell phones, and I want to put the new plan under my name and let them pay for it. I have heard that paying a bill can help your score?
Is there anything else I can be doing?
Does utilization play key roll in increasing a score? If so, what should I keep it at monthly?
Any advice would be greatly appreciated.

~OSB

Moderator
09Lexie
Posts: 26,273
Registered: ‎09-13-2012
0

Re: Increasing my Credit score

[ Edited ]

osbranger wrote:

Hello,

This is my first post to the forum. I really need some advice.
I am 21 yrs old and I am new to credit; I have had a BoA CC for 6 months now. Today I was approved for an AMEX Everyday Blue Cash CC. 
I started monitoring my score on CK and I dont know how accurate/official that score is. It started out at 734 and stayed there until today when it dropped to 710. It dropped bc of the AMEX inquiry. 
I pay my balance off each month and keep my utilization to ~20%. 
How can I keep my score increasing?
My parents are fixing to renew our cell phones, and I want to put the new plan under my name and let them pay for it. I have heard that paying a bill can help your score?
Is there anything else I can be doing?
Does utilization play key roll in increasing a score? If so, what should I keep it at monthly?
Any advice would be greatly appreciated.

~OSB


Welcome to the forum and congrats on your approval. Having a cell bill or any other utility will not increase your FICO score.

Util is 30% of your CS ; what other cc's do you have? How many inq's in the past 12 mos? How many TLs in the past 12 mos?

 

 

Edit: typo

Established Contributor
Shock
Posts: 794
Registered: ‎08-07-2013
0

Re: Increasing my Credit score

[ Edited ]

osbranger wrote:

Hello,

This is my first post to the forum. I really need some advice.
I am 21 yrs old and I am new to credit; I have had a BoA CC for 6 months now. Today I was approved for an AMEX Everyday Blue Cash CC. 
I started monitoring my score on CK and I dont know how accurate/official that score is. It started out at 734 and stayed there until today when it dropped to 710. It dropped bc of the AMEX inquiry. 
I pay my balance off each month and keep my utilization to ~20%. 
How can I keep my score increasing?
My parents are fixing to renew our cell phones, and I want to put the new plan under my name and let them pay for it. I have heard that paying a bill can help your score?
Is there anything else I can be doing?
Does utilization play key roll in increasing a score? If so, what should I keep it at monthly?
Any advice would be greatly appreciated.

~OSB


I would keep utilization at 1-9%.

 

Work with the ones you have now, and in a year apply for a couple more. Chase, B of A, another AMEX, etc.

 

I dont think having a bill under your name has any effect on your credit score. It sucks though because whoevers name is on it is likely a credit check when opening a new account with the cell phone company.

 

Utilization does play a key role but there's only so much you can do. You need a mix of accounts (auto loans, mortgage, student loan maybe) something besides credit cards to maximize your score. Only if you can afford it of course. Making payments on time is the most important factor.

 photo myfico_zps71152293.jpg
Member
osbranger
Posts: 15
Registered: ‎04-02-2014
0

Re: Increasing my Credit score

According to CK, my age is 5 months. So I do not have a FICO score yet.

 

I only have the BoA card with $800 CL

I got approved today for the AMEX card with $1k CL

 

I have 2 inquiries on my report from CK

Established Contributor
Shock
Posts: 794
Registered: ‎08-07-2013
0

Re: Increasing my Credit score

Let your accounts age. That's a residual or non-action action that will help. As long as your accounts are open and in good standing, your accounts will age. A decent AAoA I believe is 8 years

 

 

 photo myfico_zps71152293.jpg
Member
osbranger
Posts: 15
Registered: ‎04-02-2014
0

Re: Increasing my Credit score

I make all payments on time.


I am still in school and I dont need any loans to pay for school.

 

If I keep these two cards when should I wait to apply for another? a year?

Moderator
09Lexie
Posts: 26,273
Registered: ‎09-13-2012
0

Re: Increasing my Credit score


osbranger wrote:

According to CK, my age is 5 months. So I do not have a FICO score yet.

 

I only have the BoA card with $800 CL

I got approved today for the AMEX card with $1k CL

 

I have 2 inquiries on my report from CK


Time, making all of your payments on time and not apping in vain = strong credit profile

Moderator
Kenny
Posts: 5,955
Registered: ‎01-15-2009
0

Re: Increasing my Credit score


osbranger wrote:

Hello,

This is my first post to the forum. I really need some advice.
I am 21 yrs old and I am new to credit; I have had a BoA CC for 6 months now. Today I was approved for an AMEX Everyday Blue Cash CC. 
I started monitoring my score on CK and I dont know how accurate/official that score is. It started out at 734 and stayed there until today when it dropped to 710. It dropped bc of the AMEX inquiry. 
I pay my balance off each month and keep my utilization to ~20%. 
How can I keep my score increasing?
My parents are fixing to renew our cell phones, and I want to put the new plan under my name and let them pay for it. I have heard that paying a bill can help your score?
Is there anything else I can be doing?
Does utilization play key roll in increasing a score? If so, what should I keep it at monthly?
Any advice would be greatly appreciated.

~OSB


http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169

 

That might help you a bunch -- I know it looks overwhelming, but if you skim it a lot of the misconceptions are dispelled here.

 

You are doing really well for 21. It's great you've already established your member since date with Amex -- I did the same thing -- this will help you later when you're 40 and you open up a new card from Amex. Your date that's reported for the card will be backdated to the year you opened the first one! Realize that your relationship with Amex is important and never ever default with them! lol. :smileywink:

 

The conventional wisdom around here for optimal scoring is to only let one card report a balance and have that amount be in the neighborhood of 1% to 9%. Of course, even if you let one dollar report as a balance that is rounded up to 1%.

 

The biggest thing is, don't get too caught up in the score of it all... unless you're applying for something big in the future it's not that terribly important.

 

If the score is something that you think you'd want to monitor monthly or so then a Discover card or a card with Barclays would be awesome for you as they give you a Fico score each month. I would definitely recommend a Discover card -- they will grow with you and they also appreciate catching you early in life if you're a good customer!

 

And lastly, if ever you have a question look here and ask us! We'll be more than glad to put our $0.02 in! If we don't know, someone else here usually does or we can find it for you. There is no stupid question as we have all been there and sometimes we need a refresher on the information!

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:776(11/05) - EQ04:770(10/31) - EQ08:796(11/08) - TU08:798(11/18)
Goal Score: 800+
Moderator
Kenny
Posts: 5,955
Registered: ‎01-15-2009
0

Re: Increasing my Credit score


09Lexie wrote:

osbranger wrote:

According to CK, my age is 5 months. So I do not have a FICO score yet.

 

I only have the BoA card with $800 CL

I got approved today for the AMEX card with $1k CL

 

I have 2 inquiries on my report from CK


Time, making all of your payments on time and not apping in vain = strong credit profile


What she said! :smileyhappy:

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:776(11/05) - EQ04:770(10/31) - EQ08:796(11/08) - TU08:798(11/18)
Goal Score: 800+
Member
osbranger
Posts: 15
Registered: ‎04-02-2014
0

Re: Increasing my Credit score

Kenny

 

Great info. thanks for the advice and the welcome

 


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