620 to 700+ within a year, is it possible?

[takeshi74]

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@Anonymous wrote:

Also is a secured loan necessary?

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Mix is typically 10%

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

It's really your call how many points you want to try to wring out and what lengths you're willing to go to in order to do so.  Revolving utilization has a much bigger impact as it falls under Amounts Owed.  If you can pay off your cards next month then what you can do is verify that the updated balances have reported, see the scoring impact and then decide if you think the secured loan is worthwhile.  A new account will drop your AAoA and you'll incur another hard pull.  No idea what the impact to utilization would be.

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@Anonymous wrote:

I'm accessing my score via Credit Sesame and the Discover myFico score as both seem to parallel each other.

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That's coincidental, not causal.  Don't assume that you can use a score generated by one model to determine the score generated by another model -- even if both are FICO's.

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@redbeard wrote:
Don't go app crazy. The 2 things you have working against you right now is inquiries (not a serious problem, but its there) and your very short AAoA (average age of accounts).

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The inquiries are not really the problem.  The inquiries are a concern because of the OP's credit profile.  A stronger, established profile would have no problem with that number of inquiries -- or even more.  However, I would +1 the "don't go app crazy" suggestion.  It takes time and responsible usage to build.

[Grafton88]

I got a secured loan through NFCU.  

I had an extra $500 in savings.  I used that to back the loan.  It was frozen from my savings account.

They approved the loan within 10 minutes.  They direct deposited the $500 loan into my checking acount.  I had instant access to the money.

The loan is for 6 months.  With every payment they take less than $2.00 interest and the rest of my payment goes into my savings acount and I have instant access to it.

My total interest payments will be less than $12.

It is as if I just moved the money from savings to my checking account.  I get credit with FICO for having a better credit mix.  I get credit with NFCU for paying off a loan.

It looks like a win-win situation for pennies a day.

[morgacj2004]

Yes it is possible although you have a very thin credit hx.