!9 point jump!

[Anonymous]

I am very excited when I saw my FICO score jump today. It was a slow decline for about two months. I started at a 736 score. What happened is that I applied for many cards in a very short period of time and was approved. My credit history is just shy of 3 years and in the beginning I had only 1 credit card (Sears Mastercard) then in August of Last year, I started to get more cards. My score dropped to 702 because I moved debt to my Discover More card and that is what probably killed my score a little bit. My score now sits at 721. My goal is to reach a 750 score. I have a plan to do this. I know what I need to pay each month if I want my debt to be at 0, let my accounts age, not to apply for any more cards, and quit using my credit cards. My utilization total of all my cards is under 20%.

[GFer]

With your present score and plan in hand, I see you in the 800's by your last cards anniversary!! 

[Anonymous]

I just want to see 750 score and no debt! If I get a score of 800, I'll be a very happy camper!

[Anonymous]

Sith,

Your goal should be to get to 760, and I am doubtful your score will reach 800 for at least 5 years, but that shouldn't be a damper. At 760 you will be near locked in for the best interest rates if all your other factors are good. At 750 that isn't necessarily the case.

Here are some things you can do. Have one of your cards report a small balance between 1-3%, but PIF before the statement is due. If you do that you will maximize your utility points. Using your cards isn't bad as long as you pay before the statement date and then don't use the cards until after the statement date (expect on the card you want to report a balance).

You could break 740 with the proper utilization. Though I don't recommend taking on new accounts or loans you don't need....an auto loan or a store card in time may be of help to your score as well - but don't get them if you don't need them or won't use the store card.

[Anonymous]

I don't plan on getting any more credit cards anytime soon. I have enough. I want to get the best score possible. I think I shall take your advice, debtisgood, with one credit card only to use. I have two store cards that are paid off (one I don't use much and one I don't use at all).

[Anonymous]

If you have a store card open then you already have your credit mix points so there would be no need to pick up one anyway. And just remember, you can use any card as long as you pay it off before the statement and only keep a balance on one card.

Best of luck!

[Anonymous]

I am happy that my score had gone up 10 more point. My score dropped a little bit (6 points, but wasn't worried about it). I am working on paying off more of my debt so it goes up.