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Boosting Rico score

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Anonymous
Not applicable

Boosting Rico score

I was wondering how I could boost my fico score by 150 points

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Boosting Rico score

You'll probably get more people willing to help if they know more about your situation.

 

You'll need a copy of your three credit reports and your three FICO 8 scores as a starting place.  A cheap way to get that would be the $1 free trial at Credit Check Total.

 

Then you'll need to tell folks here what your scores are, what your derogs are (lates, collections, chargeoffs, liens, judgments, public records, bankruptcies), and to list all credit cards with their balances and credit limits, like this:

 

Card 1.   Balance = ____    Limit = ____

Card 2.   Balance = ____    Limit = ____

Card 3.   Balance = ____    Limit = ____

etc.

 

Finally you'll need to indicate whether you have any big needs for credit (car, house, etc.) and if so what the timeline is for that.

Message 2 of 5
marty56
Super Contributor

Re: Boosting Rico score

Some people might say that the RICO Act should apply to CRAs.

 

The best long term way to raise your score is to keep paying on time.  Short term is to pay CC balances down and don't apply for unneeded credit.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 3 of 5
CreditInspired
Community Leader
Super Contributor

Re: Boosting Rico score


@Anonymous wrote:

I was wondering how I could boost my fico score by 150 points


WHOA, 150 points is a humongous increase and feat!!!! 

 

First, what CGD says -- it would help us help you.

 

Second, just a quick overview since we have no background info:

 

1. No judgments or tax liens reporting -- if so, have them removed from your credit report based on the July 1, 2017 rule that if DOB is not present or SSN is redacted, you can request removal if not automatically done. You may have to file a complaint with CFPB if CRA won't budge.

 

2. No BK reporting.

 

3. No negatives or baddies or lates reporting.

 

4.  At least 3 CCs with 2 reporting utilization at 0% and 1 at <9%.

 

5. Have an installment loan.

 

6. Stop applying for credit; and if you are -- no inquiries in 12 months sound good.

 

7. Paying on time, and never, ever late!

 

8. Stop opening new accounts; and if you are -- no new accounts in 12 months sound good.

 

9. Not more than 1-2 store cards. If you are using SCT, please stop.

 

10. TIME IS ON YOUR SIDE -- Gardening cannot be overstated.

 

Just to give you an idea of how huge 150 points are and how much time it can take to get close to there.

 

I started out in May 2016 with scores 640EX, 647TU, 642EQ. I had only 1 CC and ~74% UT.

 

August 2017, those scores are 759EX, 764TU, 741EQ, which is a 119, 117, 99 point increase, respectively. However, I want to point out that the largest jump (~58pts on each) came because of #1 above in August 2017 when my tax lien was removed from all 3 CRAs. 

 

So, for over a year, the other increases came from never, ever being late, UT between 1-5% on 1-2 cards, and the rest at 0%, only 1 store card, and other cards in my signature. I do not have an installment loan, but I figure if I did, that would probably increase my scores another 20-25pts.

 

So, as you can see, it take diligence, time, gardening, and some luck (#1) to boost scores.

 

GL to you. 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 4 of 5
Anonymous
Not applicable

Re: Boosting Rico score

I agree with everything that CreditInspired said, but the 150 point jump may not be so unattainable depending on where you are starting at.  Personally, I have increased my scores over 100 points since February, but they were really ugly to begin with.  I did all of the things mentioned already:  had judgements deleted, lowered credit card utilization, got a few more cards as well (2->6) to help with the balance reporting, did some PFDs, got student loans out of defaults (which helped by getting A LOT of late payments removed) and made sure everything was paid on time.  My goal was to buy a house and the mortgage broke I spoke with then all but laughed at me when I had him look at my report then (I knew I was nowhere near ready, but just wanted someone to give me a game plan on how to fix things), but now the joke is on him!  I have scores that are high enough to qualify me for a conventional loan, and I will be working with someone else.  I also ditched the realtor who recommended him to me.  

Message 5 of 5
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