Reply
New Visitor
NoShirtsAllowed
Posts: 1
Registered: ‎08-28-2013
0

Credit Score 550 to 750 goal!! New here, need help and feedback!

[ Edited ]

Greetings! This is my first post, and I appreciate your time in advance!

 

A little bit about me. I am currently 21 y/o. I am in my last year of college coming this fall. I realized that now is the time to really focus on my credit. Before I had no interest in credit history. However, I now realize that 1 of the most important things (if not the most important, besides family) is having a good (great) credit score.

 

Without proper credit score, you will be titled to higher interest rates, or possibly getting declined on any offers. I.e.. Car loans, and leasing approval, mortgage approval, etc..

 

I recently went into a car dealer to lease a moderate car (around $40,00) lease would only be about $350 per month for me for 3 years. I currently work, and have worked in the same office for the past 3 years, making 35k/a year. I was declined (haha).

I received the report, and it stated that I had a mid 500 score. 

 

So here I am today, to ask for your help, and a chance to bring my credit score on the rise. Lets say my current credit score is 550.. I think a reasonable goal for now is to break 650.

 

 

What would you guys recommended? I read up on the forums, and online and have done some research. It seems to me the general consensus is that I should have at least 4 major credit cards, and some sort of auto credit history.  

I currently have 2 major credit cards, capital 1 and Chase. Since I have such a low credit score, I am worried I will get declined for other credit lines. If I get declined, that will hinder my credit score even more (if im  not mistaken). I am looking into AMEX green card however. Not sure if I should apply tho.

In terms of auto credit, I was told to have a relative who has good credit to co-sign so that I would most likely get approved for an auto lease. 

 

I admit, I have not paid off my credit cards all on time. I only pay the minimum and sometimes a little more. I will pay it all off by this month, and pay off every month of what I use. I will also get a co-signer to get an auto lease to build my auto credit history.

Once I have at least 6 months of no late fees/no balance on both of my credit cards, I will apply for a amex card, and possibly another credit card.

 

Am I on the right track here? Are there any other advice that you guys can give me?

Again, I thank you for the time, and sorry about my grammar. 

Thank you 

Community Leader
Senior Contributor
myjourney
Posts: 26,602
Registered: ‎02-07-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

[ Edited ]

NoShirtsAllowed wrote:

Greetings! This is my first post, and I appreciate your time in advance!

 

A little bit about me. I am currently 21 y/o. I am in my last year of college coming this fall. I realized that now is the time to really focus on my credit. Before I had no interest in credit history. However, I now realize that 1 of the most important things (if not the most important, besides family) is having a good (great) credit score.

 

Without proper credit score, you will be titled to higher interest rates, or possibly getting declined on any offers. I.e.. Car loans, and leasing approval, mortgage approval, etc..

 

I recently went into a car dealer to lease a moderate car (around $40,00) lease would only be about $350 per month for me for 3 years. I currently work, and have worked in the same office for the past 3 years, making 35k/a year. I was declined (haha).

I received the report, and it stated that I had a mid 500 score. 

 

So here I am today, to ask for your help, and a chance to bring my credit score on the rise. Lets say my current credit score is 550.. I think a reasonable goal for now is to break 650.

 

 

What would you guys recommended? I read up on the forums, and online and have done some research. It seems to me the general consensus is that I should have at least 4 major credit cards, and some sort of auto credit history.  

I currently have 2 major credit cards, capital 1 and Chase. Since I have such a low credit score, I am worried I will get declined for other credit lines. If I get declined, that will hinder my credit score even more (if im  not mistaken). I am looking into AMEX green card however. Not sure if I should apply tho.

In terms of auto credit, I was told to have a relative who has good credit to co-sign so that I would most likely get approved for an auto lease. 

 

I admit, I have not paid off my credit cards all on time. I only pay the minimum and sometimes a little more. I will pay it all off by this month, and pay off every month of what I use. I will also get a co-signer to get an auto lease to build my auto credit history.

Once I have at least 6 months of no late fees/no balance on both of my credit cards, I will apply for a amex card, and possibly another credit card.

 

Am I on the right track here? Are there any other advice that you guys can give me?

Again, I thank you for the time, and sorry about my grammar. 

Thank you 


Welcome to the forum

Since you have some cards already something is holding your scores down.

Paying your cards off in full will help but don't have them at $0 balance either as you will see a scoring ding for that.

The general rule is:

Have 1 card report a balance between 1-9% of your total credit limits

Example you have 2 cards so lets say adding the 2 together you have 5K so you want 1 card to report under $500 then when the statement cuts PIF=pay in full

 

Need more info have you pulled your CR's?

How long have you had the 2 CC's?

Do you have lates or any other baddies?

How many INQ's=inquiries for credit have you had in the last year?

Have you pulled your scores from here minus the one from the auto?

Do you have someone that can make you an AU=authorized user?

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Valued Contributor
takeshi74
Posts: 2,803
Registered: ‎06-05-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

[ Edited ]

NoShirtsAllowed wrote:

What would you guys recommended? I read up on the forums, and online and have done some research. It seems to me the general consensus is that I should have at least 4 major credit cards, and some sort of auto credit history.   


Start with pulling your reports.  You need to know where you are now and to see if there's anything you need to correct that may help your score.

 


NoShirtsAllowed wrote:

 currently have 2 major credit cards, capital 1 and Chase. Since I have such a low credit score, I am worried I will get declined for other credit lines. If I get declined, that will hinder my credit score even more (if im  not mistaken). 


Getting declined doesn't reduce your score.  It's the hard pulls that lower your score.  If you know you need to work on your credit then it doesn't make sense to continue to apply.  Take action first to correct matters and then start thinking about applying for stuff.  AmEx is right out in your current position.

 


NoShirtsAllowed wrote:

 

I admit, I have not paid off my credit cards all on time.

That's a problem.  On time payments play an important role in your scoring and it takes time for lates to fall off.

 


NoShirtsAllowed wrote:

I only pay the minimum and sometimes a little more.

That's also a problem as utlization also plays an important role in your scoring.  What's your utilization like?  You need to get it down as low as possible (without hitting zero).

Contributor
rockinn8
Posts: 92
Registered: ‎08-08-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

 


Starting Score: EQ FICO 673 TU FAKO 641
Current Score: EQ FICO 740, EX FICO 748, TU FICO 722 (Discover)
Goal Score: All 730+ FICOs


Take the myFICO Fitness Challenge
Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

1. Stop applying.

 

2. Comb through reports and see if any of the companies with a late payment are by researching them here. Hopefully, none of the late payments were with BoA. Look up goodwill letters and start sending them out.

 

3. Get utilization under control.

 

4. Once things are improved some, ask current companies for CLIs. Better companies will grant them based upon payment history without hard pulls.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
New Member
cRise
Posts: 3
Registered: ‎09-03-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

[ Edited ]

Im actually the OP, i had to change my id as it was only for the forums previously.

 

 

To answer some questions here.

 

 

 

Need more info have you pulled your CR's?

Yes, my credit score is currently 600

 

How long have you had the 2 CC's?

I have both for about 3-4 years.

 

Do you have lates or any other baddies?

I have had a few late payments, but I will not anymore!

 

How many INQ's=inquiries for credit have you had in the last year?

just 1 in november of last year (2012) with allied int. 

 

Have you pulled your scores from here minus the one from the auto?

Yes the 600 is the overall score from myfico.

 

Do you have someone that can make you an AU=authorized user?

No idea what that is.

 

 

Lastly, I do realize I have no collections. However, in the accounts section, i have what seems like debt from my college (US Dept of Education) which is stated as past due over 120 days, but if im not mistaken I am to pay that off once I graduate, am I incorrect?

And secondly, I have 2 credit cards which are pay account as agreed, but 1 is 'no" for negative indicatior, while capital 1 is an orange flag, but I have never been late with capital 1.

 

So there we have it. credit score 600, and my new goal is to break 700 hopefully within this decade :smileywink:

 

Thank you in advance!!

Community Leader
Senior Contributor
myjourney
Posts: 26,602
Registered: ‎02-07-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!


cRise wrote:

Im actually the OP, i had to change my id as it was only for the forums previously.

 

 

To answer some questions here.

 

 

 

Need more info have you pulled your CR's?

Yes, my credit score is currently 600

Ok a good starting point 

 

How long have you had the 2 CC's?

I have both for about 3-4 years.

Good lenght of time as long as you have no lates 

 

Do you have lates or any other baddies?

I have had a few late payments, but I will not anymore!

Lates are SL? correct?

 

How many INQ's=inquiries for credit have you had in the last year?

just 1 in november of last year (2012) with allied int. 

Good do not get any more for now

 

Have you pulled your scores from here minus the one from the auto?

Yes the 600 is the overall score from myfico.

Probably auto ehanced score :smileysad:

 

Do you have someone that can make you an AU=authorized user?

No idea what that is.

Someone who can had you to there credit cards

You don't need access to their account but just by adding you to cards in good satnding, with no lates, large limits and long history this would give you a score increase within about 2 months and could be large depending on how my cards you are added to and the history of each....The older the card the better the results

 

 

Lastly, I do realize I have no collections. However, in the accounts section, i have what seems like debt from my college (US Dept of Education) which is stated as past due over 120 days, but if im not mistaken I am to pay that off once I graduate, am I incorrect?

And secondly, I have 2 credit cards which are pay account as agreed, but 1 is 'no" for negative indicatior, while capital 1 is an orange flag, but I have never been late with capital 1.

 

So there we have it. credit score 600, and my new goal is to break 700 hopefully within this decade :smileywink: It shouldn't  take that long:smileylol:

 

Thank you in advance!!


Post about the student loan question in the student loan forum for best results ....

Pay all cards monthly on time 

 

you have 2 cards pay one card off before statement cuts 

the other card leave a small balance between 1-9% after statement cuts pay it off

keep UTL down ....UTL=utilization down>>>>>>>>>>>> DO NOT CARRY HIGH BALANCES<<<<<<<<<<<<

This will get you some score increases 

 

If you can get someone to add you as an AU this will expedite your scores rising 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


New Member
cRise
Posts: 3
Registered: ‎09-03-2013
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!

^ Awesome, thanks for the info!

So how do I get started with authorized user? Just anyone I know who has credit cards and pays on time?

 

I have an aunt who has 800 credit score with no late fees on her credit cards. Should I ask her if I can be an authorized user?

I feel like the only way someone should be an AU is if they ask their parents haha. I feel it would be uncomfortable for others.

 

Btw what does 'no' for negative indicator mean? and what are the orange flags mean?


Anyways, solid info. Thank you. 

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Credit Score 550 to 750 goal!! New here, need help and feedback!


cRise wrote:

^ Awesome, thanks for the info!

So how do I get started with authorized user? Just anyone I know who has credit cards and pays on time?

 

I have an aunt who has 800 credit score with no late fees on her credit cards. Should I ask her if I can be an authorized user?

I feel like the only way someone should be an AU is if they ask their parents haha. I feel it would be uncomfortable for others.

 

Btw what does 'no' for negative indicator mean? and what are the orange flags mean?


Anyways, solid info. Thank you. 


No negative indicators means no late payments. 

 

The orange flags mean something about the account makes it negative.


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
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}