How to achieve a higher credit score

[CreditBob]

After doing the research on credit for the past few years I have come up with a list of things that you need to do in order to achieve a higher fico score.

No more than three major credit cards (Visa, Mastercard, or AMEX-reports line of credit)

Stay away from Capital One Bank & AMEX w/no preset spending limit-does not report line of credit

Secured & unsecured credit cards-no difference in fico scoring system

Keep a balance of 1% For a $ 1,000 line of credit on a card keep a balance of $ 10.00

Apply for one new account, only if needed, once every 13 months

Stay away from finance companies unless your score does not allow a bank or credit union

Never be late even once

Have an active mortgage, personal, or auto loan with a revovling accout

On a mortgage or auto loan, pay on the account for at elast four years

Make sure that each creditor reports to all three credit bureaus

It does not matter if your card has a $ 500, 1,000, or a 10,000 line of credit on it.

[smallfry]

Do you think it is worth the inquiry hits to get away from Capital One? I have a 5K limit on that card. Only other card I have is a small Wallymart with a 500 limit that I got to pick up odds and ends for personal use. No balance on that. No balance on a 4200 credit line with 6th Avenue Electronics. Just bought and paid for a new TV no need for any other electronics now. New Sleepys line of credit with 20 months left to run on a no interest loan for a new bed. That's it. Went BK in 2000. 3 years left. What card can I get? Fako scores around 700. New car loan with five years plus left.

[cnun3z]

---

Have an active mortgage, personal, or auto loan with a revovling accout

---

Everytime I see this I question it.  Why would you want another loan?  Even If u don't use it. 

Some people go as far as suggestion HELOCs.  Which are reported as lines of credit and can cost you your home.

As for the Capital one.  I only see the problem of them not stating what the limit on a credit report, but theres ways around that.

[Tuscani]

---

cnun3z wrote:

---

Have an active mortgage, personal, or auto loan with a revovling accout

---

Everytime I see this I question it.  Why would you want another loan?  Even If u don't use it. 

Some people go as far as suggestion HELOCs.  Which are reported as lines of credit and can cost you your home.

As for the Capital one.  I only see the problem of them not stating what the limit on a credit report, but theres ways around that.

---

Having a good mix of credit is key. The catch is you have to be responsible enough not to use it, or use it wisely.

[cnun3z]

---

Having a good mix of credit is key. The catch is you have to be responsible enough not to use it, or use it wisely.

---

if that where true, there wouldn't be so many bks and foreclosures.  Why take that chance.  Your just adding more debt when you can save instead.

[inzaghi]

Guys just got approved for a AMEX One card. I didnt know much abt this no preset limit thing.

I am still trying to build my credit. Will this hurt me? I am planning on using this card only for emergencies.

Please advise

[Anonymous]

Keep it, for now. Call AMEX and ask about a limit. Even though there's no preset limit, there is still a limit on the card.

What are your FICOs?

AMEX Green and AMEX Delta are the next two AMEX cards you should try to get. The One card cannot be upgraded to anything. Green and Delta can.

[Anonymous]

what the story about capital one. I have a capilat one card but i have a limit, i'm debating on getting rid of it. I need some input

[llecs]

It's my understanding that CapOne used to not report the CL on your reports, resulting in a higher util% if you carried any balance on it. They have since changed how they report come this fall and all is OK.

For example you have a Citi card with $1000 CL and a balance of zero. If you had then a CapOne with the same $1000 CL but carried a balance of $500, then instead of your util% being 25% as it should have been, your util would read 50% because CapOne didn't report the limit.