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@londonhogfan wrote:I'm sorry, I mis-read your original post. Your limits / util are very good. I think you just need more age and like Ryan said.... A mortgage would help. I've read people say theirs went up 40 points after getting a home.
Why is it good to take on monumental debt, just to get a score high enough that lets you take on even more debt? Doesn't anyone see a problem here?
JRS123 wrote:
Amex Blu- 1500/15000
why my score is always between 700-720... I want to get 750.
I think I found your problem. Pay off the balance on this card and you should see a very nice bump!
@FutureBillionaire wrote:
@londonhogfan wrote:I'm sorry, I mis-read your original post. Your limits / util are very good. I think you just need more age and like Ryan said.... A mortgage would help. I've read people say theirs went up 40 points after getting a home.
Why is it good to take on monumental debt, just to get a score high enough that lets you take on even more debt? Doesn't anyone see a problem here?
That shouldn't be the purpose, to get a high Fico score. One takes on that sort of financial commitment as an investment. If one is not ready for it, certainly one shouldn't do it. If a person takes on a mortgage simply to increase their credit score...well, they've got bigger issues than can be resolved here !
Lenders/creditors make decisions to lend based on more than just your credit score. Having a mortgage, while it does improve your score, more importantly it implies that you are more stable financially and is probably just as important as your credit score when it comes to future credit seeking.
You are probably getting a few nicks on your score that you are just unaware of.
1. For every credit card more than 1 that reports a balance you get nicked a bit.
2. For every credit card that is less than 1 year old you are getting nicked a bit.
3. For every inquiry that is less than 1 year old you are getting nicked.
4. Your average age of accounts is on the low side. Once you get that over 5 years it will help to increase your scores.
How many of your credit cards are less than 1 year old?
BoA and Cap1 are notorious for inquiring with all 3 CRA before issuing new credit cars. You have 2 inquiries on each of your reports because of this. Having 2 inquiries on each report might knock your scores down about 15 points but YMMV.
The new credit, and seeing that these 2 cards represent one-half of your reported credit are probably knocking your scores down quite a bit. Your scores should bump up when these cards turn 1 year old.
I would not recommend getting a mortgage to help your credit score. That seems like putting the horse before the cart.
Your 1 card that has 1500 on it out of 15k. That is only 10 percent util true but you will lose a few points just for the dollar amount of 1500 on one card. You lose a few for over 99 dollars, over 499 dollars etc. These are example threshholds which supposedly vary depending on which bucket you fall into.
Me neither... I would take mortgage If I need to.
BTW I think previous author just suggested one of the conditions where credit score goes up and not as a way to raise credit score.
Thx