How to increase score and obtain higher credit limits

[Anonymous]

Apologies in advance if this is in the wrong forum. 

I have recently become extremely interested in making sure I have a solid, responsible credit report. 

Anyone care to shed insight? 

I'm 25 years old. I had some bad debt written off when I was young (18). I had a utility (time warner) debt in 2007 (see another thread i made). 

My credit report is as follows: 

BAD: Time Warner PAID collection - $597; Amex PAID collection ~$1500; Citi PAID collection ~$800. The Amex and Citi collections should come off in a few months, which I'm okay with. I'm going to try a goodwill letter to get the TW debt off, since I'm a current customer, and it wasn't technically my fault. 

GOOD: I have a paid off auto lease (which was a joint account). I'm 6 months into an auto loan ($490/month) in my name only. I have 2 credit cards, $800 limit each. Carrying low (usually zero) balance. I have 2 gas cards, $200 limit and $500 limit, zero balances. I have never been late or missed a payment on ANY of my open credit cards or car loans. 

I am having a hard time (zero luck) getting a "real" credit card, with a several thousand dollar balance. My auto loan is also at like 18%. 

What am I doing wrong here? I've been exceptionally responsible for YEARS and credit companies still wont touch me? 

If it matters, my scores are 648 / 657 / 657    Experian/Equifax/TU

[Anonymous]

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@Anonymous wrote:

Apologies in advance if this is in the wrong forum. 

I have recently become extremely interested in making sure I have a solid, responsible credit report. 

Anyone care to shed insight? 

I'm 25 years old. I had some bad debt written off when I was young (18). I had a utility (time warner) debt in 2007 (see another thread i made). 

My credit report is as follows: 

BAD: Time Warner PAID collection - $597; Amex PAID collection ~$1500; Citi PAID collection ~$800. The Amex and Citi collections should come off in a few months, which I'm okay with. I'm going to try a goodwill letter to get the TW debt off, since I'm a current customer, and it wasn't technically my fault. 

GOOD: I have a paid off auto lease (which was a joint account). I'm 6 months into an auto loan ($490/month) in my name only. I have 2 credit cards, $800 limit each. Carrying low (usually zero) balance. I have 2 gas cards, $200 limit and $500 limit, zero balances. I have never been late or missed a payment on ANY of my open credit cards or car loans. 

I am having a hard time (zero luck) getting a "real" credit card, with a several thousand dollar balance. My auto loan is also at like 18%. 

What am I doing wrong here? I've been exceptionally responsible for YEARS and credit companies still wont touch me? 

If it matters, my scores are 648 / 657 / 657    Experian/Equifax/TU

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First thing to ask is where did you obtain your scores from?

It looks like you are receiving FAKO scores and if so it may be time to obtain your FICO scores.

Leave a very small balance on 1 CC for about $5 to report on statement, once it is reported pay it in full before the due date so not to incur interest charges and repeat this process every month and alternate cards if you like. You can use all your cards as much as you like just make sure you pay them in full before the statement date and leave only one with a small $5 balance. 

This actually helps your scores much more then keeping a $0 balance.

[Anonymous]

I am getting all 3 scores from my USAA Credit Monitor. 

I just logged in to see the report, and I don't see anywhere in the fine print that identifies where the score is coming from.

Whats the difference?

[Anonymous]

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@Anonymous wrote:

I am getting all 3 scores from my USAA Credit Monitor. 

I just logged in to see the report, and I don't see anywhere in the fine print that identifies where the score is coming from.

Whats the difference?

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The major difference is most creditors/lenders use FICO scores not FAKO scores. 

USAA gives FAKO scores.

You can obtain your EQUIFAX FICO score from EQUIFAX directly but they make it a little difficult to find on their website. You can also obtain your EQUIFAX FICO scores here at MYFICO and through creditors/lenders.

@Anonymous can obtain your TRANSUNION FICO scores from Transunion directly @ www.transunioncs.com (notice the cs at end) or you can obtain them here at MYFICO and through creditors/lenders.

You can no longer obtain your EXPERIAN FICO score from EXPERIAN and or MYFICO. The only place presently to obtain EXPERIAN FICO scores is through a CU called PSECU which is located in PA and through creditors/lenders.

If you do decide to obtain your FICO scores from here (MYFICO) you should google MYFICO discounts to save a few dollars. I think they are still offering 25% off of any product.

[Anonymous]

Thank you very much. 

I suppose i should check my FICO scores. 

I love my USAA credit monitor ... as I can refresh it daily, if I want. 

Is there a better product that I can monitor actual FICO scores on a monthly basis? 

[haulingthescoreup]

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@Anonymous wrote:

Thank you very much. 

I suppose i should check my FICO scores. 

I love my USAA credit monitor ... as I can refresh it daily, if I want. 

Is there a better product that I can monitor actual FICO scores on a monthly basis? 

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For all intents and purposes, this site is pretty much it for EQ and TU (the older model, alas.) It's possible to get your TU score elsewhere, but it's the same price, and it's easier here. You can join PSECU (see the thread that's pretty current) and find out your EX FICO each month.

USAA (and similar products) can be great for monitoring reports. Separate from tracking scores, although changes on the reports will create changes in scores, of course.

[Anonymous]

Generally a lot of us use the FAKO monitoring services for our Credit Reports. We just ignore the scores and advice as they are pretty much useless. Then we purchase our FICO scores as major changes happen or when needed for major purchases and or applying for new credit.

I use a monitoring service with FAKO scores. I also have the MYFICO Trans Union Quarterly monitoring approximately $40 a year, and I purchase Equifax FICO on a as needed basis usually 2 times a year and the cost is $30 approximately yearly. 

I may purchase extra reports through the year if applying for new credit and or making a major purchase.

If you want your Experian FICO score you can join PSECU (Any one can join there is a thread on forums about how) and they will give you your Experian FICO scores.

[Anonymous]

I just pulled my Exp report (from this website) and the score was actually higher than my "fako" score on USAA. Experian score is 674. 17 points off from the USAA score. Nice. 

I tried to do the TU one as well, but it blocked me for some reason .... 

[MarineVietVet]

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@Anonymous wrote:

I just pulled my Exp report (from this website) and the score was actually higher than my "fako" score on USAA. Experian score is 674. 17 points off from the USAA score. Nice. 

I tried to do the TU one as well, but it blocked me for some reason .... 

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You mean Equifax?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

yes, yes, my mistake. Equifax.