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New to MyFICO and wondering...

Established Member

New to MyFICO and wondering...

I am wondering what should I do to increase my credit score to 700+. My fico score on here is 626. I do not have any credit cards just student loans, I always have a couple of accounts in collection that I plan on getting a PFD. What do you think I should do?

7 REPLIES
Frequent Contributor

Re: New to MyFICO and wondering...

Get a Secured Card - as soon as possible.  Credit repair takes time, so you might as well start the clock now.

 

Moderator Emerita

Re: New to MyFICO and wondering...

Welcome to the forum! You've come to the right place if you want support and advice. I would suggest that you read, ask questions and read some more before cold apping for any cc's. too many inq's, opening the wrong type of acct just because you were approved - are some of the mistakes that can take time to recover.

You asked about getting your CS to 700- the best way to help with a CS is to correct any derogs on your cr, you mention you do not have any cc's so util isn't hurting you but you do not have a credit mix to help with your FICO.

1. Take care of all baddies
2. Limit the number of inqs by spreading apps over 3 bureaus if possible
3. Research and think about the type of cc's that interest you. Cash back, rewards etc
4. You might have to start with a secured cc- try and get one that graduates (BoA)
5. See if you can join a CU, they usually have better terms, easier req to establish history
6. When getting your cc's keep your util low, do not open too many cc's. you only need 2-3 for scoring purposes
7. Read http://ficoforums.myfico.com/t5/FICO-Scoring-and-Other-Credit/ct-p/ficoscoring_othercreditissues
8. Take your time - credit is a marathon not a sprint.

Good luck!
Valued Contributor

Re: New to MyFICO and wondering...

+1 Lexie, great advice.

Although, I think you meant to say credit is a marathon, not a sprint. A marathon is a type of race. Smiley Happy

But seriously, those are some great quick and concise bullet points.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Moderator Emerita

Re: New to MyFICO and wondering...

Super Contributor

Re: New to MyFICO and wondering...


09Lexie wrote:
Welcome to the forum! You've come to the right place if you want support and advice. I would suggest that you read, ask questions and read some more before cold apping for any cc's. too many inq's, opening the wrong type of acct just because you were approved - are some of the mistakes that can take time to recover.

You asked about getting your CS to 700- the best way to help with a CS is to correct any derogs on your cr, you mention you do not have any cc's so util isn't hurting you but you do not have a credit mix to help with your FICO.

1. Take care of all baddies
2. Limit the number of inqs by spreading apps over 3 bureaus if possible
3. Research and think about the type of cc's that interest you. Cash back, rewards etc
4. You might have to start with a secured cc- try and get one that graduates (BoA)
5. See if you can join a CU, they usually have better terms, easier req to establish history
6. When getting your cc's keep your util low, do not open too many cc's. you only need 2-3 for scoring purposes
7. Read http://ficoforums.myfico.com/t5/FICO-Scoring-and-Other-Credit/ct-p/ficoscoring_othercreditissues
8. Take your time - credit is a marathon not a sprint.

Good luck!

+1 perfect route to success

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
New Member

Re: New to MyFICO and wondering...

Hi Lex! This might be a total silly question but you mean take care of all your "baddies"? Does that mean anything you owe? Like won't it stay on your credit report anyway because it stays on there for 7 years. At least that's what I think. Please clarify. The rest of these tips are exquisite!!

Epic Contributor

Re: New to MyFICO and wondering...


sumi922 wrote:

Hi Lex! This might be a total silly question but you mean take care of all your "baddies"? Does that mean anything you owe? Like won't it stay on your credit report anyway because it stays on there for 7 years. At least that's what I think. Please clarify. The rest of these tips are exquisite!!


Baddies are negatively reporting accounts.  Charge off and collection specifically. 

 

Yes, COs and collections report for up to 7.5 years from the DoFD.  But the debt does not go away once they are excluded from your CR.  Unpaid debt will follow you around for ever.  There are ways to get the bad accounts removed through pay for deletes and GW letters.

 

And while, in some instances, your score will not improve by simply paying the debt, it will look better on a manual review.