Score Building Need Help!!!

[goose3500]

Hello Everyone,

I started my credit journey about a year ago, all three of my credit scores were in the lower 500's.  Since Oct 2008 I was able to hit the 600 mark and was very elated.  I opened a cc with NavyFCU and car loan at 10 pecent APR.  I was hoping to refiance when credit score hit 660.  So i guess my question is how do i raise my credit score?  I have three cc that i pay in full almost every month, I never late on car payment or any other accounts, no collection or bankruptcy.  The only negative marks i have is a late payment on cc a year ago.  My current EQ score is 631 and need to reach 660 to refiance my car loan.  Any Advice?

[AgentJackBauer]

What are your trans union and equifax scores? Do you know if they will take a look at only one score or all three of them?

[goose3500]

i live in an area where EQ is usually pulled, especially with credit unions.  I am trying to refinace the loan with NAVYFCU so i know i least need an 660 score

[medicgrrl]

Are you paying the credit cards before they report to the CRA?  If you pay them after then your utilization may be affecting your score.  Have you tried to GW the ccc that is reporting the late payment?

[AndySoCal]

The credit card and auto loan until they are opened for at least six months they are not considered in the FICO score. This a part of the FICO score criteria. Another thing to check is the credit cards is to make sure the credit limit is reported not the high balance may also help.

[enerey]

The credit card and auto loan ARE considered in your FICO score. It is only when one has no credit score that you must wait six months for them to generate a score.

[goose3500]

I figured that the cc and auto are already considered into my FICO score because I've seen a little increase from the NAVYFCU CC.  I never let the balance report over 10 percent utilization on any of my cards and still no increase.  The only increase I had receive is from my Student Loans.  I know the report date for the cc to the CRA like the back of my hand.  Any more suggestions would be nice or did I need to open more credit lines?

[medicgrrl]

How many cards are you letting report a balance?  I heard when you have multiple cards you might see a score increase if you only let one card report less than 9% and the others report $0.  Also, did you check your score after the 1 year anniversary of your credit?  What other factors is EQ stating is affecting your score?  Have you had any inquiries in the last year that are about to hit the 1 yr mark?

[Anonymous]

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@medicgrrl wrote:
How many cards are you letting report a balance?  I heard when you have multiple cards you might see a score increase if you only let one card report less than 9% and the others report $0.  Also, did you check your score after the 1 year anniversary of your credit?  What other factors is EQ stating is affecting your score?  Have you had any inquiries in the last year that are about to hit the 1 yr mark?

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So is it better to pif, before they report a balance? I've been using my capital one card with 1000 limit using about 8% and using target or victoria secret card with 9%. I always thought its better for a few cards to report a balance can someone correct me if im wrong?

Message Edited by gr2gztch on 04-30-2009 05:12 PM

[medicgrrl]

If you have multiple cards then it is better to let only one report a small balance and the others to report $0.  I can't remember the exact verbage but if you look at what is affecting your scores, one of them may be that you are using too many of your revolving accounts.