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Established Member
Posts: 24
Registered: ‎08-08-2007
0

score is 720, I want 760

I just enrolled in ScoreWatch. My score is 720. I do have  two or three deragatory late payments that happened two years ago. If they weren't late, my score would have been much better. I want to hit 760.
I have one mastercard 17k limit, balance is $300; one visa, 17k limit, balance is $900,;two AMEXS, one is the green that I pay in full every month and the Delta Sky Miles which has a 9k limit, $600 balance. I make only minimum payments on the cards to keep a balance so that I can show I pay on time.
 
According to scorewatch, I don't have any auto or department store credit cards and they suggest having different types of credit card helps. Do you think I should apply for a Walmart or Macy card?
 
Also my lease on my car is about to expire and I'm turning in the car and not buying another one. Will turning in a lease after 4 years help my score?
 
Even though my score is good, please suggest *tricks* or ways to improve it more, thanks in advance.
 
usaims
Frequent Contributor
Posts: 342
Registered: ‎06-16-2007
0

Re: score is 720, I want 760

I've actually heard some people say their scores went down after auto loans were paid off, not sure if a lease would have the same impact. FICO apparently likes to see open installment accounts...

I wouldn't apply for any store cards that you don't think you'll use. If you do I'd suggest going for the STORE card and not the store mastercard or store visa... The actual store cards generally offer some nice financing deals that the store visa/mc credit cards don't.

Either way opening a new account could actually drop your score temporarily, 6-12 months depending on the avg age of your accounts. If the avg account age isn't very high I wouldn't open too many.
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: score is 720, I want 760



usaims wrote:
I just enrolled in ScoreWatch. My score is 720. I do have  two or three deragatory late payments that happened two years ago. If they weren't late, my score would have been much better. I want to hit 760.
I have one mastercard 17k limit, balance is $300; one visa, 17k limit, balance is $900,;two AMEXS, one is the green that I pay in full every month and the Delta Sky Miles which has a 9k limit, $600 balance. I make only minimum payments on the cards to keep a balance so that I can show I pay on time.
 
According to scorewatch, I don't have any auto or department store credit cards and they suggest having different types of credit card helps. Do you think I should apply for a Walmart or Macy card?
 
Also my lease on my car is about to expire and I'm turning in the car and not buying another one. Will turning in a lease after 4 years help my score?
 
Even though my score is good, please suggest *tricks* or ways to improve it more, thanks in advance.
 
usaims


Not much you can do. Once you hit the 720 club it's becomes more difficult to raise your scores. Also, people with very good scores who apply for new credit and have new inqs are far more likely to see a bigger decrease in their scores compared to people in the 620 club. It's irritating! In your case, time and patience should be your plan unless you are married and your spouse as perfect CC TL with no derogs, low util% and a long history. Keep in mind a lot of the prime CCC companies do not allow joint CC accounts. Chase is the only one that I know of who allows joint CC accounts. Amex and CITI do not.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 678
Registered: ‎05-29-2007
0

Re: score is 720, I want 760

Write to the creditors you had the lates with, point out what a stellar customer you have been and ask them to remove the lates.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: score is 720, I want 760



TexMontana wrote:
Write to the creditors you had the lates with, point out what a stellar customer you have been and ask them to remove the lates.


Thanks for catching that! I didn't see the lates. OP here's a helpful GW link.
 
 

 
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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