Can this be done by June 2012?

[Anonymous]

I've set a goal for myself to reach 720 by June, 2012.  Although I know many factors can affect how my score will change, I'm wondering if you all think that I can reach 720 considering the below stats and plan:

Positives:

Student loan - opened 1996

Gas card - opened 2000 (closed 2003, but still reflecting positively on my reports)

Car loan - opened June 2010 (will have made timely payments for two years by June 2012)

Cap 1 card - opened October 2010 (balance $150; limit $1,750)

HSBC - opened April 2011 (balance $0; limit $300)

Cap 1 rewards card - opened July 2011 (balance $300; limit $1,000)

Old Navy card - opened August 2011 (balance $0; limit $300)

Kay Jewelers - opened August 2011 (balance $0; limit $2,800)

Negatives:

A very small medical debt that I honestly completely forgot about and let slip through the cracks in Feb 2010.  I sent a PFD three days ago and am waiting for a response.  Otherwise, no other baddies at all.

I do realize that the recent apps for credit will hurt my score for a bit, but I'm hoping the higher limits will help to balance out the damage.

The Plan:

Pay down the Cap 1 rewards card to under $100, and pay off the other Cap 1.  Continue to make timely payments and no more apping until June (at least).  Hopefully get the medical debt off of my reports.

Any other ideas for improving my chances of reaching 720 by June of next year? 

[CS800]

That's a YMMV situation as you know. Considering the moodiness of the system, anything is possible. Although a year from now assuming all else remain postive, I would say it's possible.

A lot of your accounts are new so that possibly brought down your AAoA. But in your case having practically no baddies will help you a lot.

I have a goal to reach 720 early 2013. With FICO i never set the bar too high (goal).

Any reason why you're aiming 720? Mortgage application?

[Anonymous]

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@CS800 wrote:

Any reason why you're aiming 720? Mortgage application?

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No real reason by June - just a personal goal.   I would love to be in a position to purchase a home by November, however. 

[CS800]

I hoping that by the time I go for a mortgage that I'm at 740 since I read that's the magic number for the best interest out there.But I think anything above 700 would be good for me. So in my case I would like at least a 60 points gain in 1.5 years.

I do have a collection thats due to fall off Dec 2012 so hoping that this gives me a boost.

But I like your personal goal, you set the bar high but as you have read around here, patience and perseverance