Help and Advice for Score

[Anonymous]

My Transunion Score is 701 and Equifax 679 as of today (they were higher until a goof by wells fargo last week that has since been resolved, but not yet reported)

Anyways I have:

A mortgage with $151K balance - never missed a payment

Amex - paid off every month

A few utility/cable bills - never missed a payment

I have applied for a few cards in the past few months but been denied, I think they were Chase Cards, I guess because I dont have enough or high enough credit.

I want to build my score and do it fast. It has been stagnant around 700 for about a year. Any advice or help would be appreciated.

Any advice or thoughts on what I can do? Is the Amex helping or hurting me? Thanks.

[JM-AM]

Hi and welcome to the forums

Is the Amex a charge card or CC?

How long have you had the mortgage?

[MarineVietVet]

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@Anonymous wrote:

My Transunion Score is 701 and Equifax 679 as of today (they were higher until a goof by wells fargo last week that has since been resolved, but not yet reported)

Anyways I have:

A mortgage with $151K balance - never missed a payment

Amex - paid off every month

A few utility/cable bills - never missed a payment

I have applied for a few cards in the past few months but been denied, I think they were Chase Cards, I guess because I dont have enough or high enough credit.

I want to build my score and do it fast. It has been stagnant around 700 for about a year. Any advice or help would be appreciated.

Any advice or thoughts on what I can do? Is the Amex helping or hurting me? Thanks.

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Hello and welcome to myFICO.

When you are denied for credit the creditor has to send you a letter spelling out the reasons why you were denied and also the CRA used to gather information. Have you received that letter?

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]

The reason was short credit history if I remember. I have had credit cards in my name from time to time for 10 years. Moved last year, so the mortgage and the Amex are all one year old. Pretty much all of my current accounts are about 1 year old. I had a GM card before that I cancelled to move to AMEX.

[MarineVietVet]

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@Anonymous wrote:

The reason was short credit history if I remember. I have had credit cards in my name from time to time for 10 years. Moved last year, so the mortgage and the Amex are all one year old. Pretty much all of my current accounts are about 1 year old. I had a GM card before that I cancelled to move to AMEX.

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A short history can be a concern to lenders but I'm confused about something. You say you've had CC's from time to time for the last 10 years. Even after being closed an account on good standing generally reports for up to 10 years which helps your AAoA (Average Age of Accounts) and credit length history. Are none of those older accounts being factored into your history?

Even if you cancelled the GM card it stays on your reports.

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]

The old accounts are on my reports still. Im not sure what the deal is, really I just need to figure out how to start raising my score that has been stagnant at 700. Should I get another credit card (kind of whatever I can get) and treat it like an amex (pay off every month) what can I do to start bumping it up?

[MarineVietVet]

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@Anonymous wrote:

The old accounts are on my reports still. Im not sure what the deal is, really I just need to figure out how to start raising my score that has been stagnant at 700. Should I get another credit card (kind of whatever I can get) and treat it like an amex (pay off every month) what can I do to start bumping it up?

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Having more than one card can help but don't get just any card just because you can. Do research and find out what will help you the most right now. A secured card might be the best thing for you. If you have a local credit union go in and talk to them about options.

If and when you do get another card try this approach to raising your score. It seems to work for many people. You can use both cards as much as you want during the month but only let one of them report a small (<9% of credit limit) balance on it's monthly statement and then pay in full before the due date to avoid finance charges. On your other card always make sure it reports a zero balance each month. I would probably let the Amex show zero and the other card the small balance.

Another thing you can do is start another thread over in Credit Cards and explain your situation. You'll gets LOTS of feedback over there. I  would change the title of the new thread to avoid confusion with this one.

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".