How can I raise my score of 620 to at least 700??

[Anonymous]

I have 1 open and 4 closed student loan accounts total, average age of accounts is 1.5 yrs., zero credit utilization, zero derogatory marks or missed payments, 3 hard inquiries. Is there a way I can raise my credit score without first lowering it by applying and being denied a credit card again? I know that the utilization plays a big role, however, I cant seem to get a credit card that isnt secured or have a bunch of fees or apr's......HELP!!

[Anonymous]

*high apr's*

[braznyc]

So you have no revolving accounts (credit cards, retail cards) at all? I had a similar file but longer in AAOA than yours. I had to add credit cards because I had no recent revolving history for the past 5 years. All my scores were low 600's in June and then I applied for Capital One - one was a pre-qualified offer which gave me the QS1 and then applied a few days later for the platinum - I should've done them at the same time. I was approved for QS1 with $1K limit and Plat $300 both limits were raised by Cap1 2 weeks ago. QS1 is now $3500 and Plat is $1500. I didn't request they upped them somehow. I have 5 store cards all Comenity and all via the SCT which only resulted in a soft pulls. My scores sit now like this: Exp 653 (other issues keeping score down), TU 711, and EQ 698. Again this is as of 9/21 and I started on 6/27. My scores only raised once I put revolving accounts on my report.

I would try to add revolving accounts even if you have to go secured, but I get not wanting anymore inquiries. I believe there are one or two secured cards that don't pull your credit reports. I would also search around the forum to see which card might accept you. Look to credit unions too might get a better rate. I've accepted that I'm in the land of high APR for now. I will say the QS1 card has zero APR until next year so that's something. Platinum just never carry a balance at all and they'll never make money off of you. I hope my story helps some. I wish you well on your journey. Patience and compromising correctly will help you get to your goal.

[Anonymous]

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@Anonymous wrote:
I have 1 open and 4 closed student loan accounts total, average age of accounts is 1.5 yrs., zero credit utilization, zero derogatory marks or missed payments, 3 hard inquiries. Is there a way I can raise my credit score without first lowering it by applying and being denied a credit card again? I know that the utilization plays a big role, however, I cant seem to get a credit card that isnt secured or have a bunch of fees or apr's......HELP!!

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If you're just starting out, or rebuilding, then realistically, those are the cards you MUST start out with, until you qualify for the better cards.

Credit scoring is mostly about credit cards. Other types of credit help, but not nearly as much. If you have no credit cards at all then you NEED to begin by getting a secured card, maybe two, and using them WISELY for several months. That should push your scores up enough, and give you enough history that you can get a few unsecured cards.

There really is no shortcut.

What credit cards have you already applied for? And when did you apply?

[SunriseEarth]

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@Anonymous wrote:
I have 1 open and 4 closed student loan accounts total, average age of accounts is 1.5 yrs., zero credit utilization, zero derogatory marks or missed payments, 3 hard inquiries. Is there a way I can raise my credit score without first lowering it by applying and being denied a credit card again? I know that the utilization plays a big role, however, I cant seem to get a credit card that isnt secured or have a bunch of fees or apr's......HELP!!

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The way FICO is scored, you really do need revolving credit accounts.   However, if you're scores are in the 620s, there are products available to you.  

High APRs are just an unfortunate feature of credit products that are easier to obtain.   However, most CCs have a grace period, so you can PIF to avoid interest.   If you want a card that isn't secured and doesn't have fees, you could consider store cards.   Many of them have great features, such as special rewards or promotional financing.  Are there any stores that you frequently shop at?

You might also want to use Capital One's pre-qual, as you should be able to get your foot in the door with them with 620 scores.

[Dj4Money]

 I started with two secured cards.

 If you want to avoid high APR's, get the State Dept Federal Credit Union secured card, min $200 deposit.

 Otherwise, pay down your balances to under 30% min and 9% or less but not zero by statement cut.

 If you spend heavy (meaning you use it for EVERYTHING it can be used for, instead of using cash) and keep your balances to 9% or less your scores will go up dramatically.

 My best score was EX which was 635 when I started, it's been no less than 647 and it's peaked at 669. It's now 661 due to some inquiries and likely will fall a bit more because my balances aren't super high but will be over 30%.

 But by paying them down to 9%, my score will easily jump back up to around 670. It was 669 with 28% utilization... 

 From 620 to 700 is going to take about a year. The only way to speed that up is to spend heavy and pay down the balances with large credit limits. As a recoverying student that is very hard to do.

[credgirl]

I added credit and worked on cli's in the last 4 months. My scores were in the low 600s...now 660+. Good luck!😉

[credgirl]

Also, 0% utilization isn't good. Research on the forum...

[credgirl]

Sorry...just re read your post. You only have a Sloan. Gotcha! I agree with others...check prequal sites.