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Member
Posts: 16
Registered: ‎01-21-2014
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Re: How to quickly raise credit score by 100 points

Sorry *115 points apart.
Valued Contributor
Posts: 1,652
Registered: ‎01-23-2013
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Re: How to quickly raise credit score by 100 points

[ Edited ]

Two possibilities. One is that you have a baddie that shows up on one CR and isn't reported to the other bureau.That's one reason you should get all three of your free credit reports from annualcreditreport.com.

 

The other possibility is that your TU score is a FAKO, not a FICO, and therefore built on a completely different algorithm or uses a different scoring scale.

 

Did you get your TU score from Credit Karma? If so, that's a FAKO.

 

Frequent Contributor
Posts: 465
Registered: ‎10-11-2013
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Re: How to quickly raise credit score by 100 points

Unless you're getting your TU FICO via a CCC or a lender...you're better off ignoring it and I definitely wouldn't buy it.  (even tho i'm subscribed to Quarterly Monitoring here)....lol.  My TU FICO from this site is higher than the other 2 and my TU report has more baddies and INQ's on it.  

(EX08 - 654) --- (TU08 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


New Visitor
Posts: 1
Registered: ‎11-08-2014
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Re: How to quickly raise credit score by 100 points

Im just reading your post for the first time and was wondering if you could provide an update to your point increase.

Also, I wanted to add: to decrease your utilization you can also ask your CC for credit line increases or apply for a new card and spread out the balances so that each card is 30% or less of its CL. Either or both of these scenarios should increase your score. I would refrain from applying for new cards if you have a lot of inquiries or choose a company that will use the report with the least amount of inquiries.
New Member
Posts: 3
Registered: ‎11-09-2014
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Re: How to quickly raise credit score by 100 points

Hello! 

 

I would love some advice on how to raise my scores...I'm not sure if I'm actually doing it right but here are the scores..TU: 660, EQ:518, EX:619. I have one credit card the limit is $200 and the current balance is $0, I have a car loan of $15,000 and $200,000+ student loans in deferment of course. I have one collections and a charge off  that I am currently working on now (wrote a pdf for both) and two late payments on car from last year -I wrote gw letters to have this removed. 

 

Any advice on what to do from here....

 

Frequent Contributor
Posts: 358
Registered: ‎07-14-2014
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Re: How to quickly raise credit score by 100 points

I echo the sentiments of everyone else. My addition is to sign up for auto payments so you don't miss another payment, ever!


Credit cards are a convenience. They don't make me feel rich since I am spending someone else's money when I use them and I have to pay the loan back in full when it is due or I get to pay them my money to get that rich feeling. D/C 3-13 FICO: Was 380 now 634
New Member
Posts: 5
Registered: ‎11-12-2014
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Re: How to quickly raise credit score by 100 points

Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!

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Registered: ‎09-10-2014
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Re: How to quickly raise credit score by 100 points


bigbear188 wrote:

Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!


For the most part, yeah thats my opinon as well. Its a system thats easily gamed for one.

FICO would actually be a good indicator of risk if it also took into account a debtors resources as well as his credit history. The truth of the matter is that the number one factor in preventing defaults is not past history, but rather the debtors current resources, I.E., do they have 3-6 months income in cash reserves? Do they have 1-3 years of income in liquid investments?  These are the things that allow a consumer to weather a rough spot, job loss, accident, ect., not 'prior history'.

If the CRA's would come up with a system to report this kind of information for scoring purposes only - I.E., only the scoring algorithm can 'see' that data, then FICO would become a REALLY accurate model of risk.

Current FICO 8 Scores EQ579/TU607/EX592 5/12/2015 Starting scores 502/500/497 08/02/2014
~~~Credit lines~~~~
Capital One QS1 $300→$800 (opened 06/2011)
Capital One QS $500→$1500 (opened 05/2012)
Barclays Reward MC $1000 (opened 03/2015)
Fingerhut $400 (opened 12/2014 never used)
Frequent Contributor
Posts: 388
Registered: ‎05-21-2014
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Re: How to quickly raise credit score by 100 points

Pay down credit cards to end just before the ending date to 6%. Don't touch til after new billing cycle starts.

Try to get the 30 day removed, by possibly agreeing to make an extra payment.

The rest is aging the accounts!
Frequent Contributor
Posts: 378
Registered: ‎09-11-2014
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Re: How to quickly raise credit score by 100 points


NormanFH wrote:

bigbear188 wrote:

Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!


For the most part, yeah thats my opinon as well. Its a system thats easily gamed for one.

FICO would actually be a good indicator of risk if it also took into account a debtors resources as well as his credit history. The truth of the matter is that the number one factor in preventing defaults is not past history, but rather the debtors current resources, I.E., do they have 3-6 months income in cash reserves? Do they have 1-3 years of income in liquid investments?  These are the things that allow a consumer to weather a rough spot, job loss, accident, ect., not 'prior history'.

If the CRA's would come up with a system to report this kind of information for scoring purposes only - I.E., only the scoring algorithm can 'see' that data, then FICO would become a REALLY accurate model of risk.


 And you would make an already weak economy collapse by doing that. Remember the crisis was caused by a credit crunch, not because there was no money to pay the debts.

 

 Since FIRE is an important part of our economy (Finance, Insurance and Real Estate) you will not see what you may believe is a common sense modeling of credit scores/worthiness.

 

 Have you seen the labor statics or any real data on the savings rate? Those low interest rates you love on home and car loans are a result of fed policy to keep interest rates low to encourage consumption. 

 

 Also what exactly is verifiable income? As a DJ it's very possible I get paid in cash, no business license, no business accounts, don't pay taxes on that income and it's not marked as income in as a result. It's just money floating around in the system. If I turned it into Bitcoin or some other digital currency, what does that mean exactly?

 

 Ability to pay means you get money somehow; It could be SSI/D, it could be a pension, it could be Mutual Fund cash out, cashing out Whole Life polices, Panhandling, etc.

 

 They even count EBT as income... 

 

 This is all off-topic but people should be really careful about how they view the current system and how it works. You can play the game or do the Dave Ramsey thing and cut up your credit cards, don't worry about scores, pay your debts off and pay cash for everything....

 

 

 

 

 

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