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Need help raising my score, please.

Contributor

Need help raising my score, please.

My score ranges from 690-725 or so depending on what I let report on my cap1 card. The limit is 3500 and I use it a lot but pay it off pay off every month. If I don't remember to pay before due date, it reports hi and my score drops about 30 points. I'm wanting to add some other cards because I think it will improve my score to have more trade lines. Is this correct?  Also, I have a bankruptcy 10/05 but no other collections. I have two cap1 car loans. One opened 2/09, the other 12/11. The only other cards I have are a small cap one (500) and a SAMs credit (600) that I never use. I have had them both for 3 or 4 years. Should I apply now? To where?  How many? I'm so tired of this one acct impacting my score so much. I usually have to pay it more than once a month, though because I use it extensively. Really interested in raising my score. Any help would be appreciated.  Thank you so much.

Message 1 of 16
15 REPLIES
Valued Contributor

Re: Need help raising my score, please.

Not to be rude, but thus thread should be in rebuilding section. But to your question, I would read up here for bl friendly lenders and add a couple cards then garden them.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 2 of 16
Valued Contributor

Re: Need help raising my score, please.

Applying for a new account will put a hard inquiry on your credit profile, this will slightly lower your credit score. Also, adding a new account will lower your average age of accounts. This will have a more significant impact on your score because you have a limited number of accounts. For long term gain, it would be advisable to open more accounts. It will lower your score in the short term, but will raise it and make it more stable in the future.

 

I would recommend getting a no annual fee credit card from your bank. What bank do you have your most active checking account with? I will recommend some of their cards to check out.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 3 of 16
Valued Contributor

Re: Need help raising my score, please.

http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-friendly-credit-cards/td-p/963456/page/1

Bk friendly thread


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 4 of 16
Moderator Emeritus

Re: Need help raising my score, please.

Hello and Welcome to the Forums.

 

You should visit the rebuilding thread.  Here is where you will find information on rebuilding your credit and increasing your scores.  Good Luck!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 16
Highlighted
Contributor

Re: Need help raising my score, please.

I just pulled the scores.

 

TU 700

EQ. 692

Oldest acct. 15 yrs 8 months

Average age 7 yrs

Last late payment 5 yrs 6 mos

Bk discharged 1/06

Sorry about posting in the wrong place. I thought I had already rebuilt. Was now just trying to expand. 

Message 6 of 16
Valued Contributor

Re: Need help raising my score, please.

No problem. Smiley Wink it's all good. Rebuilding thread also covers building. I've not had a bk so not as knowledgeable about it but threre are some good threads out there on it. Also, do you have anything you are working for, home mortgage, refi ect, that will help people give u better advise as to help u attain your goal.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 7 of 16
Contributor

Re: Need help raising my score, please.

I bank with Arvest.  I do have a 5000 visa corporate card with them but it doesn't show up on my report for some reason.

Message 8 of 16
Valued Contributor

Re: Need help raising my score, please.


martinkk wrote:

I just pulled the scores.

 

TU 700

EQ. 692

Oldest acct. 15 yrs 8 months

Average age 7 yrs

Last late payment 5 yrs 6 mos

Bk discharged 1/06

Sorry about posting in the wrong place. I thought I had already rebuilt. Was now just trying to expand. 


I understood the intention of your post.

 

Who do you bank with? It is good to expand your relationship with them by adding a credit card. If you get declined, calling them can help. EDIT: I see your post about the bank account, and they offer no rewards cards.

 

Your credit seems to be in good shape for adding some new cards.

 

I have had good luck with US Bank. Their flexperks cards are pretty good, and customer service will likely recon if you get auto-declined.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 9 of 16
Valued Contributor

Re: Need help raising my score, please.

Check out their Select rewards card. usbank.com/raf


I don't think you would be approved for the signature card.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 10 of 16