getting credit score above 700

[cpereyra1]

I have been trying to clear up my credit report in the last month.  I have done pretty well.  I have increase my credit score from about 525 to 670-680ish.

I am trying to find ways to increase my score above 700 +.

Here is how my credit report looks.

• I have 8 inquiries in the last 2 years.
• No accounts in collections
• 1 credit card $500 limit, $44 balance, always paid on time.
• $16,000 installment car loan, $430 payment, no late payments
• Length of Credit History: 4 Years, 8 Months 
• Average Account Age: 2 Years, 7 Months
• 10 student loans all payed as agreed, will be consolidating soon
• 3 closed accounts, payed as agreed no late payments

According to credit karma I have All A's on my credit report card, however I have a D in average age of open accounts at 2 yrs 2 months with low weight on credit score calculation, C on both Total accounts at 12, and hard inquiries at 3(3 in transunion, 6 experian, 8 equifax).

Any ideas and/or recommendations would be very helpful thank you.

[madmann26]

Ideally you need 2-3 revolving accounts for maximum score growth.

[cpereyra1]

Will the hard inquiry that comes with opening a new revolving account be outweighed by the credit increase of having a new revolving account?

[Epcot]

You may see a small hit while the inquiry is fresh (say under 6 months perhaps) along with the AAoA reduction. But the benefit of having more than one credit card account reporting will help.

[JustinNguyen]

Why don't you open discover more and get another Walmart discover. That gonna help raise your score up

[cpereyra1]

I will be opening a new revolving account soon.  Was thinking of possibly going in the way of a credit union credit card, any ideas about that?

[Shogun]

Hello and welcome to the forums.  First off, don't take to heart anything Creditkarma says concerning scores.  That score could be +/- 100 points of your actual FICO scores.  If you have no baddies on your report, then you should be thinking about adding some healthy TLs to your CR.  Ideally it does take about 3 revolving accounts to get the maximum benefit in that category.  As others have said, when you open a new account, you do take a hit for a new inquiry and for your AAoA.  But these will heal fairly quickly and continue to grow.  So my suggestion is get a couple CCs that will benefit you, garden them, let them grow and pay everything on time.  Your scores will climb!

[cpereyra1]

Thanks everyone for the replies.  I had one more question.  I have a friend who wants to apply for a mortgage, however he does not meet  the income requirements, and thus requested me to co-sign for him.  How will this affect my credit score and my goal of getting above 700?

Thanks again,

[Shogun]

Slippery slope when co-signing for anyone.  First off, it will ding you for an Inquiry, and hit you for AAoA.  Next off you are as responsible as that person for the mortgage.  So for the next 30 years or however long that mortgage is, you are responsible for it too.  If it goes into forecosure, late payments, anything.  Your friend has no risk for anything your do to your credit, however this mortgage will affect you.   You will also have to factor in the payments for your DTI.  So say you want to apply for something, they will take whatever that mortgage is and figure it into DTI and could make you not get a loan.  I don't know how good a friend this person could possibly be, but to cosign for a mortgage as a friend?  No freaking way!!!!!!

And a note to add to that.  Doesn't meet the income requirements?  Then how do they expect to make a mortgage payment?

[JustinNguyen]

Whenyou opened mortgage. That's can drop your score 30-50 point. It's take 1 year to get your scores back.but when you guy pass 2 years you will get scores better than whatever now.if your friend paid ontime.If 1  30 days late show up in your credit report can  make you go hell lol.