I have just started posting on here and have already learned a lot of information ~ I thank everyone so much for answering all my many questions.
Now, for another one! 
Its taken me four very LONG years to slowly drag my credit out of the mud until I'm at a point where my credit score is a fairly decent 748 or so. I've been very diligent about learning what affects a credit score and how it affects the score. Much to my amazement, its not just about making all your payments on time!
I really don't know what my credit score was when I first started, but suffice it to say, I'm sure it was in the "you must be kidding" range! Now, its in the "well, at least it doesn't stink too badly" range.
But seriously, is four years about the average length of time it takes to raise your score significantly? Does anyone have any idea how much longer it might take to go from 748 to say, 800, provided I keep doing everything right?
Thanks!
Well, first of all, let me say that your "it doesn't stink too badly" score of 748 is only 12 points shy of where I hope to be in April 2009! 
That is, in fact, a terrific score.
My only baddies are lates, although there are certainly enough of them. Beginning in April 07, I reduced util by paying off cards and increasing total available credit, and I increased my overall length of history by adding on to my husband's 18-year-old card. My EQ score has increased 90 points or so. I wish that I could say that was from my efforts, but a LOT of that is simply things getting older and hurting less. (And I stopped acquiring lates!!!)
And BTW, when I got that increased age (12 years --> 18 years), I initially lost a chunk of points, because it put me in a new score bucket. Nothing in FICO scoring is simple or straightforward.
Also, the pace of my score improvement is going to slow down a lot. I'm figuring 11 to 14 more months to get the final 70 points, and that might not happen depending on how much of a score hit I get when I add 3 cards this April.
In terms of what we can do to directly affect your scores and get things moving, I would say, in order:
That is, in fact, a terrific score.My only baddies are lates, although there are certainly enough of them. Beginning in April 07, I reduced util by paying off cards and increasing total available credit, and I increased my overall length of history by adding on to my husband's 18-year-old card. My EQ score has increased 90 points or so. I wish that I could say that was from my efforts, but a LOT of that is simply things getting older and hurting less. (And I stopped acquiring lates!!!)
And BTW, when I got that increased age (12 years --> 18 years), I initially lost a chunk of points, because it put me in a new score bucket. Nothing in FICO scoring is simple or straightforward.
Also, the pace of my score improvement is going to slow down a lot. I'm figuring 11 to 14 more months to get the final 70 points, and that might not happen depending on how much of a score hit I get when I add 3 cards this April.
In terms of what we can do to directly affect your scores and get things moving, I would say, in order:
1) Pay your cards down, and more than half of them off.But most importantly, like another poster, I have to quote Sylviatob's siggy: "Never ever, ever be late. Never." Never again, never again!
2) Increase your overall credit limit if you can without picking up too many inqs.
3) GW and PFD until your printer runs dry.
4) Wait. Be patient. We didn't get where we are overnight, and we won't repair it overnight.
Well, thank you both for your replies ~ As I said earlier, I'vebeen so thankful for all the replies to my earlier questions andfor all the great into.
You give me such encouragement when you say my 748 is a good score! Like you, I eventually hope to reach 800 ~ I'm just not sure how long it will take to reach it!
It sounds like you had a good increase earlier, yourself. Although I don't understand your statement that you initially lost some points because the increase put you in a new score bucket. I'm almost afraid to ask, but would you explain that one please?
As far as the suggestions ~ good ones ~ and some I'm doing ~ such as never being late ~ Also, I've paid down all my cards and only keep a balance of several hundred on one of them ~ Although I've paid off all other cards, I was forced recently to dust them off and start putting a couple of small charges (like a combo meal at Wendy's ) to keep them active. I recently had one card CANCELLED for inactivity and I don't want any more to end up that way!
) to keep them active. I recently had one card CANCELLED for inactivity and I don't want any more to end up that way!I also did ask for, and receive, from my Citibank card an $800 credit line increase ~ that's the most they would do without doing a credit check ~ but hey, I'll take what I can get!
Also, what did you mean when you said GW and PWD until my printer runs dry? And why did you say you expect the pace of your improvement to slow down?
And why did you say you expect the pace of your improvement to slow down?Thanks again ~
@naf wrote:
Also, what did you mean when you said GW and PWD until my printer runs dry?Thanks again ~
That list was just a general observation, trying to rank the actions that we consumers can take to improve our scores, in order of those which we can most easily and immediately control. "GW and PFD until the printer runs dry" means that if you have any negatives on your history, you can send letters begging that the paid-off ones be no longer reported (GW = goodwill) or offering payment in exchange for the negatives no longer being reported (PFD = pay for delete.) In most cases, it takes multiple attempts for these to be successful, so they take longer. And of course, waiting it out takes longest of all!
Oh gracious, I think I AM sorry I asked! Heehee That all sounds very complicated and I'm impressed that you and everyone else on here understands the ins and outs of it all so well! I have Scorewatch also, and if I remember correctly, I have never had that explanation message, so hopefully I have not changed into a new score bucket. However, thank you for alerting me that this change is a possibility ~ it will keep me from getting TOO frustrated. I got frustrated enough when my score dropped four points recently because two previously dormant cards both showed new charges of roughly $50 each!
That all sounds very complicated and I'm impressed that you and everyone else on here understands the ins and outs of it all so well! I have Scorewatch also, and if I remember correctly, I have never had that explanation message, so hopefully I have not changed into a new score bucket. However, thank you for alerting me that this change is a possibility ~ it will keep me from getting TOO frustrated. I got frustrated enough when my score dropped four points recently because two previously dormant cards both showed new charges of roughly $50 each!Thanks again everyone for your help in answering my many questions!
Thank you so much for the nice, and extremely ENCOURAGING email! Everyone likes to hear they are doing something right, especially when you have a history of NOT doing what is right with a credit score that reflects that.
Everyone likes to hear they are doing something right, especially when you have a history of NOT doing what is right with a credit score that reflects that.The 750 score I mentioned earlier was the highest score of all three bureaus ~with the lowest being 739. From all of the replies I have received, I realize now, 750 is pretty good. However, I DO have a very poor history with late payments galore ~ Therefore, I am still very concerned those late payments will some back to haunt me when I shop for a new car and my credit history is pulled.
Could I be denied a loan or receive a higher interest rate due to those late payments, eventhough my score is now okay? I know I probably sound super-paranoid, but those late payments embarrass me and, as I said, I'm afraid they will come back to haunt me.
Thanks ~
