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New Member
Posts: 7
Registered: ‎05-23-2014
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Advice breaking in 700s and greater.

A little background about my self.

20 years of age 1/17/94

First credit card back in April of 2013 ( Wells F. $300 Secured, now graduating this month to US)

Auto Loan Starting in Aug of 2013 w/ Co-Signer

Approved for Capitol One Platinum in Nov. 2013 started with $300 CL -->$2.3k CL as of 05/2013.

Walmart Discover Card approved in March/2014 with $600 CL 

 

Credit Utilization approx. 20%-25%

 

 Unfortunately have 11 hard pulls, majority of them came from when I first turned 18 and didnt know anything about Credit. Should be falling off report by the end of the year.

 

Never missed any payments, nothing in collections. 

 

Just wanted some adivice one how to improve my credit score over the course of the next few months. 

 

Credit Score Pulled from Walmart Transunion: 671

Credit Score Pulled from Capitol One: 671

My CC: Wells Fargo Secured Card (Waiting on upgraded card on May 30th) -$300. Walmart Discover Card- $600. Capitol One Platinum- $2,300.
Established Contributor
Posts: 785
Registered: ‎04-24-2014
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Re: Advice breaking in 700s and greater.


Ferninator1871 wrote:

A little background about my self.

20 years of age 1/17/94

First credit card back in April of 2013 ( Wells F. $300 Secured, now graduating this month to US)

Auto Loan Starting in Aug of 2013 w/ Co-Signer

Approved for Capitol One Platinum in Nov. 2013 started with $300 CL -->$2.3k CL as of 05/2013.

Walmart Discover Card approved in March/2014 with $600 CL 

 

Credit Utilization approx. 20%-25%

 

 Unfortunately have 11 hard pulls, majority of them came from when I first turned 18 and didnt know anything about Credit. Should be falling off report by the end of the year.

 

Never missed any payments, nothing in collections. 

 

Just wanted some adivice one how to improve my credit score over the course of the next few months. 

 

Credit Score Pulled from Walmart Transunion: 671

Credit Score Pulled from Capitol One: 671


I'm a new poster and I've had my credit for years so what I'm telling you will not be the best, but it will help.  Pay off the Wells F secured and get the rest of your cards down below 10%.  If you don't have the funds to do it all at once, get cards below 10% then pay off 1-2 cards with low balances.  Then use 1-2 favorite cards keeping them below 10%, but keep all cards open (i.e. don't close any accounts).  I paid off two accounts off and paid my cards to below 20% some closer to 10% and my FICO Experian Bankcard score went from 751 to 808 in one month.  I'm  waiting until the report date for my other cards to find out how it affected my TU and EQ bankcard scores.  I've been pre-qual for a home loan so I know that my FICO mortgage score increase by 28 pts on TU and 35 pts on EQ.  I expect the bankcard score to have increased by a similar # of pts.

 

If you want to use the WellsF or another card by paying it off every month, be sure to not charge more than 40-50% of available balance at any given time, because they'll use your average daily balance to determine your usage which will keep you below the monthly 20% on that particular card.

 

Some of your score will increase with passage of time.  Your on the right track, so keep up the good work.



Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+ on all three Bureaus
Garden since 11/26/14 -- In the garden until 6/2016

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Posts: 3,360
Registered: ‎10-19-2012
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Re: Advice breaking in 700s and greater.

Not applying for new credit cards and decreasing utilization can get you there. If you need a higher score in the next few months, these are really the only things you can do.

Super Contributor
Posts: 9,030
Registered: ‎06-19-2013
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Re: Advice breaking in 700s and greater.


HiLine wrote:

Not applying for new credit cards and decreasing utilization can get you there. If you need a higher score in the next few months, these are really the only things you can do.


my suggestion would be just use the cards and make sure you pay them off. It will just take time for some of your newer accounts to age since your aaoa is pretty short. I don't know if you need or want to play util game right now if you aren't planning on apping for anything anytime soon, unless you just want to see improvements in your score month to month.



EX Fico 774 3/3/15 Fako 806 CS/Credit.com 11/24/14
EQ SW bank enhanced 5/26/15 827 CK fako 807 5/11/15
TU Fico Barclay's/Walmart 7/6/15 799 Fako 808 Creditkarma 5/11/15
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Established Contributor
Posts: 756
Registered: ‎01-20-2012
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Re: Advice breaking in 700s and greater.

Reduce your balances to 10% total utilization.

Let those inquiries fall off.

Don't apply for any new cards, let the ones you have reach a year of positive reporting.
Fico: 701 (5/22/14) 682 (5/9/2014)
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