Reply
Member
improvement
Posts: 6
Registered: ‎07-30-2007
0

General Credit Questions to Increase FICO score

Hello,
 
I'm new to the forum and have a few questions in order to increase my credit score.
 
Myfico median score is 620
 
1. I have an auto loan in good standing which will be paid off this month.  Will this increase my score?
2. My husband has a score of >700 and will him adding me as an AU increase my score?
3. I have 2 Capital one credit cards in good standing.  Will adding another credit card hurt my score or increase it? 
 
Thank you!
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: General Credit Questions to Increase FICO score



improvement wrote:
Hello,
I'm new to the forum and have a few questions in order to increase my credit score.
Myfico median score is 620
1. I have an auto loan in good standing which will be paid off this month. Will this increase my score?
2. My husband has a score of >700 and will him adding me as an AU increase my score?
3. I have 2 Capital one credit cards in good standing. Will adding another credit card hurt my score or increase it?
Thank you!





1. Paradoxically, paying off the loan may actually decrease your score a bit. For some reason, FICO likes to see you have an open installment account. In the long run, however, the loan will improve your credit history and score.

2. Answer unclear. AUs are going away anyway, so any benefit would be transitory anyway.

3. In theory, adding another CC gives you a slight dip in score when the account is added, but helps your credit score over time. What percent of your credit limit are you using?
- - - -
in a credit-scoring postnuclear Stone Age...
Member
improvement
Posts: 6
Registered: ‎07-30-2007
0

Re: General Credit Questions to Increase FICO score

Hi,
 
One of the CC is at 69% utilization and the other at 50%.
 
 
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: General Credit Questions to Increase FICO score

Paying them down below 10% will likely give you some benefit...around 10 to 25 points or so.
- - - -
in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: General Credit Questions to Increase FICO score



improvement wrote:
Hi,
One of the CC is at 69% utilization and the other at 50%.





Get the UTL down to Under 30% and under 10% if you can.

You will see an significant score increase.

Add a Card if it does not reduce you avg age of accounts more than 11 months.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+