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Contributor
pat0812
Posts: 91
Registered: ‎09-10-2012

How can I improve my FICO score?

I just started credit 6 months ago and I finally got my first FICO Scores. 683 for EQ and 714 TU Walmart

I have a clean history with no negatives

I have 3 credit cards that are always under 10% UTI

The only bad thing is that i have on my equifax report 11 inquiries, on experian and TU i have only 5-6

 

How can my score go up from here ?

My inquiries will only start to drop in 6 months, so how can i improve it in the meantime ?

Will my score go up every month if i continue to make on time payments ?

 

 


Starting Score: EQ 683 TU 714
Current Score: EQ 683 TU 714
Goal Score: EQ 740 TU 740


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Established Contributor
bettercreditguy1
Posts: 688
Registered: ‎02-11-2012

Re: How can I improve my FICO score?

As the inquiries drop off and your account history increases, your scores will improve. With anything of importance, credit scores need time to mature. Pay on time every month even if you can not pay in full, pay the minimum due.

Starting scores 01/ 02/2012 EQ 707 TU 733 EXP 735 (FAKO)
Updated scores 04/13/2014 EQ 792 TU 763 EXP 768 (Fico)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012

Re: How can I improve my FICO score?

[ Edited ]

pat0812 wrote:

I just started credit 6 months ago and I finally got my first FICO Scores. 683 for EQ and 714 TU Walmart

I have a clean history with no negatives

I have 3 credit cards that are always under 10% UTI

The only bad thing is that i have on my equifax report 11 inquiries, on experian and TU i have only 5-6

 

How can my score go up from here ?

My inquiries will only start to drop in 6 months, so how can i improve it in the meantime ?

Will my score go up every month if i continue to make on time payments ?

 

 


Well, it appears you're just starting out, and unfortunately it requires time and aging of accounts to build a positive history and allow inquiries to drop off.

 

For maximum score poential, you need to have a balance of less than 10% reporting on only one of your cards - keep the other two reporting at $0.

Always pay on time every month (without exception) - doing this will continue to cause your scores to rise as you build positive payment history.

Your inquiries will stay on your report for a total of two years, but will not impact scoring after 12 months.

 

You're in an excellent position to build a positive credit history, and you're doing all the right things.  Continue doing what you're doing, but have patience to know that it will take some time.  In 1-2 years you'll have an excellent score and can pretty much get whatever you want.

 

Good luck to you - you're off to a great start. :smileyhappy:


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Contributor
pat0812
Posts: 91
Registered: ‎09-10-2012

Re: How can I improve my FICO score?

I know have an American Express charge card. So I have 4 cards now. Should I still keep a balance on only 1 card? Or charge card is different.

Does amex rather me paying off before the statements cut or its better to let a balance report? I want in the future to get a credit card from them

Starting Score: EQ 683 TU 714
Current Score: EQ 683 TU 714
Goal Score: EQ 740 TU 740


Take the FICO Fitness Challenge
Established Contributor
my-own-fico
Posts: 1,032
Registered: ‎01-05-2010

Re: How can I improve my FICO score?

If the one card with a balance is a charge card, your overall utilization is zero, so your score will take a dive.

I don't think that Amex cares about whether you pay before or after the statement date.

Have you visited myFICO's Retirement Topics forum? ... Confessions of a Credit Junkie ... In the credit card garden since 2010
Established Contributor
jamie123
Posts: 657
Registered: ‎03-22-2012

Re: How can I improve my FICO score?

[ Edited ]

Just use all your cards every month and pay them on time and everything else will take care of itself.

 

You took a small hit to your scores by getting those new cards. Your scores will likely stay where they are for a couple of months and then start climbing.

 

With 4 cards you will start to build history faster.



Starting Score: EQ 658 6/18/12
Current Score: EQ 680 9/23/13
Goal Score: EQ 720+
Take the FICO Fitness Challenge
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: How can I improve my FICO score?

Split post to form a new thread within Understanding FICO Scoring


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