01-08-2013 03:33 PM - edited 01-08-2013 03:56 PM
I'm hoping someone could help me...
My initial goal was to increase my FICO score by 10-15 points in a year. I don’t have a lot of credit history built up and I made some mistakes when I was 17 or 18 so at the time the median score was about 630 or so. I moved and bought furniture and long story short, the furniture store gave me a credit line and maxed it out so my score didn’t budge for a couple of months since maxed out credit line = bad.
I recently paid the furniture store credit card from 43% to 13% a few weeks ago. This is the only account/credit line that was over 20%. My other accounts include a car loan from Toyota, a student credit card ($1000) (I keep balance at 10-15% of the credit limit), some store credit card ($1000) I got years ago but have since paid down to $0 and stopped using but the account is still open, and one secured credit card ($300) that I got to help increase my credit worthiness and I only use it to pay one utility bill a month and it’s on autopay. I'm 24 years old and a college student and I'm not deathly afraid of credit cards so I avoid using them as much as possible. So, this furniture card was the only significant debt I had…excluding the car loan which I was told doesn’t count negatively against me. I have no open delinquencies or open accounts in collections.
I really just need 8 more points. I’d like my median score to be 640. Does anyone have any idea roughly how many points it could go up in this scenario?
01-08-2013 05:38 PM
Paying the one CC alone down to 13% probably won't produce the points, but if you can get all CCs to report $0 except for one and get the one to report a balance of under 9% of the CL, then you'll find the points you need and then some.