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?
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.