Increasing credit scores

[Anonymous]

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@Anonymous wrote:

Ok, so let the same one report seems like the best thing to do. Will the same balance work? 

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Anything under 10% is most likely going to have you within 1-3 points of your UTI% maximum. You can vary the balance as you like to try and find your peak, but there's just not a whole lot of points to p[ick up there, IMHO. Now is where the hard work begins.

[Anonymous]

I wonder what else I could do to speed up the process

[NRB525]

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@Anonymous wrote:

I wonder what else I could do to speed up the process

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Unfortunately there is not anything else to do, and in fact, at this point you have to do less, you have to make sure you keep borrowing / reporting only low amounts. Once you get to the "all cards at zero except one" reporting structure, you've maxed out your current score; that Utilization trick is done. There aren't any more games you can play to boost another 20 points. From your earlier post, you picked up a couple points for the effort, which I find not at all surprising. Kudos for that, but it's all you get for now, unfortunately.

The only thing working in your favor now is the passage of time, no speedup. Many more months of good payment history, and doing what you can to remove any derogatories.

Good luck!

[Anonymous]

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@Anonymous wrote:

I still need at least another 20 points, so I need a different pattern that will work. So what will happen if I let all three report a 5 % utilization?

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By when?  Is this a long range goal (5 years from now), a short-range goal (5 weeks from now), or  somewhere in-between?  What is prompting the goal?

Do you have an open installment loan?  Any derogatories?

[Anonymous]

Do you have negatives on your reports? If so, getting them removed will be the fastest way to increase your credit score.

If there are no negatives maybe consider getting added on as an AU to a couple of accounts with long history of ontime payments.

Otherwise all you can reall do is keep doing what your doing. Pay on time, keep utlization low, and age your accounts.

[Thomas_Thumb]

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@Anonymous wrote:

I still need at least another 20 points, so I need a different pattern that will work. So what will happen if I let all three report a 5 % utilization?

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To maximize score you must let a balance report on only one of the three cards each month. If you use the other cards you need to pay off the charges on those cards before their respective statement close dates and then not use those cards again until after the statements post.

Simplist thing is to use only one card and idle the other two completely for a few months. Probably best to use your highest CL card allow under 10% to post on that card's statement and then PIF the balance every month. Carrying over a balance month to month  provides no benefit.

Key points:

1) You need to maintain aggregate utilization under 9% for score optimization. Example: If your single card reporting is at 12% UT but your aggregate is at 6% UT, optimization condition is satisfied.

2) Not reporting a balance on any cards is a negative and will drop your score.

Generally the card playing game can add 10 to 15 points to your score [relative to all 3 cards reporting a balance]. From what I see this score optimization tactic has a greater impact with the Fico 4 mortgage model score than with the Fico 8 model score.

[Anonymous]

How fast do u need to raise ur credit score another 20 points?? What's the reason for it?? Do u have installment loans.. Like a car loan.. U can also consider getting a few more credit card like from American Express and discover.. It will ding ur credit at first but u will gain it back plus more as long as u use and do payment on time. Also carrying a balance on ur card and paying minimum doesn't increase ur score any faster. I have a 810 score and I owe about 68000 in credit card debt lol

[Anonymous]

I agree with Discuss510.  THat's why he and I have asked the same questions.

If the OP's need for a 20 point increase is short (next 5 weeks) then one set of advice is appropriate.  But if he has a much longer time frame, then the insistrence that he keep all cards at $0 except one (and the remaining card at a low balance) is misguided.  Newcomers on the forum often perceive that as something they need to do to buiild a score over time, which is not true.

It's also really important whether he has an open installment loan.  If he doesn't, we can suggest a cheap and painless way for him to get one, a strategy which almost certainly would get him a number of points.

[Anonymous]

Good luck is al I can tell you, I have been on this credit adventure for sometime now with my scores fluctuating a 100 pts. I personally think it's one big racket, I have an A t credit payment history someone I know has an f payment history and guess what his score is  90 points higher than mine , why because of inquiries and utilization,in my opinion payment history should count for at least 50% of your score, I am sick of the credit bureaus second guessing the consumer(oh they must be desperate for credit with so many inquiries) of course you also have to have an account mix ok hence inquiries get credit cards but don't use them, it's. Big racket and I am sick of it as I said good luck

[Anonymous]

One big racket,