Is this possible?

[Selena1978]

Ok. I'm trying to get over 700 in 6 months. I'm at 664 Equifax, 645 TransUnion, and 659 Experian. I got quite a few inquiries on my credit report in the last year, a bankruptcy(7) from 05/2014, and 100,000 in student loans. They are in Forbearance. I just paid off all credit cards and installment loans to $0. I did this a week ago.

Is it possible to reach at least 700 in 6 months?

[gdale6]

ttt

[Anonymous]

If you paid off all your credit cards, the first thing you want to do is report a small balance on one of them, say $10.  You always want to show some utilization, even if it's a very small amount.  Second, if you paid off your only installment loan, something you'll want to do is open up a small installment loan known as the share secure technique that you can search for on this forum.  Generally speaking, people pick up 25-30 points for the loan and 15 or so points for reporting a CC balance verses reporting all 0 balances, which would put you just about at 700 right there.

Did you happen to check your scores prior to paying off all of your credit cards and your installment loan?  I would think they would have been closer to 700?

[Selena1978]

Hello. I was closer to 650s when I started. What I did was refinanced the remainder of my auto loan balance with Navy Federal. It's a balance of 7400 to pay off in 24 months. 

[Anonymous]

If you just refinanced an auto (installment) loan, you went from having a loan that was partially paid down to an installment loan that is maxed out as it's current balance is at or near it's opening balance.  If your previous loan before the refi was at least below 70% utilization or even much lower you would expect to see a score drop from the refi unfortunately.

[Selena1978]

Thanks for the info. The personal loan was opened in March 2016. It wasn't at 70%. It was above. I had to move quickly due to owner decision to sale his property. Got the Avant loan to move. I was only 7 months in and paying interest for the most part at 32% practically. I said if nothing else I wanted to get rid of that sucker. Lol. I plan to buy in 6 months and hope the drop will turn around by that time.

[Selena1978]

Well my auto loan just hit Experian and score shot up 12 points. Hopefully the same for the others. 😊