@Anonymous wrote:Hello All,
Posting to see if anyone can suggest what I can do to go a little higher than 802.
I have come a long way paying down my 50K of debt over 2 years and about 4 months ago I got it down to zero and my score went to 802. I am really happy with the 802, but would like to go just a little higher.
Here is what I got:
235K total credit
Zero balance across 10 credit card accounts.
The oldest account is 20 years old and the newest is one year old.
The average age of my all my accounts is 10 years
1 inquire that is 1 year old
Highest credit limit is 45K and lowest is 5K
I don't have any installment loans
There is nothing left for my to pay and was wondering what else can be done? Is not having any balances report hurting me or helping me. I read to have just $5 report on one account and the rest zero. That did nothing for me.
You can increase your scores by
(1) letting one of your credit cards report a small balance while the others report at zero, and
(2) taking out a share secured loan with an institution like Alliant Credit Union, with a 48-60 month payout, disabling autopay, & paying loan down to 9% or so.
@Anonymous wrote:I let 3 of my cards report small balances totaling $21 and my score went up 7 points to 809. So, there is something to having small usage report in order to get a little more out of your score.
There you go 
Share Secure Loan --> BOOM!
Congrats!
I added a Share Secure Loan in September 2015 but did not pay it down other than at the payment rate. It is getting close to 60% utilization and I believe has been gradually helping with my score, but because of the rest of the things going on in my file (stopping apping for a year as a major one) it is not a specific score move.
@Thomas_Thumb wrote:Hello NRB525:
Is the SSL your only open installment loan?
Since almost everyone pays their SSL down to under 9% within the 1st few months, the potential of "point maximization" at a higher B/L ratio for an SSL having over 1 or 2 years of positive payment history is unsubstantiated. If your profile is now "stable" perhaps you can keep a look out for possible B/L thresholds going forward.
Yes, this is the only item noted as Installment loan. I have a mortgage and second, but those don't seem to trigger the "Installment Loan" category on the 3B report or on the Slate FICO reporting. My file is fairly stable, though a few recent inquiries for some CC applications I had, so that makes it less isolated for the SSL. I figure it is helping, but I can't isolate it.
I did it this way with the intention of letting it run naturally for the 5 years, then will probably start another one in a year or two, also on a 5 year program, to be able to consistently have an Installment loan reporting. If I take an auto loan for some reason that would mean not getting a second SSL loan until later. My main objective is to build up the score help, and avoid the nasty surprise when all installment loans drop away. I had no credit application needs and so had no incentive to try to boost scores quickly / early.
I will keep an eye out as the SSL crosses 50% in late Summer.