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POST BK- Fastess way to increase score (I'm 580) 4 months after

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Anonymous
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POST BK- Fastess way to increase score (I'm 580) 4 months after

After BK I got 1 CC through First Premier, They suck and fees suck! But I think of it as a price to pay for foolish decisions I made previously. I set them up on Auto pay (weekly) through my credit union to ensure NO LATES.

 

I have a car loan that I pay religiously but they no longer report me? Can I somehow use this to my benefit in future?

 

Also, what should be my course of action now to get scores over 600, I have myfico membership and watch my score. It's like watching paint dry. Just never moves. 580 is all I ever see.

 

There has to be a tactic to get this sucker to move, should I get another C.C.? and keep ratio high for amount not used. Example $300 limit I should never use more then 100.00 of it I'm told???? IS this tru. IF I get several and use this tactic will score sky rocket. I had a friend tell me he raised his post BK from 550 to 700 by utilizing this method. He gt 5 cards. (2 were secured bank cards) 3 were bottom feeder cards with fee's. Can this be true.

 

He also said he invented the chi-pet, so I don't believe him 100%  Thanks guys!!! 

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Anonymous
Not applicable

Re: POST BK- Fastess way to increase score (I'm 580) 4 months after

You should try to keep utilization to under 10% to give you the most benefit as far as your FICO scores go.  If you are charging $100 out of a $300 CL, then you are at about 33% utilization and that is a little high for the best effects on your score.  Charge something for less than $30, let it report and then pay it in full.  Having only 1 credit card report a balance is all that's needed.  Good Luck!
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haulingthescoreup
Moderator Emerita

Re: POST BK- Fastess way to increase score (I'm 580) 4 months after

Hi, welcome to the forums!

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums and to help you decide what your next move should be.
Message Edited by haulingthescoreup on 02-06-2009 03:11 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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