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Valued Member
snier
Posts: 48
Registered: ‎02-11-2009
0

Tips on how to raise my fico score

My equifax score is 677 and my transunion is 715.

 

I currently have 5 credit cards:

 

Capital One Mastercard - 0 / 750 - 11 months old

 

Capital One Visa - 0 / 750 - 1 Year and 5 Months old

 

Bestbuy Store card -  89.68 / 1000 - 2 months old

 

Chase Perfect card - 124.77 / 1000 - 11 month old

 

I recently paid off my Chase Perfect card. So the Chase Perfect card will show a zero balance on the statement.

 

Chase Amazon.com card - 279.70 / 1700 - 1 month old

 

 

After i received my Amazon statement i put $150 towards the balance.

I plan on paying the rest of the balance off next week when i get paid.

 

 

So my ratio is 7%.

 

Also my Capital One Visa and my Chase Perfect card will be 12 months old next month.

 

Also i have 11 inquires on my equifax and 4 on my transunion.

 

One inquire will be one year old on my equifax at the end of this month. Also 3 inquires will be one year old next month on my equifax. Two will be one year old on my transunion next month.

 

Any tips on what to do next. I'm trying to raise my score so I can get a good car loan in the future. Thanks for any help.

 

 

 


Starting Score: 641
Current Score: 712
Goal Score: 780


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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Tips on how to raise my fico score

Individual util is a big factor too. Prior to app time get all CCs to report $0, with the exception of one and keep that at 9% or less. Doing that will eeeck a few points out.

You'll also probably see a bump when those accounts turn 1 yr old.
Valued Member
RickyRay
Posts: 42
Registered: ‎04-29-2013
0

Re: Tips on how to raise my fico score

Hello, Im still kinda new to these forums, I did not know that you got a raise in your score after 1 year of perfect payment history. I have only had mine for 6 months. Thats why my scores are still low. I have 11 store credit cards, I have been trying to get a visa/mastercard. No luck so far. I learned that TU is really picky about dinging your score for inquiries. A year ago I had trashed credit, my scores were all below 500. Thanks to these forums all are over 500 now. EX and EQ are 619 now but my TU is still P-U.

 But I am very thankful that I dont have any derogs on none my reports. My TU is still at 591...no change in 3 months. But there are 12 Inquiries on that report, I am trying to get them removed, some will be gone August 2013. TU dont like to remove them and they are very slow to do much, really half to get after them to do any thing, The other 2 CAs are usally willing to help you with what ever you need....they try. I think I screwed up by getting so many store/catalog credit cards back in Jan 2013. Now I am stuck like that and only have them to build credit on. Can you get 700+ credit score with only store cards? I am looking to buy a home soon, but thank god I am native american and can get a 184 loan, they dont really look at scores, but they dont like any derogs on your reports at all.  And you cant be using more than 41% utilization on all your bills, including your house or rent payments. Just woundering should I close about half of the store cards? Or just keep a zero balance and sock drawer them? 9 have $250 cls and 2 only have 200 cl. They are so low. But since thats all i have, I think im just stuck like that. Will my score ever get to 700 or even a 680 with this type of credit? Or should I do something else. Maybe after I get the new home.......Im going threw wells fargo to do it, My scores will improve much better. Maybe wells fargo has a secured card i could set up. So far everybody has turned me down even for secured card....reason is my scores to low and no credit history. I have had a Roamans catalog card since 1991, it was not reporting, I just recently got that updated to show all those years of payment history etc. Will that help?  I would just fell better about my life situation having better scores, I do want to buy a car soon as well threw ford motor company, need it to go with the new house. Those are my lifes goals, I am 48 years old now and I am disabled so maybe I am expecting to much.  Any advice? Thanks in adavance

Well I don't have a logo, so I will just use @#@
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Tips on how to raise my fico score


RickyRay wrote:

Hello, Im still kinda new to these forums, I did not know that you got a raise in your score after 1 year of perfect payment history. I have only had mine for 6 months. Thats why my scores are still low. I have 11 store credit cards, I have been trying to get a visa/mastercard. No luck so far. I learned that TU is really picky about dinging your score for inquiries. A year ago I had trashed credit, my scores were all below 500. Thanks to these forums all are over 500 now. EX and EQ are 619 now but my TU is still P-U.

 But I am very thankful that I dont have any derogs on none my reports. My TU is still at 591...no change in 3 months. But there are 12 Inquiries on that report, I am trying to get them removed, some will be gone August 2013. TU dont like to remove them and they are very slow to do much, really half to get after them to do any thing, The other 2 CAs are usally willing to help you with what ever you need....they try. I think I screwed up by getting so many store/catalog credit cards back in Jan 2013. Now I am stuck like that and only have them to build credit on. Can you get 700+ credit score with only store cards? I am looking to buy a home soon, but thank god I am native american and can get a 184 loan, they dont really look at scores, but they dont like any derogs on your reports at all.  And you cant be using more than 41% utilization on all your bills, including your house or rent payments. Just woundering should I close about half of the store cards? Or just keep a zero balance and sock drawer them? 9 have $250 cls and 2 only have 200 cl. They are so low. But since thats all i have, I think im just stuck like that. Will my score ever get to 700 or even a 680 with this type of credit? Or should I do something else. Maybe after I get the new home.......Im going threw wells fargo to do it, My scores will improve much better. Maybe wells fargo has a secured card i could set up. So far everybody has turned me down even for secured card....reason is my scores to low and no credit history. I have had a Roamans catalog card since 1991, it was not reporting, I just recently got that updated to show all those years of payment history etc. Will that help?  I would just fell better about my life situation having better scores, I do want to buy a car soon as well threw ford motor company, need it to go with the new house. Those are my lifes goals, I am 48 years old now and I am disabled so maybe I am expecting to much.  Any advice? Thanks in adavance


The bump happens for most folks. When you add a new TL, there is a new account ding associated with it. It varies and can certainly be offset by improvement to util, improvement to your mix of credit, etc. On average, I lost 20-25 per new account. That new acct ding will disappear over time and most everyone fully rebounds by a year. IME and in the experiences of others, some will see a small bump as it hits a year. YMMV on the gains and certainly would be lessened or eliminated if you have accounts newer than the ones scheduled to hit a year. 

 

If aiming for a visa/mastercard, gun for a secured CC from somewhere espcially since your baddies are new.

 

IMO, ignore the inquiries. Those aren't holding you back. Also FICO ignores them after 12 months despite reporting for 2 years. 

 

How soon to buying a home? If inside the next 6-9 months, I wouldn't add any new credit, not even a secured CC.

 

Let your new accounts age.

 

The CLs don't matter per FICO. Just pay them off.

 

Buy the car after you close on your home. If you buy it before, you can impair your approval odds for the home, especially w/ the higher DTI.

Valued Contributor
thom02099
Posts: 1,350
Registered: ‎08-30-2011
0

Re: Tips on how to raise my fico score

[ Edited ]

llecs wrote:
Individual util is a big factor too. Prior to app time get all CCs to report $0, with the exception of one and keep that at 9% or less. Doing that will eeeck a few points out.

You'll also probably see a bump when those accounts turn 1 yr old.

+1.  Right now, TIME is your ally.  As your account ages, you'll see score improvements, all other factors being equal.  Alsio, as inquiries fall off over time, you'll see positive results. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014

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