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Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
0

How to raise your fico score

 
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

My experience has been you can't raise your FICO. It's li...

My experience has been you can't raise your FICO. It's like your DNA. Once you are assigned a low FICO, that's it. Ever see Gattaca? That's what credit scoring is: a lifetime mark.
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in a credit-scoring postnuclear Stone Age...
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

The theory is that you should have multiple cards, but ne...

[ Edited ]
The theory is that you should have multiple cards, but never actually use them for credit. Charge just enough to get a bill each month, and then pay the minimum on the bill. A $30 purchase does the trick nicely. Lather, rinse, repeat for a year, then bug the card-issuer for a credit line increase. Not that you'll actually use all the credit, mind you, it just looks good. Keep charging a little bit, and studiously paying on time, and you should be up to $5000 limits in a few years with a great FICO. That's a great tactic if you're just starting out...now if you're like me and have charge-offs on your credit report, forget it. Nothing will improve your score, because as soon as it begins to rise, a collection agency will re-report your old debt and make it look new so your score drops again. If you have charge-offs just keep one card for emergencies and forget about FICO until the charge-off drops from your account (seven years).

Message Edited by TheNewWorldMan on 03-25-2007 11:33 AM
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in a credit-scoring postnuclear Stone Age...
New Contributor
yoreljm
Posts: 82
Registered: ‎03-31-2007
0

Newworldman,   Your postings crack me up. I'm happy that...

Newworldman,
 
Your postings crack me up. I'm happy that recent increases in your scores have given you a little more faith in FICO. Personally, I dont like all the hoops one has to jump through with CCs. I just got 3 card and I've already maxed them out...that's what I got them for! to use!

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