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how long does it take to raise fico scores

Contributor

How to raise your fico score

 
Message 11 of 14
Valued Contributor

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...
Message 12 of 14
Valued Contributor

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

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...
Message 13 of 14
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New Contributor

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!
Message 14 of 14