topic Re: How to increase score in Understanding FICO® Scoring

How to increase score

Anonymous — Sun, 20 May 2007 16:11:13 GMT

My score at Equifax is 723

My score at Transunion is 738

My score at Experian is 739

Question:

I plan to get a job in bank industry that require to check my credit score, how they going to calculate my score if my score is diffrent in 3 credit bureu. My employer require my 800 score to get a job

they will get score from 3 credit bureu

Question:

How to Incrase my credit score

Currently as a positive factors are

-The proportion of the balance to credit limit is 4% (total credit limit of $18,000)

Citi-$12,000

American Express- $6,000

-The presence of bank/national revolving credit has been estabolish

-You are using relativly low balance compare to credit limit

-You have never been late

Current negative factors is:

-The lenght of time your account has been estabolish is relatively short

First account open 14 month ago- Credit Card- Citi

Second account open 3 month ago-Credit Card- American Express

-I have never been late with any payment

-Pay in full each month

-no inquire (hard cover inquire) within last 24 month

-no collection

-no public record

-no garnishment or other negative factors

Question:

It is ok to "load with a debt" for $5,000 and pay it with 12 month period( with intrest) to increase my credit score?

Any suggestion ,comment, welcome!

Re: How to increase score

Tuscani — Sun, 20 May 2007 18:05:34 GMT

ctnbpl wrote:
My score at Equifax is 723
My score at Transunion is 738
My score at Experian is 739

Question:
I plan to get a job in bank industry that require to check my credit score, how they going to calculate my score if my score is diffrent in 3 credit bureu. My employer require my 800 score to get a job
they will get score from 3 credit bureu

Question:
How to Incrase my credit score

Currently as a positive factors are
-The proportion of the balance to credit limit is 4% (total credit limit of $18,000)
Citi-$12,000
American Express- $6,000
-The presence of bank/national revolving credit has been estabolish
-You are using relativly low balance compare to credit limit
-You have never been late

Current negative factors is:
-The lenght of time your account has been estabolish is relatively short
First account open 14 month ago- Credit Card- Citi
Second account open 3 month ago-Credit Card- American Express

-I have never been late with any payment
-Pay in full each month
-no inquire (hard cover inquire) within last 24 month
-no collection
-no public record
-no garnishment or other negative factors

Question:
It is ok to "load with a debt" for $5,000 and pay it with 12 month period( with intrest) to increase my credit score?

Any suggestion ,comment, welcome!

They require an 800? WOW. There's not a whole lot more you can do. Do you have any installment loans?

Re: How to increase score

MidnightVoice — Sun, 20 May 2007 18:19:29 GMT

Just checking, but to get a score that high almost certainly requires a pretty long credit history, which requires reaching a certain age. Are you old enough?

Re: How to increase score

Anonymous — Sun, 20 May 2007 18:31:15 GMT

This is something really new. Employers require 800 scores for a job. How many people would actually work for them?

Just FYI, they would look at middle FICO.

Re: How to increase score

Anonymous — Sun, 20 May 2007 20:15:57 GMT

This job is for broker-delear at NYSE

Annual Gross Income $350,000

Young 25 years old

What should I do to increase my credit fast?

I dont have any loan currently

Will " Add more debt" for example $2,000 total to my credit card and pay it with 6 month

in addition get a personal loan for $6,000 and pay it with 1 year will get me to score of at least 780?

I plan to get a job on August 2008

Re: How to increase score

smallfry — Sun, 20 May 2007 20:25:46 GMT

You got a Citi card 14 months ago and an AMEX 3 months ago but have no hard pulls within the last 24 months? AMEX always does hard pulls.

Message Edited by smallfry on 05-20-2007 04:25 PM

Re: How to increase score

Anonymous — Sun, 20 May 2007 20:26:25 GMT

Yes, that may seem little consused

I have open American Express in Febuary 2007

I have open Citi April 2006

They have check my credit but in mistake they have mark it as a soft inquire at Transunion and Experian , no Equifax credit check

Re: How to increase score

smallfry — Sun, 20 May 2007 20:40:48 GMT

Lucky you huh? You live in NY? I live in your area and they pulled Experian and Equifax on me just the other day hard pulls as that. Two cards and no hard pulls.

Re: How to increase score

fused — Sun, 20 May 2007 21:04:35 GMT

A score of 800 is required! That's incredible! I would guess that less than 10% of the U.S. Population has scores of 800 or higher. I do not think you can do anything fast (within a few months) which would raise your scores by 60 to 70 points. You have no baddies, no inq's, low util and a decent cl on your citi card. If Tuscani does not know, look to Brammy! But she/he seems to have disappeared.

Re: How to increase score

MidnightVoice — Sun, 20 May 2007 21:15:14 GMT

ctnbpl wrote:

Young 25 years old

I am not sure if anyone that age can get a plus 800 score. Might be part of their fiendish plot to only employ old people

Re: How to increase score

Anonymous — Sun, 20 May 2007 21:29:22 GMT

If I request to increase my credit limit to

Citicard-$20,000

American Express$20,000

and it going to get approve will this incease my credit score?

If I take a personal loan for $6000-$8000 will this improve my score?( pay montly as agree, for 12-24 month period)

Re: How to increase score

fused — Sun, 20 May 2007 21:42:35 GMT

ctnbpl wrote:
If I request to increase my credit limit to
Citicard-$20,000
American Express$20,000
and it going to get approve will this incease my credit score?

If I take a personal loan for $6000-$8000 will this improve my score?( pay montly as agree, for 12-24 month period)

First of all, when are you suppose to start this new job?

Re: How to increase score

Anonymous — Sun, 20 May 2007 22:02:53 GMT

August 2008 I plan to start this job

14 month left

Re: How to increase score

fused — Sun, 20 May 2007 22:22:20 GMT

ctnbpl wrote:
August 2008 I plan to start this job
14 month left

Well lets see, fourteen months. I would recommend these three things and try them in this order.

1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting. You stand to inherit years of great payment history from this.

2.) raise your cl's to 15k, I don't think 20k is necessary

3.) unsecured installment loan for whatever you can afford with a term of one if there is such a thing

if it is a 12 month installment, I believe its better to not pay it off early. That way you have 12 months of payment history.

I hope this helps. Please keep us posted. GL to you!!!

Re: How to increase score

Anonymous — Sun, 20 May 2007 22:39:39 GMT

Question1:

My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?

What happen if he stop paying a mortgage will my score also decrease?

Question2:

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:

Citi- card $15,000

American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

Re: How to increase score

Tuscani — Sun, 20 May 2007 22:53:07 GMT

ctnbpl wrote:
Question1:
My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?
What happen if he stop paying a mortgage will my score also decrease?

Question2:
1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting. You stand to inherit years of great payment history from this.

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:
Citi- card $15,000
American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

An 800 at your age will be very difficult.. you are close though. TL means tradeline. Get your parents to add you as an AU.. You get all the history which might be enough to get you where you need to be. I would not co-sign a loan. Just remember, with any co-sign and AU also comes the bad.. if these people pay late it will hurt you.

Re: How to increase score

fused — Sun, 20 May 2007 23:43:42 GMT

ctnbpl wrote:
Question1:
My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?
What happen if he stop paying a mortgage will my score also decrease?

Question2:
1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting. You stand to inherit years of great payment history from this.

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:
Citi- card $15,000
American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

1.) yes you can, its called a quitclaim deed placing you on the title, something an attorney can do. I do not recommend this, what if your friend or you fall into financial hard times. Also, some lenders may refuse to take you off the co-signer note, should you try to, for fear of defaulting. There is nothing more derogatory than defaulting on a mortgage. You could drop hundreds of points, WAY TOO RISKY!

2.) yes you should inherit all of that history. Here's my situation. I was an AU on my dad's amex charge card from about 1991, however on my reports it dates it all the way back to 1979 when he originally opened the card. EQ and TU report this and my scores are 804 and 783 respectively. EX DOES NOT report this TL (tradeline) and my score is 755. You see the big difference! Remember do not co-sign on your parent's cc, just be an AU. Be a good son and help them keep the util low on it, they say 1-9%

Re: How to increase score

Anonymous — Mon, 21 May 2007 00:01:17 GMT

Will I still Inherit from it(* will I benefit from it) when I am not going to use they credit card? I will only be a authorized user ?

Re: How to increase score

fused — Mon, 21 May 2007 00:14:40 GMT

ctnbpl wrote:
Will I still Inherit from it(* will I benefit from it) when I am not going to use they credit card? I will only be a authorized user ?

Yes, only be an AU! Like Tuscani said above, if your parents make mistakes, your scores will get dinged too. But with that said, I trust my parents with something like this and noone else.

You will have a new TL (tradeline) that is positive with decent aging. Just make sure your parents never pay late or max it out. I was thinking you help pay it monthly as a way of thanking them. Do you know which credit card your parents have and the CL. This way I can better determine if it is probably being reported to all 3 CRA's

Re: How to increase score

Anonymous — Mon, 21 May 2007 01:14:00 GMT

First USA from Websterbank I think "Chase" bought First USA because on statement its say FirstUsa-Chase

it was acquire Febuary 1999 limit of $10,000

pay as agree-no late payment

Bank of America limit $10,000

December 2004-April 2007

pay as agree-no late payment

also if they add me as a authorized user to a store credit card will this help me? 2 years old no late payment pay as agree limit of $5000 from Best Buy

Message Edited by ctnbpl on 05-20-2007 06:14 PM