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

How to increase score

Anonymous — Wed, 11 Jun 2014 15:46:55 GMT

Hello everyone- I am trying to increase my score for better interest rates and othert things. What is the best way to increase score by 50 to 100 points. I just got my first 2 credit cards and notice only a small increase, but better than nothing. I want the best score. does anyone have any advice they would like to share.

Re: How to increase score

-NewGuy- — Wed, 11 Jun 2014 17:17:11 GMT

@Anonymous wrote:
Hello everyone- I am trying to increase my score for better interest rates and othert things. What is the best way to increase score by 50 to 100 points. I just got my first 2 credit cards and notice only a small increase, but better than nothing. I want the best score. does anyone have any advice they would like to share.

Paying those cards on time will improve your score. Do you have any negative marks on your credit report like collections, or just not much credit history?

Re: How to increase score

Anonymous — Wed, 11 Jun 2014 17:21:03 GMT

Yeah i have a couple accounts in collections. But back in 2011.

Re: How to increase score

-NewGuy- — Wed, 11 Jun 2014 17:26:16 GMT

@Anonymous wrote:
Yeah i have a couple accounts in collections. But back in 2011.

Those collections are going to keep your score where it is. They will have less of an effect as they age, but they will cause a drop in your score until they age off. Getting them off of your report completely should cause your score to see a significant boost. You might want to post what you can about them in the Rebuilding your Credit forum. Perhaps you could try a PFD (Pay for delete), although there are factors to consider like SOL (Statute of Limitations) for your state.

Re: How to increase score

Revelate — Wed, 11 Jun 2014 17:36:20 GMT

@-NewGuy- wrote:
@Anonymous wrote:
Yeah i have a couple accounts in collections. But back in 2011.
Those collections are going to keep your score where it is. They will have less of an effect as they age, but they will cause a drop in your score until they age off. Getting them off of your report completely should cause your score to see a significant boost. You might want to post what you can about them in the Rebuilding your Credit forum. Perhaps you could try a PFD (Pay for delete), although there are factors to consider like SOL (Statute of Limitations) for your state.

Welcome to the forums Freshstart!

To clarify, having positive accounts is nothing but goodness, but NewGuy is correct to state those collections are going to depress your score until they're off your report. You've already started re-establishing positive credit history which is absolutely the right thing to do, now see if you can get the negatives addressed.

Re: How to increase score

Anonymous — Wed, 11 Jun 2014 17:42:08 GMT

Thanks, yeah im working on it. This is quite the time consuming activity. When i dispute an item it gets taken off Equifax and Experian, but remains on transunion. But, im keeping my credit card balances low. I took out a loan, do you think this will help?

Re: How to increase score

-NewGuy- — Wed, 11 Jun 2014 17:45:59 GMT

@Anonymous wrote:
Thanks, yeah im working on it. This is quite the time consuming activity. When i dispute an item it gets taken off Equifax and Experian, but remains on transunion. But, im keeping my credit card balances low. I took out a loan, do you think this will help?

Having a mix of installment loans and revolving accounts is a scoring factor, so it could very well help. And good job keeping your card balances low, that's an awesome step to take. I feel your pain, it can indeed be time consuming. But you're taking good steps.

Re: How to increase score

Anonymous — Wed, 11 Jun 2014 18:28:08 GMT

I'd suggest investing in some education for the long term.

For example, the article here is very informative about what makes up a score:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx