topic Re: Raising My Fico Score in General Credit Topics

Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 03:30:08 GMT

I have been reading this forum for about 3 yrs, and im hoping someone can tell me how to raise my Fico scores, I used 6-8 credit cards each month and always PIF and leave one with a small balance. I have a mortgage , 3 PIF auto loans, My Fico scores as of 6/28/12 are:

TU - 742

EQU- 738

Exp- 761 ( A-EX pull)

My scores never change , so how can i get a better Fico score, I have tried almost everything, I have seem on here but nothing seems to work. My AAOA is 17 yrs , I have only 1 inq on Tu and 2 on Exp. No baddies on my reports.i would like to hit the 800 club one day

Thanks

Re: Raising My Fico Score

swpopham — Sun, 08 Jul 2012 03:31:45 GMT

You need an installment loan, type of credit is a factor. No mortgage?

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 03:34:52 GMT

I have a mortage loan, and i have a installment loan thru my credit union

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 03:35:58 GMT

Make sure when you PIF each month your paying before the statement date and not just the due date to ensure that your reporting a zero Utilization.

Re: Raising My Fico Score

pizzadude — Sun, 08 Jul 2012 03:40:50 GMT

When you say that you PIF your cards, are you paying before or after the statement ? It's the balances on your statement that are reported to the CRAs and factored into FICO® scoring. To optimize your revolving utilization you want only one card reporting a balance ( less than 9% ) and all the other cards reporting a zero balance.

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 03:42:14 GMT

Thanks , and yes I always make sure to pay before the statement date, since i have low inquires should i apply for some more credit cards, I know by reading on here your fico will drop , but will go back up in a few months, and my limits are pretty good on my cards.

Re: Raising My Fico Score

android01 — Sun, 08 Jul 2012 03:45:09 GMT

@b71913 wrote:
I have been reading this forum for about 3 yrs, and im hoping someone can tell me how to raise my Fico scores, I used 6-8 credit cards each month and always PIF and leave one with a small balance. I have a mortgage , 3 PIF auto loans, My Fico scores as of 6/28/12 are:

TU - 742
EQU- 738
Exp- 761 ( A-EX pull)

My scores never change , so how can i get a better Fico score, I have tried almost everything, I have seem on here but nothing seems to work. My AAOA is 17 yrs , I have only 1 inq on Tu and 2 on Exp. No baddies on my reports.i would like to hit the 800 club one day

Thanks

Assuming you have no derogatories, i don't know why your score isn't higher. Do you have any baddies at all?

Re: Raising My Fico Score

swpopham — Sun, 08 Jul 2012 03:47:23 GMT

You have enough accounts, plenty of file length, low to no uti, only thing else I could think of is carry a bigger balance one month and see what happens

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 04:03:24 GMT

Thanks , Ill try that and see what it does, if i leave a balance lets say 3-5000, and I PIF the following month, wont my scorces go back down?

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 04:04:23 GMT

No baddies at all.

Re: Raising My Fico Score

android01 — Sun, 08 Jul 2012 04:24:31 GMT

@b71913 wrote:
No baddies at all.

Then I don't get it. My AAoA is 12 years, I let a balance report of less than 1% on one account only, I have a mortgage at a 40% still outstanding, and three closed and paid auto loans. No baddies, and a 26 year credit history. ALL of my scores are over 800. Unless there is something that you aren't divulging, I don't understand why your scores aren't even BETTER than mine.

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 05:50:21 GMT

Nothing more i can do, im going to try to leave a high balance on one card and see what it does. I did forget to add this , I have about 40 credit cards, but the store and gas cards are all put away. I only use my Discover,Chase,Am-Ex,Barclays,Us Bank,Regions bank on a regular basis

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 05:52:00 GMT

My gosh 40 cards? What the heck!

That's a lot of cards!!

Re: Raising My Fico Score

Anonymous — Sun, 08 Jul 2012 05:56:12 GMT

Lol, I got most of them when I was college and that was in the 90's

Re: Raising My Fico Score

jamie123 — Mon, 09 Jul 2012 02:08:46 GMT

WOW! That's a lot of cards!

I don't know for sure but you may be getting dings for too many accounts.

Let me ask you a question. Did the loan officer ask you about why you had so many cards when you applied for your mortgage?

I mean if I was a loan officer and opened your report I would be like "What the heck is with that?"

You might consider trimming those down to somewhere around 10 cards or so.

Get rid of all the low CL cards and cards you don't use, first.

Re: Raising My Fico Score

Revelate — Mon, 09 Jul 2012 04:45:47 GMT

@jamie123 wrote:
WOW! That's a lot of cards!
I don't know for sure but you may be getting dings for too many accounts.
Let me ask you a question. Did the loan officer ask you about why you had so many cards when you applied for your mortgage?
I mean if I was a loan officer and opened your report I would be like "What the heck is with that?"
You might consider trimming those down to somewhere around 10 cards or so.
Get rid of all the low CL cards and cards you don't use, first.

I've always theorized there was some number of cards beyond which would be a negative score wise. 40 cards is so laughably far out on the bell curve, it's hard to imagine that people (and FICO) wouldn't look askance at it.

Likewise I'd close a bunch of accounts, if you're only using 6-8 of them, what are the other 30+ doing? Are they relaly still active after all this time?