topic Re: What needs to be done to get 700 FICO? in General Credit Topics

What needs to be done to get 700 FICO?

Anonymous — Wed, 16 Apr 2014 04:22:03 GMT

Im at about 650 FICO score now. I have about 1 year of total credit. 6 Credit cards totaling 7k, balance total is around 500. I have an auto loan, at 23k, and student loans as well at 4k. Also have in the last 2 years 50 hard inqs... I know this is bad. Most where all from last year. Im trying to figure out the best route I should take to get my FICO score up. Never been late or missed a payment. Ive never had any negatives.

Re: What needs to be done to get 700 FICO?

Shogun — Wed, 16 Apr 2014 04:23:19 GMT

In a word? Time!

Garden what you have and keep your util down. That's about it.

Re: What needs to be done to get 700 FICO?

Anonymous — Wed, 16 Apr 2014 04:40:56 GMT

Alright so pretty much, all I can do is wait?

Re: What needs to be done to get 700 FICO?

mongstradamus — Wed, 16 Apr 2014 04:54:44 GMT

@Anonymous wrote:
Alright so pretty much, all I can do is wait?

yes pretty much garden what you have now, and make sure you pay everything on time.

Re: What needs to be done to get 700 FICO?

DevotionToU — Wed, 16 Apr 2014 12:47:49 GMT

On time payments and not having a high utilization will be the best thing. As mentioned above, time is a very important factor in the credit game. The companies want to see lengthy periods of responsible use of credit. That is what will build your score the best.

Re: What needs to be done to get 700 FICO?

Anonymous — Wed, 16 Apr 2014 19:59:14 GMT

$500 balance is probably a bit high.

Edit: As others said, time to stop applying for credit and just let what you have age. When your cards get a little older, they will probably allow you some credit line increase which is very helpful to credit as well.

Re: What needs to be done to get 700 FICO?

DevotionToU — Thu, 17 Apr 2014 14:54:01 GMT

$500 balance on a total limit of $7k isn't bad. It meets the 10% threshold. The important thing is just to keep using the cards and not missing payments.