topic Re: I feel stuck. What else can I do? in General Credit Topics

I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 22:52:36 GMT

My score is a 626. It jumped up like 47 points when I paid down my credit card bill for Capital One. It has a balance of $20 (Limit $750) I have another credit card with a low balance.

I have an auto loan ($24K) which is in good standing, never late. The only "baddies" is my student loans $9k) but I am in the Rehabilitation program so they will be in good status on my report in about 6 months. I don't know what else to do to increase my score. I am looking to buy a home within the next 3 mths but my bank said I should avoid opening any other credit cards. I want my score to be at least a 680. I feel stuck? Any tips on increasing my score without any new accounts. Is a secured credit card considered a new account since I am using my own money? Will this work?

Thanks!

Re: I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 23:05:40 GMT

A secured credit card would still be considered a new account.
Have you tried to get CLIs on any of your cards?

Re: I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 23:07:18 GMT

No. I thought it wouldn't make a difference sense my credit utilization is already at 3%. Will this increase my score?

Re: I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 23:42:29 GMT

It depends on what your total CL is right now. I read in a thread recently that FICO scoring has a threshold amount of $3000 to be placed in a higher scoring bucket. But I cannot confirm this myself so let's have some others chime in.

Re: I feel stuck. What else can I do?

Gmood1 — Fri, 01 Sep 2017 23:48:01 GMT

Depending on what FICO model your bank uses. Being added to a parent's CC with a long history and low utilization will give you a major boost! Just something to think about. It needs to be one that back dates.

Re: I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 23:49:23 GMT

How far would it need to back date?

Re: I feel stuck. What else can I do?

Gmood1 — Fri, 01 Sep 2017 23:54:30 GMT

How old is your history now? A 10 plus year account could do wonders. If you have a short credit history. The older the better.

Re: I feel stuck. What else can I do?

Anonymous — Fri, 01 Sep 2017 23:56:18 GMT

My history right now is like only a few years old.

So it wouldn't have a good impact if the card I was being added to was new?

Re: I feel stuck. What else can I do?

Gmood1 — Fri, 01 Sep 2017 23:57:59 GMT

@Anonymous wrote:
My history right now is like only a few years old.

So it wouldn't have a good impact if the card I was being added to was new?

No it wouldn't have a positive impact. You need an old account in good standing.

Re: I feel stuck. What else can I do?

Anonymous — Sat, 02 Sep 2017 00:37:44 GMT

@Anonymous wrote:
No. I thought it wouldn't make a difference sense my credit utilization is already at 3%. Will this increase my score?

No it will not. If your utilization remains fixed, it doesn't matter whether your total credit limit is $1000 or $50,000. FICO gives no extra scoring points for big credit limits.

Re: I feel stuck. What else can I do?

SouthJamaica — Sat, 02 Sep 2017 02:10:58 GMT

@Anonymous wrote:
My score is a 626. It jumped up like 47 points when I paid down my credit card bill for Capital One. It has a balance of $20 (Limit $750) I have another credit card with a low balance.

I have an auto loan ($24K) which is in good standing, never late. The only "baddies" is my student loans $9k) but I am in the Rehabilitation program so they will be in good status on my report in about 6 months. I don't know what else to do to increase my score. I am looking to buy a home within the next 3 mths but my bank said I should avoid opening any other credit cards. I want my score to be at least a 680. I feel stuck? Any tips on increasing my score without any new accounts. Is a secured credit card considered a new account since I am using my own money? Will this work?

Thanks!

You can pick up some points by making sure one of your 2 cards reports a zero balance while the other reports a tiny balance (4% of the limit).

Don't open any new accounts at this juncture.

Yes a new secured card would be a new account.

If you could pay your auto loan down at an accelerated pace, it might or might not help some of your scores, depending on whether you trip any breakpoints.

Probably you should wait on applying for the mortgage until you're good with the student loans.

Re: I feel stuck. What else can I do?

Anonymous — Sat, 02 Sep 2017 03:11:44 GMT

@Anonymous wrote:
My score is a 626. It jumped up like 47 points when I paid down my credit card bill for Capital One. It has a balance of $20 (Limit $750) I have another credit card with a low balance.

I have an auto loan ($24K) which is in good standing, never late. The only "baddies" is my student loans $9k) but I am in the Rehabilitation program so they will be in good status on my report in about 6 months. I don't know what else to do to increase my score. I am looking to buy a home within the next 3 mths but my bank said I should avoid opening any other credit cards. I want my score to be at least a 680. I feel stuck? Any tips on increasing my score without any new accounts. Is a secured credit card considered a new account since I am using my own money? Will this work?

Thanks!

Hold off on the home purchase until you get out of the rehab, you will see a massive jump in your score when you complete that.