topic Re: How To Increase My Fico Score in General Credit Topics

How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 19:38:44 GMT

Hello Everyone,

I have been working on my credit reports for about 8 months now and I am stuck. Right now my scores are: 669, 624, 647.

My Credit cards are:

Raymour and Flannigan - 1500 limit and a 940 balance

Lime of Credit - 1000 and a 900 balance

Sallie Mae - 13000

I need to bring my score up to a mid score of 660 to refinance. I have 5 kids and with Christmas just over, paying down the credit cards by 900 dollars does not look good for me. Any thoughts?

Thank You

Re: How To Increase My Fico Score

SmartCookie — Mon, 31 Dec 2007 19:48:47 GMT

Yes, you need some major cc's with good CLs.

First, call R&F and see if they can give you a CLI without a hard INQ. This will help your UTI.

I suggest applying for Hooters due to your situation. Nice card, comparatively high limits, possible AF but due to your re-fi I'd be ok with it.

You might even get instant approval online and know today!

Re: How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 19:52:46 GMT

You have to put a dent in that utilization.

Do you think you can get another high CL card and avoid using it? If not, I wouldn't suggest getting ANOTHER CC...

Message Edited by esshua on 12-31-2007 02:52 PM

Re: How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 19:51:12 GMT

Thank you so much.

Re: How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 19:52:24 GMT

How much of a dent? Maybe with tax return I will be able to pay the amounts in half.

Re: How To Increase My Fico Score

SmartCookie — Mon, 31 Dec 2007 19:53:32 GMT

And BTW once you have some extra post-holiday cash, pay those cc's down fairly equally. You'll get the most bang getting both under 50% rather than 1 PIF and 1 still very high UTI.

Message Edited by SmartCookie on 12-31-2007 02:53 PM

Re: How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 19:54:14 GMT

So should I pay down the R&F card first and then work on the line of credit?

Re: How To Increase My Fico Score

SmartCookie — Mon, 31 Dec 2007 19:58:09 GMT

jjmppkmt wrote:
So should I pay down the R&F card first and then work on the line of credit?

No.

You should call R&F and see if you can get a CLI without a hard INQ though.

As for paying down the 2 cards, if you have $900 to start off with your best bet for FICO impact will be to get both under 50% and then begin paying them off. Depending on how soon you can continue to do so impacts if you want to PIF 1 card on the second round or split the payments again.

Getting a possible CLI on that R&F card will certainly help with your UTI. Getting a Hooter card will help it moreso.

Re: How To Increase My Fico Score

Anonymous — Mon, 31 Dec 2007 21:02:47 GMT

i would try to get utilization down on the card --do what you can just try to get them down to at least under 50 percent--I know what you mean saying its hard---been there done that--also try to really get that card that got the 1000 with 900 balance down more so that the other that may be the one killing the scores most--

many people on here app other cards (dont know if you have any store/gas cards may be easy to get with your scores--they better to apply in store get better limits--and lastly places like Hooters and Juniper--maybe if you add a few more tradelines even if you dont use them no time soon--they will bring your Utilization done--Good luck!!! Dont worry it will happen sooner than you think--Keep the faith!!

Re: How To Increase My Fico Score

Anonymous — Tue, 01 Jan 2008 00:20:09 GMT

Thank you again for all your help. One question, applying for another credit card, wont it bring down my score?

Re: How To Increase My Fico Score

SmartCookie — Tue, 01 Jan 2008 00:26:17 GMT

jjmppkmt wrote:
Thank you again for all your help. One question, applying for another credit card, wont it bring down my score?

Yes it will bring it down slightly but you will recover from it... the point loss is temporary. However, you will probably gain so many points from a major cc with a good limit that you won't see any loss, just a gain.