I'm new to MyFICO and was hoping to get some advice as to how to get to the "next level".

[Anonymous]

I am new to MyFICO and was hoping to get some advice as to how to get to a "next level" myself.  I started a new credit history 18 months ago when I got $500 secured from BoA-123VISA, now Im at $2,500 unsecured. New 24 month auto lease, Best Buy start $2,500, now $4,000. limit.  My scores seem to be moving up but very slowly.

FICO scores now at 672-EQ, 683-TU, and 656-EX. 

I say new credit history because I paid everything off in 1999 and paid cash for everything since, and all that history is gone.  I also see I need more trade lines but not sure what type(s) of credit to go for, or where to go get it.

 I dont' want to rack up inquires if I can help it. Dont need the money just trying to get the score up for when I do have a good reason to borrow.  Any ideas?

Thanks! 

P.S.Also, at what level do you start to get some respect?

[red259]

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@Anonymous wrote:

I am new to MyFICO and was hoping to get some advice as to how to get to a "next level" myself.  I started a new credit history 18 months ago when I got $500 secured from BoA-123VISA, now Im at $2,500 unsecured. New 24 month auto lease, Best Buy start $2,500, now $4,000. limit.  My scores seem to be moving up but very slowly.

FICO scores now at 672-EQ, 683-TU, and 656-EX. 

I say new credit history because I paid everything off in 1999 and paid cash for everything since, and all that history is gone.  I also see I need more trade lines but not sure what type(s) of credit to go for, or where to go get it.

 I dont' want to rack up inquires if I can help it. Dont need the money just trying to get the score up for when I do have a good reason to borrow.  Any ideas?

Thanks! 

P.S.Also, at what level do you start to get some respect?

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What do you want in terms of rewards? Cash back? travel? What do you spend your credit on?

[taxi818]

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@Anonymous wrote:

I am new to MyFICO and was hoping to get some advice as to how to get to a "next level" myself.  I started a new credit history 18 months ago when I got $500 secured from BoA-123VISA, now Im at $2,500 unsecured. New 24 month auto lease, Best Buy start $2,500, now $4,000. limit.  My scores seem to be moving up but very slowly.

FICO scores now at 672-EQ, 683-TU, and 656-EX. 

I say new credit history because I paid everything off in 1999 and paid cash for everything since, and all that history is gone.  I also see I need more trade lines but not sure what type(s) of credit to go for, or where to go get it.

 I dont' want to rack up inquires if I can help it. Dont need the money just trying to get the score up for when I do have a good reason to borrow.  Any ideas?

Thanks! 

P.S.Also, at what level do you start to get some respect?

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First it's not the number of trade lines. It's how you manage what you got. 3 credit cards is all you need you already have installment. And you got some time under you belt. He t question is not why your scores are not going up. But what's holding them down? Collection? Charge off? Lates? Any negatives. How is total utilization. Balances on cards?  How are you paying? All in full?  Important as it helps your fico. Answer this and maybe can give goid advice. 

[Anonymous]

Cash Back is my first choice.  My concern is not having a good strategy for how often to apply and for how much.  If you dont ask you dont get, and if you ask too much they think you are desperate. I just want to keep my credit score going up at an optimal pace.

[Anonymous]

Why are your scores so low? You must have some negatives on your file.

[Anonymous]

I am thinking because I use the VISA card for EVERTHING to max max cash back, they think I overuse the credit card, when in fact it is paid off every month. The balance showing is gooing to depend on what time of month credit gets pulled. Could be near maxed or completely empty or somewhere in between. 

[Anonymous]

Short history, all my ols good credit faded away when I paid off everything 15 years ago and went to cash only.

[Anonymous]

One of the things that you can do to improve your score is to take out a small, secured installment loan at your bank or credit union. This will improve the "mix" of credit that is part of the Fico scoring model. I did this, and it helped. Be aware, though, that you'll likely see a small drop when it first reports but it will climb back up above your starting point as you make payments.

[taxi818]

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@Anonymous wrote:

I am thinking because I use the VISA card for EVERTHING to max max cash back, they think I overuse the credit card, when in fact it is paid off every month. The balance showing is gooing to depend on what time of month credit gets pulled. Could be near maxed or completely empty or somewhere in between. 

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The they you are talking about does not exist. It's fico. You are not properly managing ur utilization max results under 10% when they report. Use what you want does not matter. Matter only when it's reported to cra. Know the dates thus happens. And make sure paid bel own 10 percent then. Your scores will rise 

[Anonymous]

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@Anonymous wrote:

I am thinking because I use the VISA card for EVERTHING to max max cash back, they think I overuse the credit card, when in fact it is paid off every month. The balance showing is gooing to depend on what time of month credit gets pulled. Could be near maxed or completely empty or somewhere in between. 

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The balance reported is whatever the balance was when the last statement closed, it doesn't matter when the report is pulled.