Ideas to increase my FICO Score..

[Anonymous]

Right now my Equifax MYFICO score is 664 and Transunion MYFICO is 706. I have 2 credit cards one is a secured credit card with a limit of $300 and the other is a Bank credit card for a chain department store. I have had the secure card for one year now and always pay the balance down each month to zero. The Bank department store is new opened the account in December with a limit of $1,000 and in July the Bank (Citi)  increased my credit limit to $3500 without me asking for the increase. I do not have any other types of credit, house payment, car loan....nothing. The balance on the 2 cards right now is $612 and I will bring that down to zero soon, before the next reporting to the bureaus. If I do this the MYFICO simulation says this could raise my scores around 20 points. Ok, all well and good, now if I also increase my credit limit to $1000 on the secured card will this help to increase the score. I could not find any simulations to this action. If it does not have a bearing on the score is it to my advantage to get another secured card with a limit of $1000 at another bank.

[Anonymous]

The utilization will help in the short term.   

Getting a another secured card with $1000 limit is probably a good idea.   FICO seems to like at least 3 cards on your report, but it probably won't increase it a lot.  Having only 1 major card is considered a very thin file.   It depends on what you need the FICO score for.

Which secured card do you have?

[Anonymous]

The secured card is a VISA..I am only trying to get my scores up above 700. I have been out of the country for about 10 years and just trying to reestablish my credit. I will be returning is about 6 months and want to be able to purchase a car and home. I have kept my bank there all this time and do have a physical and mailing address..This is no problem. I worry about applying for other credit because of inquiries possibly could lower my score. I have nothing bad in my reports (all three bureaus). I have never missed a payment and never do pay the minimum due, always pay the balance or at least half the balances. I hope you can see what I am talking about here.

[Anonymous]

---

@Anonymous wrote:

The secured card is a VISA..I am only trying to get my scores up above 700. I have been out of the country for about 10 years and just trying to reestablish my credit. I will be returning is about 6 months and want to be able to purchase a car and home. I have kept my bank there all this time and do have a physical and mailing address..This is no problem. I worry about applying for other credit because of inquiries possibly could lower my score. I have nothing bad in my reports (all three bureaus). I have never missed a payment and never do pay the minimum due, always pay the balance or at least half the balances. I hope you can see what I am talking about here.

---

You need a good score after you return rather than now.   You should make your additions now, since the inquiries won't count for much in six months.    IMO, 2 trade lines is pretty slim, so you should add at least 1 maybe 2 accounts now.   Since you have no negatives on your report, you can qualify for most any secured card and lots of unsecured.   

[Anonymous]

Thanks for the input. I do know that I need a good score when I return that is what I am working on. You said that many unsecured cards should be available to me, give me some ideas of "What Card" and also that in 6 months most inquiries are of little consequence to the score, is this correct. I do want at least 2 other cards (Sears, JC Penny, Cabellas, Staples to name a few) but I am not sure which would be more likely to grant the credit. In my first post I stated that Citi for Home Depot increased my credit line to $3500 from $1000 just after 6 months and with out me requesting this. Would it be to my advantage to talk with Citi, rather than applying on-line for another card for Staples, Sears or one of them. Thanks beforehand for any and all input.

[vanillabean]

612 / (300 + 1,000) = 47%

612 / (300 + 3,500) = 16%

It would help to bring down your util (you mentioned zeroing).

When that is said, do you know if both cards report their credit limits?

If the Visa card does, but the Citi card does not, then

612 / (300 + 0) = 204%

Getting another card that reports its limit will help.

[Anonymous]

Thanks for the response. Yes both cards are reporting there limits to all 3 bureaus. Because of the credit line increase my FICO scores did come up. LIke I said I will be carrying a zero balance when the next report date comes around. Not just for the score but I like to see it that way. I am trying to figure out now if it would be better to raise the limit on the VISA Secured card to $1000 from $300. Of course this would have 2 advantages for me ...$1000 in a savings and a increased credit line. Maybe at this point is for me to go ahead and wait for the August report after I carry a zero balance and check the scores and if an increase shows up is to apply for a regular unsecured credit card. The simulation on this web site showed a possible 714 score for Equifax with a zero balance, but have to wait and see about that one. Thanks again...

[blacklotus]

I agree  that OP should app for one major CC- possibly Credit Union? IMHO.

Also when he/she opens a car loan I think that will also increase the Fico because OP will have installment loan.

EDIT: Also another CC possibility is AMEX Charge.

[Anonymous]

You could increase the secured card to $1000 now. Wait a month or 2 until new credit line and lower utilization is reported.   Then apply for unsecured Visa or MC.    Citi is a good choice since you have positive history with them.  

[GST2008]

If you are curious about what unsecured cards you could currently get with your scores, BOA and AmEx both have the pre-approval option on their websites.  You could see if you are pre-approved for anything and if you are interested in their offers before even applying.  They do soft pulls so it wouldn't even cost you the inquiry, only about five minutes of your time and they are prime lenders.