Need help using my CCs to go from 770 to 800+ Club!

[Kforce]

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@nitrov wrote:

Already confirmed my school doesn’t charge one helloooo points!

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ByBy Fico Scores!

[NRB525]

Credit is all about making choices. As long as you pay on time every month, and have at least one card reporting a balance, you have met the minimum requirement to maximize score within the bounds of the choices you have made about how to use credit.

Currently, you have chosen to use fairly substantial BT offers. There is nothing wrong with that, it is a choice, but it will restrict your ability to get to 800, until your file ages a while longer.

Closing cards and increasing limits will make only a small difference, won’t get you to 800 really soon.

If you make the choice that you would prefer 800 over the BT offers, then you can work on paying down balances, but even then I suspect your file is not quite to 800.

And remember: an 800 score only matters to you, and a lender you approach, and even then the lender is unlikely to be “More Impressed” than your current 770. They may prefer your balances were less, but that’s presuming you app something.

[signaturecardmember]

If you want to be over 800, you may need a new type of mix in your credit as I feel this might be the only thing holding me back. I have never had an installment loan like personal loan or car loan or mortgage. Some say having 1 of these will boost scores. I have been tempted to try a small personal loan to see if this is true. Do you have any of these?

As others have said depending on what you are trying to accomplish once you get over 720-750, depending on what you are applying for, you qualify for the best rate there is.

[nitrov]

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@signaturecardmember wrote:

If you want to be over 800, you may need a new type of mix in your credit as I feel this might be the only thing holding me back. I have never had an installment loan like personal loan or car loan or mortgage. Some say having 1 of these will boost scores. I have been tempted to try a small personal loan to see if this is true. Do you have any of these?

As others have said depending on what you are trying to accomplish once you get over 720-750, depending on what you are applying for, you qualify for the best rate there is.

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Yes, I already have a mortgage and an auto loan as well as a home equity LOC. I have a small balance of student loans that I’m paying off soon, but I haven’t paid it off yet since it’s an old account.

[nitrov]

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@Kforce wrote:

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@nitrov wrote:

Already confirmed my school doesn’t charge one helloooo points!

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ByBy Fico Scores!

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I am paying off the balance before the statement even cuts, so it will not impact my score. Scholarships are your friend 

[nitrov]

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@Anonymous wrote:

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@nitrov

Yea, I have about 6-7 cards showing balances: USAA x2 (BT), Penfed (BT), Prestige, Ritz, Amex x2. Do you think it would help if I cut that in half? I didn’t know that made a difference to anything since I have so many zero balance cards already.

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If you have 6-7 of 12 cards with balances reported on them, you're at 50% or greater cards with balances.  That results in a scoring penalty.  You could lower your total credit limits by $150k and if you were to take your number of cards with balances and reduce 3-4 of them to $0 you'd probably see a 10 point or so gain on your scores.

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That’s very helpful, thank you!