Strategy to get over 700

[Anonymous]

I don't know what happened to my previous message but it seems to have disappeared! Anyway the gist of it was that I estimated my own score to be very close to the actual score based on the various factors in the scorewatch report. Playing with a few what-ifs it became apparent to me that I would have a hard time making the improvements I need to get from 673 to over 700.

I have some derogatory accounts which is the main drag on my score the most recent of which is a late from 16 months ago. I'm GWing the CCC to see if I can get it removed (I have a few excuses which may make it borderline error). But if that doesn't work, it will take quite some time to work out of the system and improve my score significantly.

I will keep my utilization at the current 4% or lower - I had one CC that was over this but on a small CLI, I've PIF'd that so maybe I'll see some lift there.

I'd like to improve the type of credit category by adding some installment accounts, but obviously that would hit the new credit category for a few months, and seems they have the same weighting it would not make sense.

I want to take advantage of the current deals on autos and buy a car but need my score over 700 to get the best terms.

[GFer]

Do you only have the one credit card? Maybe add a couple of more cards to the revolving accounts as these are scored higher anyhow. That's what I did to raise mine--and that's what some believe.

Just my two cents.

[Anonymous]

wow 46 views and no replies! No answers/suggestions out there?

[Anonymous]

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@Anonymous wrote:

wow 46 views and no replies! No answers/suggestions out there?

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It looks to me like GFer gave you some decent advice.

[Anonymous]

Thanks for the reply, I was beginning to think nobody loved me!

I have more than one CC, I was just referring to an old closed account with some baddies which I'd like to get them to remove. I have 2 regular CC's, a check card which looks like a CC, I'm AU on another which reports on mine, I also have a corporate amex which is getting converted to personal - not sure what effect this will have on my credit score when it lands.

I'm beginning to get some nice offers of CCs with 0% and high CLs, trouble is I want to apply for a car loan soon and want to get my score as high as possible quickly. Once I get my car loan I will apply for another couple of CC and rotate them with low utils to build my score back up.

I calculate that the car loan will hit me for 30 points, so it shouldn't take too long to build it back up.

[Anonymous]

sure did, he must have been 47!

[Anonymous]

If you are a member of a CU you may get near their best rate with your current score and it may beat the top rates at some banks.

You also need to consider that unless your credit cards are very old, you will likely gain 15-20 points just for having an installment loan, which should make up for your reduced average age.

2 CC's is ok....eventually you could look to add a store card you will use and another credit card, but neither of those are essential to hit 700. When your baddie hits 2 years you should get a slight score boost. This, with increased mix points can push you over 700. You don't need to wait the 8 months to a year to reach 700-720 though, a credit union can get you a great car loan now.

[Anonymous]

Thanks, good advice!

I decided to go ahead and try for the car loan through BMW financing - and got their program rate of 4.9% for a certified pre-owned. I felt like I got a great deal and a monthly payment about $100 less than I was anticipating - plus they make the first two months payments! They also offered me a BMW credit card without an additional credit report inquiry - couldn't resist.

Didn't get any alerts as yet from the inquiry. Can't wait to get back to really good credit.