@Fizzled wrote:
^
At the time the scores were pulled I only had 3 revolving accounts. The other 2 reported 0 balance, BCP had 1% when the 833, the 807 was about 8%.
I don't think there's anything you can do to 'turbo' your score up. It all takes time. However, I will say I wish I had opened maybe 2 more accounts earlier on so that as time progressed my AAoA was more resilient to new accounts. I recently opened up 3 new accounts (unsecured loan, Discover IT and Barclaycard arrival+) so my AAoA is about to tank. But, I've also increased my diversity and not all the inquiries are concentrated onto one bureau, so it might all cancel out in my benefit.
Otherwise, your utilization doesn't really make a difference unless you're applying for new accounts, at least as it pertains to your score. If you spent 12 months maxed out then paid it all off, your score would be the same as if you kept the low balance the entire time. However, a lender might look at that as bad behavior. So, your score will forgive balances past (as long as nothing goes delinquent). Creditors might not be so inclined.
On my reports, my "High Credit" is 2k dollars out of 11k limit. Your score won't take that metric into account, but it could be a reason why nobody told me no from my recent apps.
You can see my thread here about my history below.
http://ficoforums.myfico.com/t5/Credit-Card-Approvals/3-in-a-Row-Approvals-first-instant/m-p/3630693
Thanks for sharing this information.
@Chris679 wrote:
OP like you said the best thing to do is only let a small balance report on the card each month. Time is the only thing that will get someone from 760 up to 800.
Sounds good. I'll give that a try.
@takeshi74 wrote:
@slvrhwk wrote:
My question is, what's the best way to go about managing credit when Amex is your highest limit card?
Same advice applies. It does not matter who the creditor is on the high limit card. Utilization is utilization. The creditor does not factor into utilization.
@slvrhwk wrote:
we're planning to buy a house after 6 months or so.
If you're 6 months out then DO NOT open any accounts. If she's at 760 then you really don't have to worry much since she already qualifies for the best terms.
I think I'll have to be a little more careful in that case. Like I said, she does a good job of managing her credit. Her scores have been steadily increasing over the last year. She should be up there with time. However, I only have 2 cards, Barclaycard Arrival+ and CapOne Quicksilver. Last month, I asked for a CLI on the Barclays card and they did a HP. The letter I received said that my TU score was 750 when they did the HP (10/31/2014). I'm not sure, but I think the score will go down a little this month because of the HP. Do you have any idea about this?
I was also thinking of applying for an Amex or Discover around Jan-Feb, to increase my overall credit line. Increasing credit line should be good for long-term. Do you think it's a bad idea?
Current Score TU: 787, EX: N/A, EQ: N/A
