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Credit score!

Cooleybrandon92
Established Member

Credit score!

I posted awhile back about my credit score being pretty low and trying to build my credit up. All my cards were maxed out and I knew this is where I needed to start. I recently got my credit utilization to 38% from 100%. I was hoping that this would cause a pretty good jump in my score. My score only went up 12 points. My credit score is now a 620. I have no collections on my account. I do have 28 inquiries from when I was shopping around for an auto loan. What can I do to get my score up so I can get an actual good credit card. 

Message 1 of 21
20 REPLIES 20
dragontears
Valued Contributor

Re: Credit score!


@Cooleybrandon92 wrote:

I posted awhile back about my credit score being pretty low and trying to build my credit up. All my cards were maxed out and I knew this is where I needed to start. I recently got my credit utilization to 38% from 100%. I was hoping that this would cause a pretty good jump in my score. My score only went up 12 points. My credit score is now a 620. I have no collections on my account. I do have 28 inquiries from when I was shopping around for an auto loan. What can I do to get my score up so I can get an actual good credit card. 


Which score are you referring to?  TU/EX/EQ?

What model is the score you are referring to? FICO8? FICO 9? Vantage 3? Vantage 4?

 

Do you have any late payments? 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 21
KLEXH25
Valued Contributor

Re: Credit score!

First, congrats on bringing your balances down! That's great. Second, in order to give advice, we need more information. Please list the balance and limit of each card so that we can determine individual and aggregate utilization. Also, if you have any lates or other negatives that could be holding your scores down, that would be helpful. 

Example:

Card #1 - $100 / $2400

Card #2 - $825 / $1000

 

And so on...



Message 3 of 21
AllZero
Mega Contributor

Re: Credit score!

Congratulations on your success!

Message 4 of 21
AllZero
Mega Contributor

Re: Credit score!

Message 5 of 21
AllZero
Mega Contributor

Re: Credit score!

Not knowing your exact details, below are benchmarks for FICO 8.

Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.

Aggregate: 10-15 points for aggregate crossing a threshold.

Individual: ~5 points points for individual crossing a threshold.

Look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card.

Get your CC aggregate utility at or below 8.9% for full FICO points optimization.

Scores will react positively with one revolving credit card reporting a balance.

You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.

Message 6 of 21
AllZero
Mega Contributor

Re: Credit score!

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Free credit reports (disregard the VantageScore 3.0 score) at:
creditkarma.com for weekly TU and EQ
wallethub.com for daily TU

Message 7 of 21
Cooleybrandon92
Established Member

Re: Credit score!

I have 

2 capital one cards maxed out at $500 each

credit one maxed out at $500 

my wife added me to her kohl's card because she forgot her license and wanted to buy something didn't know that would get put on my credit report that is maxed out at $700. The score I posted was Experian. 

Message 8 of 21
KLEXH25
Valued Contributor

Re: Credit score!


@Cooleybrandon92 wrote:

I have 

2 capital one cards maxed out at $500 each

credit one maxed out at $500 

my wife added me to her kohl's card because she forgot her license and wanted to buy something didn't know that would get put on my credit report that is maxed out at $700. The score I posted was Experian. 


Well if you have two cards and an AU maxed out, that's why. I looked through some of your old posts and you mentioned that you have eight credit cards. Is that still the case? Do you have any other cards that don't have balances? Individual utilization matters just as much, if not more, than aggregate utilization. 



Message 9 of 21
Cooleybrandon92
Established Member

Re: Credit score!

Here is a list of cards and balances. 

kohls $700 maxed out 

first premier $600 $0 balance 

indigo $300 $0 balance 

indigo $300 $0 balance 

fingerhut $1600 $0 balance 

Gettington $600 $0 balance 

capital one $500 maxed out 

capital one $500 maxed out

credit one $600 maxed out

apple card $250 $0 balance 

care credit $500 $0 balance

 

Message 10 of 21
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