Help me Achieve 800 +

[Anonymous]

As of today:

Equifax 790

Transunion 750

Experien 720

I have two open credit cards:

Chase Sapphire: $5K limit, had it for 2 years now

Chase Freedom: $18K, had it for 3 months now

* I pay off full every month and have been for the life of the cards.

* I once spent over $4K on the Sapphire few month back but again paid if off full that month.

I have Target Red Card that kind of acts like an ATM. Only got it to get 5% off my ipad purchase last month.

I have only 1 car and it's on lease with balance amount $10K

I have student loan amount of $35K with Monthly payment of $250. I have been making payments on time. 

One of the major ding I saw in my credit report is from being the primary signer for my brother vhiacle. He made 6 late payments and couple were over 90 days. This was 3 years ago. Bank sees it as my car as I was the primiary signer.

My questions:

1. How can I get my scores over 800?

2. Late payments on the car. How long would it take before it does not negatively affect my scores? can I even dispute this?

3. Would opening another credit card to maimize my limit improve my score?

4. Does the Target Red card affect my score?

5. My Sapphre Chase card started with $5K limit and it's still same. Would asking for higher limit affect my score? Would it help if I get approed?

6. Any tips so that I can improve my scores?

Thank you very much!

[gdale6]

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@Anonymous wrote:

As of today:

Equifax 790

Transunion 750

Experien 720

I have two open credit cards:

Chase Sapphire: $5K limit, had it for 2 years now

Chase Freedom: $18K, had it for 3 months now

* I pay off full every month and have been for the life of the cards.

* I once spent over $4K on the Sapphire few month back but again paid if off full that month.

I have Target Red Card that kind of acts like an ATM. Only got it to get 5% off my ipad purchase last month.

I have only 1 car and it's on lease with balance amount $10K

I have student loan amount of $35K with Monthly payment of $250. I have been making payments on time. 

One of the major ding I saw in my credit report is from being the primary signer for my brother vhiacle. He made 6 late payments and couple were over 90 days. This was 3 years ago. Bank sees it as my car as I was the primiary signer.

My questions:

1. How can I get my scores over 800? At minimum you want 3 revolving bankcards. Most people in the 800 arena have at least 1 account over 10 years and closer to 18 yrs though it is possible with less.

2. Late payments on the car. How long would it take before it does not negatively affect my scores? until they become excluded at the 7 year mark. can I even dispute this? unless something us not true in the way it is reporting, no,

3. Would opening another credit card to maimize my limit improve my score? Typically the first 3 bankcards increase score, you want at minimum as I have said 3 bankcards and 1 store card.

4. Does the Target Red card affect my score? If the funds come out of your check account then no its not a CC

5. My Sapphre Chase card started with $5K limit and it's still same. Would asking for higher limit affect my score?  If it changes your overall utilization percentages then yes it will affect score. Would it help if I get approed?

6. Any tips so that I can improve my scores? Let 1 card report no more than 9% of its CL and all others reporting at 0, you need to play with the actual percentage (between 1 and 9) that produces the highest Fico, its different for everyone. Your biggest obstacle is the co signed car loan with the lates, try GW letters to get rid of them and good luck

Thank you very much!

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[Uppingmyscore]

^ this here....also I wouldn't take a HP for an increase on your CSP. Move over some of your CL from your Freedom. I believe I read it was close to $18,000 or something like that...

[takeshi74]

Why are you fixated on 800?  Best terms are generally granted at 740-760+.

As stated above you need to address the derogs.  Hit the Rebuilding subforum and see what you can do.

[Anonymous]

Because 800 is the final tear it's like getting to the last level on a game. I think everyone wants a 800 plus score I know I do.

[disdreamin]

Be careful, it's addictive. Once you are over 800, you'll be trying to figure out how to finagle 850's across the board....

[Anonymous]

Yup..as Takeshi said it, 

The derogs are holding you down(just a case of the man holding us down)!  Go to the Rebuilding forum and read up on GoodWill letters and get to work.  The worst that could happen is that they remove the lates.  

Correct me if I am wrong?  The OP moving CLs from one card to another isn't gonna change anything if he is PIF every month?  Unless, the CRAs are reporting a balance before he PIFs the cards?     

You are close, but in the Credit Scoring game, you are losing because of your brothers' tardiness. 

[gdale6]

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@disdreamin wrote:
Be careful, it's addictive. Once you are over 800, you'll be trying to figure out how to finagle 850's across the board....

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You're not kiddin 

[HiLine]

You'll probably have to wait for the late payments to drop off. It's very hard to get 800 with a derogatory item on your profile. Alternatively, you can thicken your file by getting a few new credit cards to dilute the negative impact of the late payments. Either way, you'll have to wait for at least a year I would guess to get that 800.