How To Increase My Fico Score

[Anonymous]

Hello Everyone,

I have been working on my credit reports for about 8 months now and I am stuck.  Right now my scores are:  669, 624, 647.

My Credit cards are:

Raymour and Flannigan - 1500 limit and a 940 balance

Lime of Credit - 1000 and a 900 balance

Sallie Mae -  13000

I need to bring my score up to a mid score of 660 to refinance.  I have 5 kids and with Christmas just over, paying down the credit cards by 900 dollars does not look good for me.  Any thoughts?

Thank You

[SmartCookie]

Yes, you need some major cc's with good CLs.

First, call R&F and see if they can give you a CLI without a hard INQ.  This will help your UTI.

I suggest applying for Hooters due to your situation.  Nice card, comparatively high limits, possible AF but due to your re-fi I'd be ok with it.

You might even get instant approval online and know today!

[Anonymous]

You have to put a dent in that utilization. 

Do you think you can get another high CL card and avoid using it?  If not, I wouldn't suggest getting ANOTHER CC...

Message Edited by esshua on 12-31-2007 02:52 PM

[Anonymous]

Thank you so much.

[Anonymous]

How much of a dent?  Maybe with tax return I will be able to pay the amounts in half.

[SmartCookie]

And BTW once you have some extra post-holiday cash, pay those cc's down fairly equally.  You'll get the most bang getting both under 50% rather than 1 PIF and 1 still very high UTI.

Message Edited by SmartCookie on 12-31-2007 02:53 PM

[Anonymous]

So should I pay down the R&F card first and then work on the line of credit?

[SmartCookie]

---

jjmppkmt wrote:

So should I pay down the R&F card first and then work on the line of credit?

---

No.

You should call R&F and see if you can get a CLI without a hard INQ though.

As for paying down the 2 cards, if you have $900 to start off with your best bet for FICO impact will be to get both under 50% and then begin paying them off.  Depending on how soon you can continue to do so impacts if you want to PIF 1 card on the second round or split the payments again.

Getting a possible CLI on that R&F card will certainly help with your UTI.  Getting a Hooter card will help it moreso.

[Anonymous]

i would try to get utilization down on the card --do what you can  just try to get them down to at least under 50 percent--I know what you mean saying its hard---been there done that--also try to really get that card that got the 1000 with 900 balance down more so that the other that may be the one killing the scores most--

many people on here app other cards (dont know if you have any store/gas cards may be easy to get with your scores--they better to apply in store get better limits--and lastly places like Hooters and Juniper--maybe if you add a few more tradelines even if you dont use them no time soon--they will bring your Utilization done--Good luck!!! Dont worry it will happen sooner than you think--Keep the faith!!

[Anonymous]

Thank you again for all your help.  One question, applying for another credit card, wont it bring down my score?