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Hi All,
I am newbie to this forum... and this is my first post!
Abt Me-
myFICO EFX 709
Amex Blu- 1500/15000
BofA Cash rewards- 300/20000
BofA TrawelRewards- 0/10000
Cap.One Platinum- 0/2000
Paid off Auto loan - 17000
No late payments
Pay full each month
Fairly new credit history - 3years old
My utilization is good (i assume); why my score is always between 700-720... I want to get 750.
Any tips ?
BTW you guys are great... this forum rocks!
Wait for more replies, but from what I understand....
your score should be at it's highest when you have 2-4% utilization on one card. Then the the others report a $0.00 balance.
A mortgage, instalment loan, 3 credit cards (including at least 1 store card - can someone verify?).
no new accounts or inquiries within the last year
Average age of at least 7 years. Oldest credit line of more than 18 years.
----- Those are not easy to accomplish. Just do your best to hit as much of that criteria as possible.
Welcome to the forum
Now head over to the garden to let all cards age and keep UTL low and you should be there in no time good luck
I have 2 application history through ATT..huh
I think my both Bofa cards are Visa Signature and they dont report credit limit that may be problem... huhx2
I was once rejected for Macy's card and since then im scared of store cards
Its so hard not to apply credit card lol...
Thx for reply !
@JRS123 wrote:Hi All,
I am newbie to this forum... and this is my first post!
Abt Me-
myFICO EFX 709
Amex Blu- 1500/15000
BofA Cash rewards- 300/20000
BofA TrawelRewards- 0/10000
Cap.One Platinum- 0/2000
Paid off Auto loan - 17000
No late payments
Pay full each month
Fairly new credit history - 3years old
My utilization is good (i assume); why my score is always between 700-720... I want to get 750.
Any tips ?
BTW you guys are great... this forum rocks!
A mortgage would also help your scores
I'm sorry, I mis-read your original post. Your limits / util are very good. I think you just need more age and like Ryan said.... A mortgage would help. I've read people say theirs went up 40 points after getting a home.
Paying before the statements cut may get you a few more points.
Leaving a small balance on one card may be a good idea but I've never intentionally tried it. Most people say less than 9% on one card.
At this point what you need is time. After you establish a longer credit history with no lates or other baddies, and assuming you manage your util properly, your scores will increase by themselves.
While a mortgage will help your scores, they're not necessary for obtaining a 750-800 score. I've never had one and have been at or around 800 for the past several years. It's completely possible without a mortgage, but it might be easier for some people if they did.
@CreditScholar wrote:At this point what you need is time. After you establish a longer credit history with no lates or other baddies, and assuming you manage your util properly, your scores will increase by themselves.
While a mortgage will help your scores, they're not necessary for obtaining a 750-800 score. I've never had one and have been at or around 800 for the past several years. It's completely possible without a mortgage, but it might be easier for some people if they did.
+1.
While nothing says stability like a mortgage on a credit report, it's not required. I suspect the boost people sometimes report upon buying a home is for a non-trivial number of them don't have any installment history on their report, and a mortgage drops straight to the mix of credit function in that case which can be non-trivial. It's possible there's a Michelin-like rating system (vis a vis mortgage > auto loan > credit card > store card as an example) but that's never been confirmed anywhere.
To a prior poster, a store card is just another revolving account. It does nothing intrinsic for the mix of credit calculation that any other credit card wouldn't do (or Amex charge card for that matter).
To another, I've seen some folks hit 750 on a 2 year history in some cases, but admittedly their 750 wasn't as good as someone else's 750 with 8 tradelines on 8 years report. I think in general AAoA around 5 years is solid enough to hit that mark for a lot ot folks assuming no major derogatory on the reports, and no recent minor derog either.