I feel stuck. What else can I do?

Anonymous · ‎09-01-2017

My score is a 626. It jumped up like 47 points when I paid down my credit card bill for Capital One. It has a balance of $20 (Limit $750) I have another credit card with a low balance.

I have an auto loan ($24K) which is in good standing, never late. The only "baddies" is my student loans $9k) but I am in the Rehabilitation program so they will be in good status on my report in about 6 months. I don't know what else to do to increase my score. I am looking to buy a home within the next 3 mths but my bank said I should avoid opening any other credit cards. I want my score to be at least a 680. I feel stuck? Any tips on increasing my score without any new accounts. Is a secured credit card considered a new account since I am using my own money? Will this work?

Thanks!

Anonymous · ‎09-01-2017

A secured credit card would still be considered a new account.
Have you tried to get CLIs on any of your cards?

Anonymous · ‎09-01-2017

No. I thought it wouldn't make a difference sense my credit utilization is already at 3%. Will this increase my score?

Anonymous · ‎09-01-2017

It depends on what your total CL is right now. I read in a thread recently that FICO scoring has a threshold amount of $3000 to be placed in a higher scoring bucket. But I cannot confirm this myself so let's have some others chime in.

Gmood1 · ‎09-01-2017

Depending on what FICO model your bank uses. Being added to a parent's CC with a long history and low utilization will give you a major boost! Just something to think about. It needs to be one that back dates.

Anonymous · ‎09-01-2017

How far would it need to back date?

Gmood1 · ‎09-01-2017

How old is your history now? A 10 plus year account could do wonders. If you have a short credit history. The older the better.

Anonymous · ‎09-01-2017

My history right now is like only a few years old.

So it wouldn't have a good impact if the card I was being added to was new?

Gmood1 · ‎09-01-2017

@Anonymous wrote:
My history right now is like only a few years old.

So it wouldn't have a good impact if the card I was being added to was new?

No it wouldn't have a positive impact. You need an old account in good standing.

Anonymous · ‎09-01-2017

@Anonymous wrote:
No. I thought it wouldn't make a difference sense my credit utilization is already at 3%. Will this increase my score?

No it will not. If your utilization remains fixed, it doesn't matter whether your total credit limit is $1000 or $50,000. FICO gives no extra scoring points for big credit limits.