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I want to build up

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Savy1
New Visitor

I want to build up

Hi I see some of you guys with upwards of credit to 80k that’s dreamy for me please give me tips to follow or who to start with to gain a beautiful credit profile
Message 1 of 7
6 REPLIES 6
pursell1911
Regular Contributor

Re: I want to build up

Welcome to the forums!

 

What scores do you have currently, and do you have negative information in your credit reports?  What credit do you have currently?

 

Having this information will allow people to guide you.


Starting 5/2018

Current 3/2019
Message 2 of 7
ItsPossible
Valued Contributor

Re: I want to build up


@pursell1911 wrote:

Welcome to the forums!

 

What scores do you have currently, and do you have negative information in your credit reports?  What credit do you have currently?

 

Having this information will allow people to guide you.


+1  

 

I gave similar advice in your other thread asking the best credit card to apply for. Once you provide more information, forum members can make suggestions. 

"Hover mouse over cards to see CL and APR info"


Message 3 of 7
Medic981
Valued Contributor

Re: I want to build up

Welcome to the myFICO forums!

 

Ultimately, what a person needs to improve their FICO scores and build credit are three open credit cards (secured or unsecured) in good standing and one open installment loan in good standing such as a car, home, student, personal, share secured, or credit building loan. This combination is what the myFICO score theorists here have determined is what you need for optimal credit building and FICO score. You can have more CCs and more installment loans, however, this will not increase your FICO scores.

Next, (this is only important if you are attempting to purchase a large ticket item like a home or car) is paying in full all of the credit card balances each month, before the posting date, except one. This is called the All Zero Except One (AZEO) method. The one credit card you allow to post a balance needs to be less than 8.9% of the credit limit of the card. So using one card each month to buy lunch, letting it report and then paying in full will maximize FICO scoring. Keeping your utilization of your cards below 28.9% both individually and collectively will prevent you from incurring a FICO scoring penalty.

An installment loan will have its greatest impact on your FICO score when the amount owed is at 8.9% or less of the original amount owed which is usually in the final months before the loan is paid in full. If you don't have an installment loan you can check into Self Lender or a Share Secured Loan at a Credit Union.

Keep in mind, building credit is a marathon, not a sprint. It involves demonstrating to a potential creditor that you can handle credit responsibly. If you have open, active credit accounts that are being paid on time and pay all of your bills on time every time, apply for credit only when you actually need it and use credit cards sparingly maintaining low credit utilization, then you’re going to earn and maintain great credit scores. It would be impossible for you not to do so. This is the fastest way you can build good, solid credit.







Your FICO credit scores are not just numbers, it’s a skill.
Message 4 of 7
Anonymous
Not applicable

Re: I want to build up


Hi I see some of you guys with upwards of credit to 80k that’s dreamy for me please give me tips to follow or who to start with to gain a beautiful credit profile

I feel it's imporant to not draw a direct comparison between high credit limts and a beautiful credit profile.  They are two very different things.

 

One can have a beautiful credit profile with a few thousand dollars in total credit limits across a few cards, where someone with very high credit limits can possess a far weaker profile.  The point here is that higher limits don't equate to "better" profile.

Message 5 of 7
RonM21
Valued Contributor

Re: I want to build up

Welcome Savy1. I agree totally with BBS and the post above that had good info as well. Ultimately, you want to do what fits best for your personal situation. You can always make decisions to chase a score, or like your example, building your profile of credit available. But I say always make sure it is within your means and smart for your situation.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 6 of 7
CreditInspired
Community Leader
Super Contributor

Re: I want to build up

+10 @medic

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 7 of 7
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