Improving your credit score

[Anonymous]

Hi all,

I'd love to hear from everyone about your tried and true tips for improving the FICO score.  Please share what you have done and how it helped your score.  Also, what steps can you take to see the quickest improvement?

Thank you for sharing.

[Anonymous]

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KDM wrote:

Hi all,

I'd love to hear from everyone about your tried and true tips for improving the FICO score.  Please share what you have done and how it helped your score.  Also, what steps can you take to see the quickest improvement?

Thank you for sharing.

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The fastst bump has been to get utilization under 30% though 10 is better.  Clear up any incorrect info on your report such as collections that report paid but still show a balance.  What is in your report, would need more info to give a more accurate feedback.

[Anonymous]

I have fair credit.  I'd like to have it at 700 by the end of the year.  I have paid off all of my old debt.  I have a few cc's, and am keeping the balances @ or below 30%. 

The only cc I'd like to get is the United mileage plus from Chase.  For the travel.  I'm certain I will need a higher score than what I've got.  Probably at least 650 or higher I'm sure.

[Anonymous]

Message Edited by LAX on 09-14-2008 10:33 PM

Message Edited by LAX on 09-14-2008 10:34 PM

[Anonymous]

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DEADBEATS_ARE_THIEVES wrote:
The quickest way to increase your score is to pay off all revolving debt down to 0.

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Paying it off to zero may actually decrease the score.  Go through some of the threads here and you will see that this has happened

[Anonymous]

Message Edited by LAX on 09-14-2008 10:34 PM

[Anonymous]

If you don't have a bankruptcy in your credit files, Chase will usually take the risk. If your score is 670 or better on all 3 bureaus Chase will likely approve. You may even get approved now, just a lower limit. Give it a shot but keep the inquiries down.

[Anonymous]

That's correct.....paying off all revolving debt to zero is not going to move the scores up as fast as keeping them all around 15% every month-consistently over time. There's really no 'magic' % but always above 10% and always lower than 30%. Also, keep the inquiries to a bare minimum and mix up the credit types, mortgage, revolving; Visa, M/C, AMEX, Gas, Dept. Store, auto loan. (4-5 cards) And who the credit is with will also make (or break) the score. Stick with a mainstream lender.....no finance companies.

[Anonymous]

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BMax wrote:

If you don't have a bankruptcy in your credit files, Chase will usually take the risk. If your score is 670 or better on all 3 bureaus Chase will likely approve. You may even get approved now, just a lower limit. Give it a shot but keep the inquiries down.

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Thanks for the heads up BMax.  I jus app'd Chase with a BK less than 7 yrs old and Got approved  Thought that was odd. When I called their verification process I was told my limit was prtty low.  Thinking abuot my purchase I got worried that it would report the first time maxxed out.  When I called in to see if I could get an increase I was happily surprised when the IVR informed me that the limit was actually three times higher 3k than I was initially approved for.

Message Edited by Brammy on 04-17-2007 10:08 PM

[Anonymous]

I have no bankruptcy on my record, but my lowest score is in the 630's.  I don't think I could get approved for a Chase card with that.