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Next move to improve my FICO?

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sarge12
Senior Contributor

Re: Next move to improve my FICO?


@Anonymous wrote:

@CreditInspired wrote:

You've gotten terrific advice so far. I just want to say to "start thinking of creating a great profile as a marathon and not a race." You're going to see that phrase quite a bit as you read through the posts on these forums. And it's true.

 


While I agree with the general thesis of that common statement, I would suggest that there are 2 instances where credit can be a race and not a marathon.  Those 2 instances would be when a person has just 1 negative item on their CR that they have the potential of getting removed, or they have high utilization that they have the ability to pay down significantly or off quickly.  The OP possesses one of these instances, the high utilization.  Whether or not he has the ability to pay it down quickly, I'm not sure.  Removing a lone negative item or paying down high utilization to an ideal place can often result in FICO score increases of 50, 75, even 100 points.  In those situations, I'd liken those increases that can happen in 30-60 days to a race rather than a marathon.

 

I agree on all the other long process factors that there simply isn't any way around... such as profile thickening and increasing age of accounts factors.


It is also important to some of us to define our objectives with credit, and work to acheive those objectives. If your objective is to maximise the credit score, the best strategy might not include opening new accounts.  If your objective is to maximise the rewards you extract from credit cards, the credit scores can be seen as currency that must be spent to some degree to maximize the SUB's and rewards. For me, it is a combination of both which has led to 3 inqueries followed by a year in the garden to recover points. I do see the points in terms of monetary value that is of little value if not used to redeem them for rewards and SUB's. PS::: The single largest value possible from credit scores is to obtain a low mortgage rate of interest....If you want a favorable mortgage rate do not sacrifice points chasing 200 dollar SUB's that are insignificant when compared to the savings on a 30 year mortgage.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 11 of 12
Anonymous
Not applicable

Re: Next move to improve my FICO?

Right.  No use in stepping on a dollar just to pick up a quarter.

Message 12 of 12
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