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Tips and Tricks to improve credit?

Contributor

Re: Tips and Tricks to improve credit?

when you say major credit cards, do you mean Visa, MC, Discover, AMEX, etc?

EQ-660, TU-687, EX-646
Goal: 750s in all
Message 21 of 68
Contributor

Re: Tips and Tricks to improve credit?

Love this.

EQ-660, TU-687, EX-646
Goal: 750s in all
Message 22 of 68
Established Contributor

Re: Tips and Tricks to improve credit?

I think the best advice for you and everyone reading I can offer is to always put your financial situation first...do this...good credit will happen on it's own. I understand this is a forum for all things credit...a place we can discuss ways to improve ones credit profile...but to what end. Is it a means to have more available to spend or is it a path to saving money on the things we need most. Make it the later.
Message 23 of 68
Valued Contributor

Re: Tips and Tricks to improve credit?


egaithe wrote:

when you say major credit cards, do you mean Visa, MC, Discover, AMEX, etc?


Yes, those are the 4 major credit cards, as opposed to "store" credit cards, or specialty retail cards. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 24 of 68
Established Member

Re: Tips and Tricks to improve credit?

Thank you guys for the advice, since my first post my credit score has gone up ten points! I am working to pay off ALL my debts in less than 3-4 months. 

Shooting for that 700+ score this year! 

Then I can go for that Lambo loan LOL

Message 25 of 68
Valued Contributor

Re: Tips and Tricks to improve credit?

Already stated, but only use what you can spend as well as maintaining your utilization number is important. Also these threads on here just about give you all the info you need! They're awesome when it comes to credit. A lot of support.
                                                                  

Total Credit: $192,100Utilization: 1%AAoA: 5yrs, 4mthsInstallments: Car Lease, Marcus LoanBaddies: 0On Chop Block: Penfed, Citi

             
             
                          DSC-24.1K | NFC-25K | ALI-25k | WAL-10k | BoA-13k | BB-12k | NFL-15k | LOW-25k | AMX-19.3k | CHA-10k | PF-6k | C-TY-3.9k | C-DC-3.8k
Message 26 of 68
Valued Contributor

Re: Tips and Tricks to improve credit?


VeryCoolAlan wrote:
Okay so I am 20 right now.
Have: Amazon Prime Card (4 months old)
PayPal Credit (6 months old)
TDECU Credit Card (exactly one year old)
Kohl's Credit Card (1.2 years old)
Firestone Credit (4 months old)
Capital One Credit Card (3 weeks old)
A couple of Affirm Accounts right now (couple months old)
$14k Car Loan with $7k left on it (one year old)

AAoA about 7-8 months

Utilization rate is about 50%
Credit Score is 649 and 655

What I suggest goes along with what others have mentioned. That is to pay off most of your current credit cards first. Leave one with a balance that is less than 10% of its credit line. That will maximize your scores. At that point you might be approved for a Barclay Apple card. Then you can use it's 0% financing offer if your limit is high enough to cover the computer without maxing out the card. 

 

In the meantime, stop into Cap 1's website every 6 months to request a CLI (Credit Limit Increase). They are usually pretty good with this. And watch out for Firestone. I've heard horror stories about their service. Doing work that customers don't need and overcharging.  This is coming from a car guy.

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Barclay Rewards - $5400
Merrick - $2400 - Total - $134,500

EQ - 756 / TU - 746 / EX - 749
Message 27 of 68
Established Member

Re: Tips and Tricks to improve credit?

Here's another question: with all my debt....should I pay all of it off and have only enough for gas on my bank account every month until I pay it off?

Or

Pay a little a month (a little above minimum) so I can start saving?

 

 

Message 28 of 68
Valued Contributor

Re: Tips and Tricks to improve credit?

+1


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 29 of 68
Frequent Contributor

Re: Tips and Tricks to improve credit?


VeryCoolAlan wrote:

Here's another question: with all my debt....should I pay all of it off and have only enough for gas on my bank account every month until I pay it off?

Or

Pay a little a month (a little above minimum) so I can start saving?

 

 


Save a little for your emergency fund (6 x monthly budget) , but the majority of your "excess" monies should go towards paying off that debt.  Start with the highest interest rates and work your way down when paying off debt.  (hit your mins on all debt though). 

EQ Fico 8 - 807
TU Fico 8 - 804
EX Fico 8 - 781
As of 09/03/17
Message 30 of 68