Trying to Increase score but no idea how!

[Anonymous]

I moved to the US approx 5 years ago and my old credit history (which was perfect) was out the door obviously.  So I had to start over new.

It was pretty difficult in the beginning to establish credit but this is what I've got so far.

- Capital One was the only company to give me any credit to start.  It was a laughable $250 to start now at $500 (still laughing).

- I had this card for awhile, got denied a few others (this was a few years ago now); and then about 8 months ago got the courage up and applied and was approved for a $8500 limit visa (through my bank).

- I also now have a joint AmEx with my spouse. 

Other than that I have no other credit history.  I had to buy my car in cash, my student loans from home are paid off, and don't have a mortgage.... which leads to my main question.

I'm currently looking at applying for a small business loan, as well as possibly a mortgage.  I briefly talked to the bank and they said financing for the business should not be a problem.. I'm looking to open a medical office which the bank specializes in and says they can give 100% financing if necessary.

I'm clearly trying to get the best interest rates and looking at how to increase my score in order to achieve this.

I currently have a 747.  I know this is a decent score but I think I read if you are over 760 it is optimal.

When I look at my report it says the thing dragging down my score is length of accounts opened.

Any suggestions on how to increase my score?

I was thinking - asking to increase my crediti limit (I head CapitalOne does not go much higher than $500); should I apply for another card?; or just stick it out for awhile?

Thanks for the help

[user5387]

Welcome to the forums!

Here are a few ideas.

1.  Make sure that the information on your reports is accurate.

2.  If you have any derogatories, try to address them.

3.  Optimize your reported utilization, as described in many threads here.

[notfancy]

Hi there, and welcome! Capital One does go over 500, I have a 5k card with them. I sent you a private message. Follow those steps, and with your credit score, you should be able to get a MUCH higher limit than you have currently. Be prepared though to send in proof of your income, either tax forms, paystubs, or what ever they ask for.

Make sure that your cards are all at 0 and that one card is at 1-9% of that card's total limit. Your scores are much better than mine, and very good indeed. You're clearly doing a lot of the right things.

[notfancy]

If you're looking to take out loans, don't apply for any more cards right now.

[takeshi74]

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@Anonymous wrote:

When I look at my report it says the thing dragging down my score is length of accounts opened.

Any suggestions on how to increase my score?

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Given the reason supplied there's not much you can do about that other than put in the time and responsible management.  You can work on other factors but the gains may not be significant.

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@Anonymous wrote:

should I apply for another card?

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Again, consider the reason stated above.  Adding a new account won't help with age of accounts.  A new account will drop AAoA.  Carefully manage the reported utilization on your $500 card as it's very easy to end up with high utilization on such a small limit.  See if you can get a CLI.  Some have had luck going through the EO for CLI's and covnersions with Capital One's building/rebuilding products.

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@Anonymous wrote:

I head CapitalOne does not go much higher than $500

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Their rebuilding products are limited but they're not the only products that CO offers so don't rely on such a broad, sweeping statement.  My own CO rebuilders exceeded $500 when I had them.